Division of Property: Persistence and Attention to Detail Are Crucial
The disposition of marital assets and liabilities can result in an unfair outcome for you without representation by an experienced Property Division Attorney at the Minaya Law Offices in Plantation, Florida. Property division issues can be resolved either at mediation, through settlement, or later at trial. It’s preferable for divorcing couples to agree on how to split up property and debts with the assistance of a Family Lawyer. If disagreements persist on the division property division, the matter could end up in Florida courts to determine how assets and debts will be divided.
Florida Law on the Division of Property
Florida law provides for an “equitable distribution” of marital property which is the property or assets acquired during the marriage. The Florida divorce court shall set apart to each spouse that spouse’s nonmarital assets and liabilities. The Marital property is then divided fairly but not necessarily equally. The court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors, including:
- Duration of the marriage.
- Economic circumstances of each spouse.
- Contribution to the marriage by each spouse, including the care and education of the children and services as homemaker.
- The contribution of one spouse to the personal career or educational opportunity of the other spouse.
- The contribution of each spouse to generate income (or improvement) or the incurring of liabilities to, both the marital assets and nonmarital assets of the parties.
- Any interruption of personal careers or educational opportunities of either party.
- The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party.
- The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party.
- Intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within two years prior to the filing of the petition.
- Other issues that will help make the property division equal and just between the parties
Marital Property in Florida
According to Florida Law, marital assets and liabilities include:
- Assets acquired and liabilities incurred during the marriage, individually by either spouse or jointly by them.
- The enhancement in value and appreciation of nonmarital assets resulting either from the efforts of either party during the marriage or from the contribution to or expenditure thereon of marital funds or other forms of marital assets, or both.
- Interspousal gifts during the marriage.
- All vested and nonvested benefits, rights, and funds accrued during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs.
All real property held by the parties as tenants by the entireties, whether acquired prior to or during the marriage, shall be presumed to be a marital asset. If, in any case, a party makes a claim to the contrary, the burden of proof shall be on the party asserting the claim that the subject property, or some portion thereof, is nonmarital.
Non-Marital Property in Florida
Under Florida law, non-marital assets and liabilities include:
- Assets acquired and liabilities incurred by either party prior to the marriage.
- Assets acquired separately by either party by non-interspousal gift, bequest, devise, or descent.
- All income derived from nonmarital assets during the marriage unless the income was treated, used, or relied upon by the parties as a marital asset.
- Assets and liabilities excluded from marital assets and liabilities by valid written agreement of the parties,
- Any liability incurred by forgery or unauthorized signature of one spouse signing the name of the other spouse.
Contact a Florida Family Lawyer experienced in the Division of Property for a Free Consultation
Generally, the division of property is one of the most complicated aspects of ending a marriage and a significant point of contention in most divorce cases. The experienced and compassionate attorneys at the Minaya Law Offices will guide you through complicated divorce and property division issues.