Going through a divorce is incredibly difficult for every party involved. There are so many pieces to a puzzle that need to be put together before the divorce can be finalized that it can be overwhelming. Perhaps one of the most contentious parts of the divorce process is property division. At The Law Office of Gustavo E. Frances, P.A., we are here to help when you need a Fort Lauderdale property division attorney by your side. Our team has extensive experience handling everything ranging from relatively simple to highly complex property division situations. Our team is ready to step in and ensure that you are treated fairly throughout this process.
Property Division In Divorce
Property division is often one of the most contentious aspects of a divorce action. People become attached to assets and also want what they believe they are entitled to. In Florida, courts use the concept of equitable distribution to determine the division of assets and debts.
Why Equitable Is Not Necessarily Equal
However, people often believe that equitable distribution means a completely even split of assets. This is not true. You need to work with a knowledgeable and skilled property division lawyer in Fort Lauderdale to help you evaluate many factors that determine how property should be fairly distributed during divorce.
At The Law Office of Gustavo E. Frances, P.A., I know how to handle all types of division of asset issues. I can help you successfully navigate this area of a divorce action as well as every other component to arrive at a fair settlement or verdict.
Before I help you start the process of property division, it is important to identify which assets and debts are separate from the division and what is considered marital property.
Types Of Property That Need To Be Divided In Fort Lauderdale
There are various types of property that must be divided when it comes to divorce in Fort Lauderdale. As mentioned above, the concept of equitable distribution of property is used for Florida divorce cases. When going through the divorce process, it can be overwhelming to try and comprehend all of the property that needs to be split between the two parties. At The Law Office of Gustavo E. Frances, P.A., our family law attorney regularly helps clients determine equitable distribution for all of the following and more:
- The marital home
- Any secondary homes
- Business real estate
- Investment real estate
- Professional practices
- Pensions, IRAs, 401(k)s
- Brokerage accounts, mutual funds, bonds
- Vehicles, boats, and RVs
- Collectibles and artwork
- …and more
In general, those who are married for longer periods of time will have more assets, therefore making the process particularly complicated. However, even if all the assets are relatively straightforward, it is crucial to ensure that this process is completed correctly the first time around so that there are no disputes after the divorce is finalized.
Does Debt Have To Be Divided During A Divorce?
Many people do not think about debt when they consider property division in Fort Lauderdale. However, the state of Florida considers any commingled debt to be a property that must be divided as well. It is very uncommon for a married couple to have absolutely no debt, and if that is the case, then all the better. However, our Fort Lauderdale property division attorneys regularly help clients sort through and properly divide the following types of debt:
- Vehicle loans
- Personal loans
- Tax debt
- Credit card debt
- Student loans
- Regular installment loans
- Payday lending loans
Identifying Separate Property Not Subject To Division In Divorce
A spouse’s separate property is often composed of:
- Items owned before the marriage
- Property acquired by inheritance
- Property obtained through a prior court judgment
- Property agreed to by the parties to remain separate (usually in a prenuptial agreement)
All other assets are often deemed to be marital property and are subject to equitable distribution. This often includes real estate, cars, savings accounts, stocks, bonds, businesses, and other personal property such as artwork or jewelry.
Factors Under Florida Law For Dividing Marital Property
Currently, under Florida law, courts use the following factors when dividing marital property:
- Length of the marriage
- The overall economic circumstances of each spouse
- If it is in the couple’s minor children’s best interests to continue living in the marital home
- The contribution of each spouse to the finances and/or caretaking in the marriage
- If one or both spouses interrupted a career or education during the marriage or contributed to the other spouse’s career or education
- The debts and liabilities accumulated by each spouse and jointly during the marriage
- If either spouse intentionally wasted or destroyed marital assets during the marriage or after filing for divorce
Contact A Fort Lauderdale Property Division Attorney Today
Take action today. I am a Fort Lauderdale dividing assets lawyer talk with me about your property division goals and questions. Contact The Law Office of Gustavo E. Frances, P.A., toll-free at 954-533-2756. My office is available 24 hours a day, seven days a week. Consultations are always free and confidential.
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For legal representation in any dissolution of marriage matter, please reach out to me online or call me toll free at 954-533-2756.