Exempt Property
When two married individuals decide to get divorced, they must divide their property in the divorce settlement. In most cases, there is some property that is considered exempt, which will not be divided in the divorce settlement. Understanding how certain kinds of property will be treated in a divorce is critical in helping you to appreciate more fully the scope of your divorce’s consequences.
Knowing how to safeguard certain property can help you receive a more favorable settlement. To learn more about exempt property and divorce in general, contact the Fort Lauderdale divorce lawyers of Eric N. Klein & Associates, P.A., at 954-580-8080 today.
What is Exempt Property?
Exempt property refers to belongings that are under the sole ownership of one spouse. While most, if not all, property that a married couple acquires during marriage is considered joint property, valuables that individuals collect before marriage are usually considered exempt.
Common examples of exempted property are:
- Gifts
- Court awarded monies
- Inheritance
It is important to note that while these pieces of property are usually considered exempt, they may be divided under some circumstances. This usually occurs with monetary property when a married couple files its taxes jointly and the gifted, awarded, or inherited money is listed in that filing.
Contact Us
The Fort Lauderdale divorce attorneys of Eric N. Klein & Associates, P.A., may be able to help you identify property that can be exempted from your divorce settlement so that you do not have to surrender monies or possessions that are rightfully and wholly yours. To learn more about your legal rights and options, contact us today at 954-580-8080.
