When spouses agree to part ways and begin divorce proceedings, many issues may come to the forefront. One of the most contested issues in divorce is the division of property between the divorcing parties, which in Florida is done by equitable distribution.
However, equitable distribution does not mean that each side will receive an equal share of the marital property. A Fort Lauderdale equitable distribution lawyer could help with every phase of divorce proceedings, including all matters about property division. Whether or not you are facing a difficult divorce, a family attorney can help you navigate any challenges and see that your interests are preserved.
Overview of Equitable Distribution Laws
To understand the concept of equitable distribution, it is essential to explain what types of assets it covers. Marital property is subject to equitable distribution in the event of a divorce, while separate property is not. However, identifying which assets are marital property and separate property is not always easy, as these can sometimes become mixed or blended during the marriage.
Marital property broadly refers to assets acquired during the marriage. Separate property refers to assets acquired before the marriage, or can include assets obtained as gifts or inherited by one party during the marital union. Assets may also be viewed as separate property in the event of the divorce if they were previously identified as such under a marital agreement, such as a prenuptial or a postnuptial.
It is important to remember that marital property can encompass a wide range of personal and real property. Personal property can include assets like cars, household items, and investments. In contrast, real property refers to assets such as the marital home or land owned by the divorcing parties. Debt and assets can be considered marital property that is divisible in divorce. A Fort Lauderdale attorney can help people understand what forms of property might be subject to equitable distribution, while seeking to preserve their rights to any assets or debt they may be entitled to keep or divest.
Factors That Can Impact Equitable Distribution
While the court will try to achieve a fair outcome using the equitable distribution approach, this does not mean that property will be divided on a 50/50 basis. A Fort Lauderdale equitable distribution lawyer can ensure that a divorce case receives the attention and representation it deserves from the very beginning.
Some factors that could impact the outcome of the equitable distribution of marital assets and debt include:
- How long the two parties were married;
- The financial conditions of each party;
- What each party did to give the asset its value or to produce the debt;
- The role of each party in contributing to the household and their expenses during the marriage;
- Any action that may have reduced the value of an asset;
- How dividing the asset might decrease its overall value.
When the divorcing parties share children, the court could also consider the impact of the division or preservation of the marital home.
Reach Out to a Fort Lauderdale Equitable Distribution Attorney Today
The Florida Probate & Family Law Firm understands the matters at stake in these proceedings. It is essential to work with an attorney who has a background in managing the unique aspects of equitable distribution cases. That includes conducting any investigations required to identify all the marital assets that can be divided.
From collecting detailed records to working with experts like valuation professionals and forensic accountants, an attorney can use their entire wealth of experience to work on your behalf. Call now to speak with a Fort Lauderdale equitable distribution lawyer about your situation.