Equitable Division of Property During Divorce
The divorce process has many different facets, including child care, child custody arrangements, and spousal support payments. However, one of the more challenging areas of a divorce is the equitable division of marital property. No matter your income or how many assets you have as a couple, you want to ensure that your marital property is divided fairly and equitably. It is important to understand what property will be considered marital assets for the purpose of a divorce, and how those assets should be divided, in order to ensure your legal rights are protected, and you obtain what is financially yours after your divorce is finalized.
Assessment of Property and Asset Values
You will first need to fill out a complete form of all marital property owned. Marital property are any assets that were obtained during the course of the marriage. Therefore, if you have a family heirloom given to you by your grandmother years before you were ever married, this will not be considered marital property. However, if you received a windfall of money following one of your family member’s death from their estate, this would be considered marital property even though the money was only given to you.
For more challenging and large assets, you may need to hire an independent professional appraiser. For example, if you have a family business, or if one spouse has a medical or professional practice that was started during the course of the marriage, it will be considered marital property and need to be valued. In other cases, spouses simply disagree regarding the value of specific marital property and will need to have a neutral third-party provide an evaluation.
Equitable Division of Assets and Debt
All documents related to the marital asset valuations as well as all marital debt will be examined as a whole in its entirety. There are different ways to divide assets and debt in the state of Florida. In some cases, the total of the assets are added and the total of the debt is added and the parties decide which property they want to keep and then allocate debts fairly. For example, if one spouse wants to keep the marital home, they will also incur more of the debt from the marriage to balance their large assets out. Typically, spouses will be able to come to some sort of a final agreement regarding how the assets and debts should be divided, however it is always important to visit with an experienced divorce attorney to ensure that you receive your equitable share of marital property within a divorce.
Let Us Help You Today
If you are considering a divorce, one of the most serious aspects is the equitable division of your property. Having an attorney represent you in your divorce ensures that your legal rights are protected for not only your assets, but also your child custody and child support matters. Contact an experienced Fort Lauderdale family attorney at the office of Joyce A. Julian, P.A. at 954-467-6656 or visit us online to schedule a free consultation today.