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Legal Help With Marital Assets division in Kissimmee Florida

Distribution of Property In Divorce

 

Florida divides marital property based on principals of equity, and is known as a “Equitable Distribution” state .  Marital property is property acquired during the marriage with marital funds or labor, and generally will be divided equally upon divorce.  However, there can be "equitable reasons" why the property will NOT be divided equally.  What is determined to be nonmarital property, assets and liabilities acquired before the marriage, remains the sole and separate property of the spouse upon divorce.

 

What is “Property” Anyways?

 

Property includes assets, liabilities, and income.  Assets include any real estate, bank accounts, retirement accounts, accrued sick & vacation pay, intellectual property (patents, trademarks, and copyrights), stock options, business interests, and tangible personal property (which includes things like cars, jewelery, guns, art, and pets).

 

Liabilities include any kind of debt such as a mortgage, student loan, credit card debt, tax liens, car loan, and more.

 

What is Nonmarital Property?

 

Nonmarital property is property (and liabilities) acquired prior to the marriage. There is some occassions that property acquired during the marriage is also considered a spouse’s nonmarital property (inheritance, other ....).

 

The following types of property are considered nonmarital assets:

  • Assets or liabilities that a party came into the marriage with that retains its value;
  • Assets or liabilities acquired by an exchange for a nonmarital asset;
  • Assets or liabilities acquired by noninterspousal gift or inheritance;
  • Income derived from nonmarital assets during the marriage (unless the income was used by the parties as a marital asset);
  • Any assets and liabilities excluded from being considered marital property pursuant to a valid written agreement (i.e., a valid prenuptial agreement); and
  • Any liabilities incurred where one spouse forged the other spouse’s name without permission.

 

Nonmarital Property can be converted to Marital Prop

 

This occurs when nonmarital property is retitled from one spouse’s name into both spouses names. This also happens when commingling of marital and nonmarital property occurs. 

Also, when the value of a nonmarital asset appreciates because of the labor or financial contribution of a spouse during the marriage.

 

What is Marital Property?

 

Marital property is property acquired during the marriage with marital funds or labor. Such property is considered marital property regardless of whose name is on the title of the property. If the property is acquired during a marriage with marital income or funds, those are marital assets.

 

Treatment of Marital Property upon Divorce

 

Marital property is generally divided equally between the spouses and in order to accomplish this the court goes through 4 steps:

  1. The court identifies all of the marital and nonmarital property.
  2. The court classifies the property as either marital or nonmarital property.
  3. The court values the marital property.
  4. The court distributes the marital property.

The court may divide the marital property unequally as long as the result is equitable.   The court may look at the following:

  • The contribution to the marriage by each spouse (including contributions to the care and education fo the children and services as homemaker;
  • The economic circumstances of the parties;
  • The duration of the marriage;
  • Any interruption of personal careers or educational opportunities of either party;
  • The contribution of one spouse ot the personal career or or educational opportunity of the other spouse;
  • The desirability of retaining any asset, including an interest in a business or professional practice, intact and free from any claim or interference by the other party;
  • The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the martial assets and the nonmarital assets of the parties;
  • The desirability of retaining the marital home as a residence for any dependent child of the marriage;
  • the intentional dissipation, waste, depletion, or destruction of marital assets during the marriage; and
  • Any other factors necessary to do equity and justice between the parties.

 

Marital Misconduct and Unequal Distributions

 

It is important to know that courts allow for unequal distribution of marital assets in instances of marital misconduct coupled with an intentional dissipation of marital assets (i.e., waste of marital assets). These situations can arise in instances where marital funds have been And, unlike other issues in a Divorce (child care plan, child support etc..) Equitable (or Unequitable) Distribution is Final.

 

ALEJANDRO RIVERA P.A. An experienced Family and Divorce Law Firm located in Kissimmee can help you with your Divorce or other family law concerns.  The first consultation is free and we are available if necessarry on evenings and weekends.  If you need a Divorce attorney then Family Law Attorney Alejandro Rivera, and Family Law Attorney Jessica Fellows would like you to know:

 

"We would like to talk with you" 

 

CALL NOW: 407 518-7160

 

 

 

 

 

 

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Where to Find Us:

Alejandro Rivera P.A.

A Law Firm


1400 W. Oak St., #F

Kissimmee, FL 34741

 

Phone:

407-518-7160

 

Email:

Rivera@RiveraAtLaw.com

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