In this video, Florida Attorney Sergio Cabanas talks about what happens to assets gained during a separation.
00:00 Introduction
00:07 What Happens to Assets Gained During a Separation?
04:30 Outro
Para la version en español, ver aquí:
¿Qué pasa con los activos adquiridos durante la separación?
• ¿Qué pasa con los acti...
**Please note that the information in this video is not an adequate substitute for a consultation with an attorney who is knowledgeable in this subject area and could review the specifics of your individual matter and determine how the law would apply in your particular case.**
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Sergio Cabanas, Esq. has been practicing law since 1991, after graduating from Washington College of Law in Washington D.C. Attorney Cabanas is admitted to practice in the State of Florida and the U.S. Court for the Southern District of Florida and the U.S. Bankruptcy Court. He founded the Divorce and Mediation Law Firm in 2006.
The Divorce and Mediation Law Firm focuses on Divorce, Mediation, Child Custody, Child Support, Alimony, Prenuptial Agreements, Post-nuptial Agreements, Domestic Violence, and Post-Divorce Related issues.
The firm has three locations: Pembroke Pines, Weston, and Sunny Isles Beach in South Florida. If you would want to consult, you can reach the firm through (954) 329-0441. We are open from 9AM to 5PM, Mondays to Fridays.
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Transcript:
Hello and welcome to 60 seconds with Sergio. I'm your host, Sergio Cabanas, Attorney-at-Law here in Florida. Thank you for joining me today.
The question of the day is an interesting one, and that is: "Sergio, my spouse and I have been separated for a very long time, we've each grown separate and apart leading our separate lives. However, I have acquired a lot of assets during that time, during the separation, and I'm wondering, in the event of my divorce, does my spouse have any rights to the assets I have acquired during the separation?"
So, let me reword the question a little bit from a legal perspective. And that is, what is the timing that the courts use to determine whether an asset is marital versus non-marital and to determine the value of the asset? Should it be at the time of the separation or the divorce? Or some other time?
Well, like everybody else, judges like -- love to use "Bright-Line" rules. And what's easier, fastest, and Bright-Line than the filing of a divorce? So easy to determine that, right? We could just simply look at the court record and figure out when the divorce was filed and easily say: "okay, any and all assets that were acquired up to that time will be subject to marital division between the spouses and that's also the Bright-Line for us to determine the value of the assets."
And this falls in line with the theory behind the rule. The reason why this law exist is because it can be presumed that
any asset acquired during the marriage is usually the result of a joint effort. That is: Both spouses may have contributed financially to the assets they have. Or those contributions could be non-marital, such as: staying home and raising the kids; or being the homemaker; or giving love and affection; or immigration, social status, and the list goes on.
So, the law tries to recognize all of these factors and make and easy, quick determination that all the assets acquired during the marriage should be considered to be marital and subject to division between both spouses.