Divorce Asset Division Basics: A Guide for Florida Residents
Divorce Asset Division Basics: A Guide for Florida Residents
Divorce is a challenging and emotional process, and asset division can be one of the most contentious. In Florida, community property laws require an equitable distribution of assets between divorcing spouses. Dividing assets during a divorce is not merely a matter of splitting things. It is about identifying, valuing, and allocating assets according to the equitable distribution law. In this blog post, we will walk you through the basics of dividing assets in a divorce, laying out a clear path to follow during this tumultuous process.
Identifying the assets
The first fundamental step in dividing assets during a divorce is to establish what assets are uncontested and can be split. Typically, assets fall into two categories: community property and separate property. Community property generally includes all property obtained during the marriage, while separate property consists of property acquired before the marriage or gifted to one spouse individually. To begin the process, make a list of all assets and debts, dividing them into these two categories.
Valuing the community assets
The second step is to value the community assets. The value of an asset can differ from its purchase price; it could have appreciated or depreciated over time. In some cases, the worth of an asset may also be controversial. In general, each asset is valued in the divorce process, taking into account objective market values, appraisals, or financial statements. Florida law stipulates that all assets obtained during the marriage are subject to equitable distribution. It is crucial to understand what each asset is worth to fairly divide the marital estate in half.
Dividing the community assets
The third step is to divide the community assets fairly to both spouses. Equitable distribution does not necessarily mean a 50/50 split of assets. Rather, it involves a division that leaves each partner with a roughly equal value of assets and debts, according to their needs and other equitable distribution factors. The equitable distribution law in Florida suggests that several factors should be considered, like each spouse's income, age, and health, child support obligations, non-monetary contributions to the household, and each spouse's overall financial position. It is imperative to consult a qualified attorney to advise you on the best course of action in dividing the assets so that each spouse receives their fair share.
How can an attorney help?
An attorney can assist you in navigating and negotiating complex legal issues. Irrespective of what stage of the divorce process you are at, seeking legal counsel is essential. An attorney can help you identify all assets as separate or community property, value those assets with the assistance of an accountant or an appraiser, and lay out feasible settlement options beyond a courtroom battle. In circumstances where spouses cannot agree on a fair division of their assets, your attorney can take your case to trial and fight for your rights.
Divorces can be emotionally draining, particularly when it comes to dividing assets. These divisions can be financially and legally complicated, and it is not uncommon for there to be conflicts between the couple on how to divide it. Seeking the advice of a legal expert is crucial to find the best resolution in a bad situation. At Quinn Law, P.A, our attorneys are well equipped to handle the most contentious property disputes and divorce matters. Contact us for a free consultation, and let us give you our support as you navigate your divorce process.
