Tampa Property & Asset Division Lawyer
Divorces can be complicated because of the fact that you have to pretty much unravel your life from your spouse. Going from married to single is a pretty big deal. You and your spouse are splitting up one household into two, so it pretty much boils down to: who gets what?
Florida, like most other states, operates under equitable distribution law. This means that assets are split fairly, but this does not necessarily mean equally. The spouses start off on equal ground, but the court can take various factors into consideration. It’s best if the spouses can divvy up the property on their own, but sometimes this is not possible.
Dividing up assets and debts in a divorce can be complicated, even when the parties are cordial to each other. Seek legal help from the Tampa property & asset division lawyer at Faulkner Law Group, PLLC and get the advice you need.
Distributing Marital Property in Florida
The first step in the process is to determine which assets are marital property and which ones are separate property. Separate property refers to assets that a person had before the marriage. Inheritances and gifts are also separate property. Marital property refers to assets acquired during the marriage.
This seems simple enough, but it is not always so cut and dry. Assets that appear to be separate property can get commingled during the marriage if they are used for marital purposes. Some examples include bank accounts and houses.
Once marital property is determined, then the assets can be divided. If the couple cannot agree, then the matter will go to court. The court will start the division on a 50/50 basis, but there are factors to keep in mind:
- Each spouse’s contribution to the marriage. This includes not only financial contributions but also contributions as a stay-at-home parent or homemaker.
- Economic circumstances of the parties. Does one spouse have more money than the other?
- Duration of the marriage. One person may be awarded more due to the length of the marriage.
- Contribution of one spouse to the career or education of the other spouse. Did one spouse have to make sacrifices for the other’s goals, such as work longer hours or put education on hold?
- Desirability of retaining any asset, including the marital home or business. If a spouse wants a large asset, then the other spouse should get one or more assets of equal value.
- Any intentional waste or destruction of marital assets by either spouse
Contact Us Today
One of the biggest issues in a marriage is deciding who gets what. If the couple cannot decide on their own, then the courts will step in and make decisions based on the law. The Faulkner Law Group, PLLC will serve as your trusted legal advocate to ensure your rights and interests are protected. Schedule a consultation today. Contact our Tampa property division/asset division lawyers by calling (813) 544-3919 or filling out the online form.