When you are going through a divorce, you want to protect your financial future, especially if you have not been to a prenuptial agreement lawyer or have a postnuptial agreement currently in place. An experienced family law attorney can help you understand your rights and protect your interests and assets. At the Aventura Law Offices of S. G. Morrow & Associates, we can help you with every aspect of your divorce so you can protect your finances and plan for the future.
The longer a couple stays together, the more their financial lives become linked. When looking at the dissolution of marriage, the ownership of all of the property and assets needs to be untangled. Some assets include:
An Aventura divorce attorney understands the process and rules governing property division, especially when it concerns the awarding of assets and liabilities. Unlike California and Texas, Florida is not a community property state, meaning that both spouses do not jointly own property acquired during the marriage.
Equitable Distribution in Aventura
In Florida, the terminology used for property division in a divorce is “Equitable Distribution,” which encompasses the idea of fairness in property division. The Florida courts look at the age, health, and earning capacity of the parties; the length of the marriage; and whether the property was purchased prior to the marriage as some of their qualifications. The courts, in determining equitable distribution, start with a 50/50 division of property and debts before adjusting those figures based on the relative ownership of the property. Clients are often surprised that in Florida, it is irrelevant which party holds the title. If an asset was obtained during the marriage, Florida law considers it a marital asset.
Is property gotten before marriage included in Equitable Distribution?
The simple answer is no. Property obtained before the marriage is not subject to division. This statement, however, is oversimplified. For instance, you might have purchased a house before the marriage, but if your spouse helped to reduce the principal on the mortgage, they might be entitled to just compensation. Occasionally property ownership is straightforward, but there are often mitigating circumstances which quickly complicate the division process.
Do debts play a part in Equitable Distribution?
Yes. The debts of each party in the divorce will be determined. In Florida, it does not matter who incurred the debt, the court will determine if the debt itself was incurred during the marriage. If it was, then the court has the authority to decide who will pay which debts. Again, each situation is different.
We can help you understand the process of property and asset division and help you protect the items that you wish to keep. The Law Firm of S.G. Morrow and Associates can help you handle the property division in your divorce. If you need a property and asset division lawyer in Dania Beach or anywhere else in South Florida. Contact us for more information about property division in your divorce by calling our office at 754-300-5900 or toll-free at 888-757-0901 for a consultation.