Division of Marital Property in Jacksonville, FL
The division of marital property is a highly contested area during a divorce. Marital property includes assets and debts that have been accumulated during the marriage. A talented property division attorney is necessary to protect your assets and ensure the proper parties are repaying debts.
In the state of Florida, property that is subject to equitable distribution (Marital assets and debt) will be divided by the court, but they do not necessarily divide them equally. Parker & DuFresne maintains a team of attorneys who will represent a party throughout a divorce. They will be able to negotiate a fair distribution of assets and debts.
What are Marital Assets?
Your property division attorney will assist you in organizing and classifying your marital assets, but it is essential to understand what may be classified as a marital asset. The property that needs to be determined and valued includes but is not limited to the following:
- Family residence
- Motor vehicles, including cars, motorcycles, recreational vehicles, boats
- Bank accounts
- Pension and retirement accounts
- Investments, including real estate, stock options, bonds
- Items of monetary or sentimental value, including jewelry, collectibles, artwork
- Household furnishing
- Memberships, including country clubs, golf clubs, time-share clubs, vacation clubs
- Existing debt, car loans, Home Equity Lines of Credit
Exceptions to an Equal Share
When considering the division of marital property, the court will determine how the assets and debts will be distributed. There are many separate factors which contribute to how this division will take place. Certain exceptions to an equal share after a divorce do affect where and how the property is split.
If you or your spouse owned property before the marriage, you or your spouse usually may keep it or be credited with its value. This does not apply, though, if the property is said to have been gifted to the other spouse or the marriage.
If you or your spouse receives a direct gift that is not intended for the other, then you or your spouse will more than likely be permitted to keep the gift or be credited with its value.
Understanding Debt Sharing
In most cases, you would generally think that marital debts would be shared equally. However, in some situations, the court may make an inequitable distribution of marital debts based upon extenuating circumstances such as one spouse earns a substantially higher income than the other.
This applies to both marital debt and attorney fees. Depending on the income of either party, the costs could be solely the responsibility of one party. If a specific asset such as a house or car has any debt, that is typically the responsibility of the spouse that is awarded the property.
While the division of marital property can be a stressful time, our team wants to work with you through the process together. Parker & DuFresne will protect your assets and ensure that the correct party is paying debts. Contact our offices for a free and confidential consultation.
Questions or Concerns?
Before your consultation, visit our FAQ page to learn more about property division cases.