Going through a divorce can be difficult and can leave both people wondering about their financial future. It’s only natural to want to protect that future as much as possible.
In the majority of marriages, both partners enter a relationship with assets and liabilities. Later, as the marriage progresses, other assets and liabilities may be added to the list. When a divorce happens, these assets and liabilities must be sorted out again in a way that is fair according to law. It is essential to understand how the Florida courts view and award assets and liabilities in a divorce case.
Dividing Up Property & Assets in a Divorce
The aim of the court is to ensure a fair distribution in terms of property division for divorcing couples. The court seeks to distribute both assets and liabilities between the parties while also taking into consideration the length of the marriage, the age and health of each person, their earning capacity, and other factors before a final decision. The court will also determine what is considered a marital asset – or those things that were acquired after a marriage or a non-marital asset – which were purchased before marriage and are most often not subject to property division.
Of course, there can be exceptions to whether or not property acquired before marriage is subject to being divided 50/50. If a spouse, for example, paid off a mortgage on a house, or if the house was refinanced where the incomes of both parties were taken into account, it is possible that such an asset is eligible for property division in the divorce settlement.
Division of Debt
Where there are assets in a divorce, there is usually debt. Many couples don’t consider that debt obligations must also be taken into account when divorcing. While pre-existing debt is most often the obligation of the person who brought it to the marriage, in the eyes of the Florida courts, it doesn’t matter who incurred the debt during the marriage, these debts are divided equally as part of the divorce. That means mortgages, student loans, and credit card debt are also part of the equal division when a couple gets a divorce.
Because the area of divorce law regarding property and asset division can be confusing, it is best to work with an experienced divorce and family law attorney. S.G. Morrow & Associates is committed to explaining your rights when it comes to a fair division of property, assets, and debt obligations.
We have over 20 years of experience in divorce and Florida family law, and can help you come to the best decision when it comes to property and asset division. If you live in Dania Beach and have questions about divorce, property and asset division, or the legal ramifications of either, Ms. Morrow will sit down with you in a confidential and free consultation to inform you of what you can expect. Contact us at 754-300-5900 or call toll free at 888-757-0901 or you use the contact form here on our website.