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Understanding Division of Assets in Florida

Understanding division of assets

Understanding Division of Assets in Florida

Dividing your assets while going through a divorce is a difficult process. The situation is made even more difficult if there are higher value assets involved or if you and your former partner are not getting along. Because each date has different laws regarding the division of assets process, it is crucial that you understand the laws in Florida. To ensure you don’t miss anything or misunderstand a law, it’s a good idea to reach out for help from a Florida divorce attorney.

What Assets Are Divided in a Divorce?

In the state of Florida, when you get a divorce, only your marital assets and liabilities are divided. Put simply, this means any property that you acquired during your marriage, regardless of title or ownership.

The first step is to create a list of your marital assets. You can make the entire process easier and faster, if you and your former spouse can do this amicably. Items to include on your list are:

  • Household belongings (appliances, furniture, etc.)
  • Retirement Plans
  • Jewelry and other valuables
  • Securities and bank accounts
  • Vehicles
  • Land or vacation homes owned jointly
  • Your residence

The Equitable Distribution of Your Assets

In Florida, the laws require for the equitable distribution of marital assets and all liabilities. The judge is going to set aside any non-marital property, which is also called separate property. This is the property each person owned before and that they brought into the marriage.

It’s important to understand that this isn’t always as straightforward as it may seem. There are some non-marital assets that may be mixed in with your marital property. An experienced Florida divorce lawyer can provide information and advice on the technicalities of these situations.

Usually, the equitable distribution of assets means your debts and assets are divided equally. However, there are some situations where the judge may believe that “equal” isn’t the fairest way to divide this property. In these situations, there are several factors that must be considered.

According to the Florida Statute 61.075, these factors include:

  • The duration of your marriage
  • The desire to keep the marital home as the residence for a dependent child of the marriage or single party
  • Contribution to the marriage by each spouse
  • The desire to retain a professional practice, corporation, or business free from claim or inheritance
  • Economic circumstances of all involved properties
  • Condition of one spouse to the personal education or career of the other

A Florida divorce lawyer can help you figure out the assets that are considered marital property. Once this is done, a monetary value is assigned to each asset by the couple or by the court. If the values are difficult to assign, it may be necessary to hire an appraiser. Also, more complicated items, like retirement funds, may require the help of a financial expert, such as an actuary or accountant.

Call An Attorney For Help

If you are able to work with your former spouse and your divorce lawyer, the division of property during a divorce can be easier than it may seem. If you need more information about legal services for your divorce case reach out to our legal team at Lewert Law, LLC by calling (561) 544-6861.

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