Tampa Property Division Attorney

Make Sure Your Assets are Divided Equally During Divorce

Property division, also known as equitable distribution in Florida, can be an extremely contentious part of the entire divorce procedure. Under equitable distribution jurisdiction, the property that is considered to be owned jointly by both spouses can be equally or unequally distributed. There are several aspects that are considered when property and assets are divided amongst a couple.

Some of these factors include:

• Marriage duration
• Contribution of both spouses to the marriage (including homemaker and childrearing contributions)
• Contribution of one spouse to the other's career or education
• Intentional waste or dissipation of marital assets or property after filing for divorce or within two years prior to filing.
• The best interests of any minor children

Marital Property vs. Separate Property

Marital property refers to assets and debts acquired by either spouse during the marriage, regardless of whose name is on the title or who contributed financially. This includes income earned by either spouse during the marriage, real estate, vehicles, bank accounts, retirement accounts, investments, businesses started during the marriage, and any other assets acquired during the marriage.

Separate property (or non-marital property), on the other hand, refers to assets and debts that belong solely to one spouse and are not considered part of the marital estate. This includes assets owned by one spouse before the marriage, inheritances received by one spouse during the marriage, gifts given to one spouse from a third party (not the other spouse), and any assets acquired after a legal separation.

Generally, separate property remains with the spouse who owns it and is not subject to division upon divorce. However, the commingling of separate property with marital property can complicate matters. For example, if funds from an inheritance are deposited into a joint bank account or used to purchase marital assets, they may become commingled and subject to division.

In Florida, the burden of proof typically lies with the spouse claiming that an asset is separate property. This means that if one spouse asserts that certain property is separate, they must provide evidence to support their claim, such as documentation proving ownership before the marriage or records of the inheritance or gift.

Florida Property Division Laws

Florida follows the principle of equitable distribution, which means that marital assets and debts are divided fairly, though not necessarily equally, upon divorce. This doesn't always mean a 50/50 split; rather, it's about what the court deems fair and just based on various factors.

If spouses can agree on how to divide their property, they can create a Marital Settlement Agreement. If they can't agree, the court will make the decision for them.

Marital debts are also subject to equitable distribution. This means that debts incurred during the marriage, such as mortgages, credit card debts, and loans, may be divided between spouses in a fair manner.

Certain assets might be exempt from division, such as assets acquired by one spouse before the marriage and kept separate throughout, inheritances or gifts designated for one spouse, and assets covered by a valid prenuptial agreement.

Ensure Your Rights and Interests are Protected

Although the division of marital assets and debts can be contentious and difficult we have found that often times parties are able to work together in order to come to an amicable resolution. At the Givens Law Group, our Tampa divorce lawyers put their 110 years combined legal experience to work in order to provide a cost effective divorce option for those parties who can resolve all of their equitable distribution issues.

We can assist with all types of property division, including:

• Dividing retirement
• Dividing debt
• Dividing pensions

We have the knowledge and understanding to assist each client in drafting their settlement agreement which will incorporate their terms of equitable distribution. Our divorce attorneys work closely with each client to ensure that the requested division of assets and debts is achieved through their Florida divorce.

Our divorce service shares the same goals as the parties involved, which is resolution. By agreeing on the terms of equitable distribution, a party can be confident that complete satisfaction can be achieved without the burden and expense of litigation. Our legal team is readily available to address any questions or concerns regarding the division of your assets and debts and will provide individual attention. We know this is important to you, and that makes it important to us.

Contact a Florida property division attorney at Givens Law Group to discuss your divorce.