If you and your spouse are struggling over the division of marital property, consult a divorce attorney at TK Law. A conscientious and detailed lawyer with experience in complex divorce cases is essential when a family’s livelihood and quality of life are at stake. This is especially true in dividing marital property because the agreement cannot be changed once the divorce is final.
Florida law generally defines marital property as all assets and liabilities that a couple acquires during their marriage. When a spouse files for divorce, likely one of the largest financial decisions will be how to divide the marital property fairly between both parties. Conclusions on marital property division that are not agreed on by the divorcing parties before or during mediation will go before a judge to decide.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
At TK Law, our attorneys have accomplished hundreds of favorable, realistic outcomes for our clients in numerous cases across Orlando and Central Florida.
Every case is unique. We want to know more about your case to help you determine what the best next step will be. Contact us quickly and conveniently here or call 1-855-Kramer Now (1-855-572-6376).
What is Equitable Distribution?
Florida law requires the court to consider “equitable distribution” of marital property among both parties during a divorce. However, “equitable” does not necessarily mean that assets and liabilities are equally split. The law gives certain allowances for unequal distribution based on the following factors:
- Prenuptial or Postnuptial agreements regarding debt
- The length of the marriage
- Each person’s financial circumstance
- Each person’s contribution to the marriage, including who is the prominent income-earner and who contributes most to homemaking, childcare and education of the children involved
- A spouse’s contribution to or interruption of the personal career or educational opportunity of the other spouse
- Any desired interest in retaining any asset, including the primary residence for the children’s sake and assets relating to a business, corporation or professional practice
- Each person’s intentional squander or destruction of marital assets after the filing of divorce or within two years prior
- Any other factors the court deems necessary for justice
A Florida court will render a judgment based on factual findings and evidence in accordance to the above factors.
An experienced TK Law attorney can help you seek a resolution to property matters with your spouse before having to go to court. Contact us today to set up an initial consultation to discuss your situation.
What Marital Property is Considered in Divorce?
Unless there are valid written agreements stating otherwise, marital property includes every asset and debt that either spouse acquires – either separately or together – during the marriage. For example, any vehicles purchased or credit cards acquired during the marriage are considered to belong to both spouses, even if only one spouse acquired the debt.
While Florida law offers some protection from a spouse who frivolously squandered marital assets within two years of the divorce petition, identifying all assets and liabilities is critical and required when determining whether each spouse receives a fair share.
Some forms of marital property that Florida courts consider include the following:
- Business property and business value
- Real property, including primary residence and vacation real estate
- Home equity line of credit
- Credit card, vehicle and business debt or loans
- Retirement benefits such as civilian pensions and IRAs
- Military pensions or other assets and privileges under the Former Spouses Protection Act
- Profit-sharing plans
- Stocks, stock options and bonds
- Cash in bank accounts or elsewhere
- Mutual funds, savings bonds, other investment accounts
- Vehicles, boats, and RVs
- Collectibles, including antiques, artwork, and family heirlooms
- Guns and tools
- Jewelry
- Other assets that have a fair market or sentimental value
What Property is NOT Considered in Divorce? (Nonmarital Property)
Non-marital property, or separate assets and debts not incurred during the marriage, is not subject to division between spouses during a divorce.
Such property includes the following:
- All assets and debt defined as separate property in a valid written agreement (such as a premarital agreement)
- All income from separate property that was never treated as marital property
- Items exchanged for or purchased with separate property
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
Contact TK Law
Dividing marital property may bring to mind assets or liabilities that a spouse may have never expected to permanently split. Such instances can create a depressing and frustrating situation before a Florida judge or mediator.
The family attorneys at TK Law understand and support each client’s desire to be treated fairly. Neither party should be placed at a disadvantage, especially when children are involved.
Our clients can trust in the fact that TK Law has represented countless numbers of husbands and wives seeking the best resolution in their family law cases. Call a TK Law attorney as soon as possible so we can begin working for you.
View our divorce and family law Video Channel for more information on the types of family law cases we have represented before.