The division of property is an important issue in any Florida divorce. In fact, with the exception of child custody matters, property division is typically the number one issue that parties to a divorce want to resolve. If you are considering getting a divorce in Florida, you should contact an experienced Pensacola division of property attorney for assistance.
Equitable Distribution
Florida is an equitable distribution state. This means that Florida courts attempt to fairly divide marital assets and liabilities during a divorce. When making determinations regarding the division of property, the court considers various factors to help ensure an equitable result. Factors that courts consider when making property distribution decisions include:
- Each spouse’s contribution to the marriage
- Each spouse’s economic circumstances
- Length of the marriage
- Interruption of educational opportunities or careers
- Contribution to career or education of one spouse by the other spouse
- Contribution of each spouse towards marital assets and liabilities
- Any intentional destruction or dissipation of marital assets
Marital vs. Non-Marital Property
It is important to distinguish marital from non-marital property when making property division decisions in Florida. Marital property includes property and debt acquired over the course of the marriage. Examples of martial property are:
- The family home
- Joint or solo bank accounts containing funds that were accumulated during marriage
- Retirement accounts
Non-marital property, on the other hand, consists of property owned prior to the marriage or received as gifts or inheritances. Examples of non-marital property include:
- Inheritances if they weren’t co-mingled with marital assets
- Personal gifts received by one spouse from third parties either before or during the marriage
- Property owned by one spouse prior to the marriage as long as it remained separate and was not used for marital purposes.
Valuing Assets for Distribution
To divide property in a divorce, it is necessary to place a value on marital assets. This process can be complicated, and it typically requires to assistance of various experts, including:
Financial analysts: These professionals assess the value of marital financial assets, such as retirement funds and investment accounts.
Real estate appraisers: Real estate appraisers evaluate the market value of any real property owned by the spouses.
Business valuation experts: These individuals assess the value of any ownership stakes or business interests of the spouses.
Given the importance of accurate property valuations, it’s essential that you contact an experienced Pensacola division of property attorney for assistance in this area if you are considering getting a divorce in Florida.
Division of Property and Debts
As noted above, property division in a divorce doesn’t just involve the distribution of assets. Rather, divorcing couples must also equitably divide their debts. This process involves the identification of marital debts and division of the same by the court. Debts that are incurred over the course of the marriage, such as loans, credit cards, and mortgages, are typically considered marital.
The effective handling of marital debts is critical to avoid future disputes. Therefore, it’s important that you hire an experienced division of property attorney as you begin the divorce process. Doing so can not only help ensure that all assets and liabilities are equally distributed between you and your spouse, but it can also reduce the risk of issues down the road.
Contact a Pensacola Division of Property Attorney
For assistance with the division of property in the state of Florida, please contact the experienced attorneys of Staples Law Group, PA. When you contact us for assistance with property division, we will guide you through the process while pursuing the best possible result in your case. Please contact us today to schedule a consultation with an experienced division of property attorney.