Property Division in Divorce
One of the most difficult and complex areas of divorce is the division of marital assets and liabilities (debts). Issues involve proper identification, valuation, and distribution.
Marital Assets and Liabilities in Divorce
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.
Distribution of Marital Assets and Liabilities in Divorce
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 factors.
Florida statutes and caselaw guide how the court should divide property and debts. Some of the 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 complies with law and is reasonable, it may be approved by the court. If you and your spouse cannot agree, the court will make formal findings at trial and divide the assets and liabilities in accordance with governing law.
Get a Legal Strategy
The divorce process can be highly emotional and traumatic for everyone it touches. Marriage partners often do not know their legal rights and obligations. Court clerks and judges might be able to answer some of your basic questions but are prohibited from giving legal advice. Only your lawyer is allowed to do that.
Statutory requirements, court rules, and administrative orders that relate to the divorce must be strictly followed or you may lose certain rights forever. It is recommended that you hire an attorney to advise you about your rights in divorce, especially as they relate to your children, your property, alimony, and tax consequences. Call DeVoe Law Firm to schedule a free consultation with an experienced divorce attorney.
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