Asset Debt Division
ASSET AND DEBT DIVISION – EQUITABLE DISTRUBITION
Many in the state of Florida who are going through a divorce, or are about to go through a divorce, undoubtedly have several concerns about the distribution of assets and liabilities.
It is normal for spouses to acquire properties, such as home furniture, during a marriage, with little or no consideration for how the properties and/or assets will be divided in a divorce settlement — or the partner will obtain the furniture. It is also normal for individuals to acquire large amounts of personal property during marriage without making arrangements for equal distribution, should the marriage end in divorce.
It can be a complicated procedure to divide marital assets in divorce, but with the support of an experienced family law attorney at John Vernon Moore, P.A., Law Firm, you can rest assured that your assets and properties will be secured during divorce.
Florida Equitable Distribution
During a divorce case in Florida the division of assets and liabilities is called equitable distribution. Florida courts use the word to reflect their preference for equal resource and debt division. Although the statute requires equitable distribution, this does not necessarily mean division 50-50. During the equal distribution process the court must look at a variety of considerations. Although the calculation of assets and debts can seem uncomplicated, there are a variety of potential problems and require an experienced attorneys assistance.
Non-Marital and Marital Assets
At the start of equitable distribution, courts in Florida classify each asset and property as either marital in nature or of a non-marital nature. The court shall assign any non-marital assets to the spouse or spouses. All properties acquired by either party during the marriage are usually considered “marital” in nature. As such, during a divorce they are subject to division by the court.
Classification of marital and non-marital property is paramount under Florida’s equitable distribution statute. They include but not limited to:
- Jointly acquired assets during the time of marriage.
- Increase of value to non-marital assets due to spousal efforts.
- Any personal property held in joint title.
- Any gifts given to one another during the marriage.
- Joint bank accounts.
- Retirement accrued during the marriage.
Contact us today!
Our divorce attorneys in Florida are trained and willing to work professionally, using an experienced method of protecting your interests. Never allow your assets to go unprotected. Trust in our validated approach to attaining your goals. Contact the John Vernon, Moore P.A. Law Office today for a free consultation.
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