Division Of Assets in Divorce, Florida
One of the most difficult and complex areas of divorce is the division of marital assets and liabilities (debts). Marital property may include cars, houses, retirement benefits (pensions), business interests, cash, stocks, bonds, bank accounts, personal property, and other things of value. Liabilities include mortgages, car loans, credit card accounts, and other debts. Generally, any asset or liability acquired during the marriage is considered marital and subject to distribution. The parties may also have assets or liabilities that are considered non-marital and should be awarded to only one party.
Florida statutes and case law provides for an equitable distribution of marital assets and liabilities. In essence, the marital property should be divided fairly or equitably (not necessarily equally) between the parties regardless of how the title is held. This is based on a long list of statutory factors.
Equitable distribution is done first before alimony is considered.
There is no fixed way to determine how you or the court should divide the property or debts. Factors to be considered by the court include the contribution of each spouse to the marriage, the duration of the marriage, and the economic circumstances of each spouse. If you and your spouse can agree, and if your agreement is reasonable, it will be approved by the court. If you cannot agree, the court will divide the assets and liabilities after a trial.
Family law issues can become extremely complex. Securing strong legal representation from an attorney who knows Florida divorce law is the first step toward the outcome you deserve. If you are concerned about what will happen to your children, the future of your home and other assets, or the overall costs of divorce, please schedule an initial consultation with experienced family law attorney.