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 might include things like:
- 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 in the Division of Marital Property
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.
If you or your spouse owned property before the marriage, you or your spouse usually may keep it or be credited with its value after the divorce.
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 think that marital debts would be shared equally.
However, in some division of marital property cases, the court may make an inequitable distribution of marital debts based upon extenuating circumstances such as one spouse earns a much higher income than the other.
This applies to both marital debt and lawyer fees.
Depending on the income of either party, the costs could be the responsibility of one party.
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 us for a free and confidential consultation.