How Do You “Trade Assets” In A Divorce?
Property division is one of the most difficult aspects of divorce in Florida, and many spouses feel a sense of dread as they approach it. Not only is it possible to lose roughly half of your assets in a divorce, but you might also lose some of your most prized possessions. The latter fear prompts many spouses to search for better alternatives, allowing them to maintain complete ownership of certain property; like a car, a pet, or even a house. One of the methods that has proven to be especially popular is the process of “trading” assets. But how exactly does this work in Florida?
If you’re approaching the property division process in Florida, you might want to get in touch with a qualified, experienced divorce attorney before you make any hasty moves. These legal professionals can help you deal with this situation in the most confident, efficient way possible. After consulting with an attorney, you might learn that keeping hold of the assets that are most important to you is much easier than you assumed.
How to Trade Assets in a Divorce
The process of trading assets in a divorce is relatively simple. First, one spouse identifies an asset that they’d like to keep hold of after the divorce has been finalized. Next, the other spouse receives another asset of roughly equal value in return. Alternatively, the other spouse might receive numerous assets that equal the total value of the other property.
What’s the Alternative?
There are a number of alternatives to trading assets. Firstly, spouses could sell the property in question and split the proceeds. However, this doesn’t really help spouses who wish to maintain ownership of the property. For example, a spouse might feel that a car or a boat has sentimental value, and the last thing they would want to do is sell these pieces of property. The same logic applies to a house. By trading assets, spouses can sidestep this problem.
Another alternative is to continue to co-own the property following the divorce. However, this isn’t really feasible in many cases. For example, co-owning a vehicle doesn’t make sense – especially if the spouses are no longer living together. Although co-owning a house can be slightly more viable, one spouse still has the privilege of living in the residence while the other does not. Co-owning a rental property may be slightly more viable.
What’s the Best Way to Trade Assets?
The best way to trade assets is by creating a separation agreement. You can draft your separation agreement during a negotiation overseen and facilitated by your attorney.
Contact Our Office Today for Help
For help from a skilled Orlando divorce lawyer, contact Steve Marsee, P.A. Over the years, we’ve helped numerous spouses with divorces that involve a range of issues, including property division. We know how important this process is – not only to walk away with your fair share, but to keep possession of your most prized assets. Book your consultation today, and we’ll help you approach this process with confidence and efficiency.
