Orlando Asset & Property Division Attorney
Divorce is a complex legal issue that involves many elements. One of the many things you will be forced to do in a divorce is divide assets and debts.
This is often a contentious issue, as some people may think they deserve more assets than the other spouse. Or maybe both parties are after the same asset, such as the marital home. Then it can be frustrating when both parties have to split up debts, especially when one spouse becomes responsible for the other party’s debt.
Every state has different laws about property division. Florida follows the law of equitable distribution, which means property must be split fairly. While this could mean a 50/50 split, it could also mean a 60/40, 70/30, or similar type of split. It depends on various factors, which are explained later.
If you are going through a divorce, let Orlando asset & debt division attorney Steve W. Marsee, P.A. Attorney at Law guide you through the process and help you split property fairly.
How Are Assets Divided?
Ideally, the spouses should work together to split assets in a fair manner. However, if they fail to do so, then a judge will decide. A judge will consider factors such as:
- Length of the couple’s marriage
- Income and financial situation of each spouse
- Each spouse’s contributions to the marriage, whether they work or are a stay-at-home parent
- Any spouse’s contribution to the career or education of the other spouse
- Any liabilities incurred by either spouse,
- Any intentional waste, depletion, or destruction of marital assets by any spouse
The judge will also keep in mind the difficulty of dividing certain assets. Some examples include businesses and retirement accounts. Because these are typically marital assets, a judge may decide to award a different asset instead of trying to split the asset 50/50. For example, one spouse may keep the business while the other spouse may get more money or a different asset, such as a vehicle, to compensate.
Keep in mind that only marital assets are split in a divorce. Any property owned before marriage, acquired as a gift, or acquired by inheritance is considered separate, or nonmarital property, and is not subject to division.
How Are Debts Divided?
In a divorce, debts are treated like assets. Regardless of who acquired the debt, a couple’s debts will be divided based on equitable distribution. A judge will attempt to divide debts equitably, but this does not necessarily mean a 50/50 split. Instead, what usually happens is that the higher earning spouse is awarded most of the couple’s debts.
Contact Us Today
Having to split up assets and debts is part of a divorce, but it may not always be fair. These situations often lead to resentment and anger.
Orlando asset and debt division lawyer Steve W. Marsee, P.A. Attorney at Law can assess your case and help you and your spouse work toward a compromise that benefits everyone. Schedule a consultation by calling 407-521-7171 or filling out the online form.