Property Division In Divorce
Property division is often one of the most contentious aspects of a divorce action. People become attached to assets and also want what they believe they are entitled to. In Florida, courts use the concept of equitable distribution to determine the division of assets and debts.
Why Equitable Is Not Necessarily Equal
However, people often believe that equitable distribution means a completely even split of assets. This is not true. You need to work with a knowledgeable and skilled property division lawyer in Fort Lauderdale to help you evaluate many factors that determine how property should be fairly distributed during divorce.
At The Law Office of Gustavo E. Frances, P.A., I know how to handle all types of division of asset issues. I can help you successfully navigate this area of a divorce action as well as every other component to arrive at a fair settlement or verdict.
Before I help you start the process of property division, it is important to identify which assets and debts are separate from division and what is considered marital property.
Identifying Separate Property Not Subject To Division In Divorce
A spouse’s separate property is often composed of:
- Items owned before the marriage
- Property acquired by inheritance
- Property obtained through a prior court judgment
- Property agreed to by the parties to remain separate (usually in a prenuptial agreement)
All other assets are often deemed to be marital property and are subject to equitable distribution. This often includes real estate, cars, savings accounts, stocks, bonds, businesses, and other personal property such as artwork or jewelry.
Factors Under Florida Law For Dividing Marital Property
Currently, under Florida law, courts use the following factors when dividing marital property:
- Length of the marriage
- The overall economic circumstances of each spouse
- If it is in the couple’s minor children’s best interests to continue living in the marital home
- The contribution of each spouse to the finances and/or caretaking in the marriage
- If one or both spouses interrupted a career or education during the marriage or contributed to the other spouse’s career or education
- The debts and liabilities accumulated by each spouse and jointly during the marriage
- If either spouse intentionally wasted or destroyed marital assets during the marriage or after filing for divorce
Take action today. Talk to me about your property division goals and questions. Contact The Law Office of Gustavo E. Frances, P.A., toll free at 866-435-4172. My office is available 24 hours a day, seven days a week. Consultations are always free and confidential.
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