One of the most difficult aspects of divorce is the division of property, which is why if you are getting divorced, you shouldn’t proceed without the assistance of an experienced Broward County marital property lawyer here at The Finizio Law Group, P.A. Contact us today to learn more about how we can assist you through the equitable distribution process going forward.
Broward County Marital Property Lawyer
Florida is considered an equitable distribution state, which means the courts will consider several factors to determine what is fair, or “equitable.” This provides opportunities for property to be distributed unequally among the divorcing spouses if the courts determine that an unequal distribution would be equitable or fair. Every situation is different and an experienced Broward County family law attorney can help fight for the outcome you deserve.
You should note that not all property is automatically assumed to be “marital” property in Florida. As matters tend to become complicated in this arena, it is strongly advised you seek the aid of a professional divorce and family law attorney who can tackle the issue of marital property and debt distribution.
Marital Property Vs. Separate Property in Florida
“Property” in divorce terms refers to assets and liabilities. Assets may include things like real estate, bank and retirement accounts, employee benefits, intellectual property, stock options, businesses, and tangible personal property. Liabilities are any kind of debt, from loans to mortgages and even credit card debt and tax liens.
In general, marital property in Florida includes all assets and liabilities acquired by either spouse during the marriage. In Florida, any property that a spouse owned before the time of marriage or any property that is included in a valid written agreement as non-marital property is not considered marital property.
However, if property is acquired during the marriage in just one spouse’s name and is not specifically excluded as non-marital property by a valid written agreement both spouses are still responsible for the debt. For example, if you or your spouse opened a credit card, and only one of you made purchases on that card, you and your spouse still jointly own the debt. This is the general approach taken by the courts, although if there is a sign of reckless spending, the debt may be assigned to the party who acted recklessly.
How Property is Divided in California
Couples can agree to the division of property on their own with the counsel of a Broward County divorce lawyer, or they may decide to seek the aid of a mediator. When an agreement cannot be reached outside of the courts, a judge will decide who is entitled to what property. Several factors are considered when making this decision, although generally, Florida courts strive to distribute assets equitably (though not necessarily equally) among the spouses.
How Debt Distribution Works in Florida
Since debt is considered a type of property under Florida divorce law, the value of all marital debts is also divided equitably by the courts. Like other types of property, the courts will try to divide debts equally among the spouses but may consider other factors that distribute the debt unequally but more equitably — or fairly — among the spouses.
It can often be difficult for spouses to determine the best way to distribute their marital property and debt between each other. This is one area in which attorneys regularly witness divorcing parties run into confusion and conflict. It is one of the most critical areas of divorce, which is why you should work with an experienced Broward County marital property lawyer here at The Finizio Law Group, P.A.
Contact a Broward County Marital Property Lawyer
With over 35 years of experience, our family-run law firm is dedicated to helping families navigate divorce as smoothly as possible. Call 954-645-7700 or contact The Finizio Law Group, P.A. online to schedule a free consultation with our legal team today.