Distributing Property after Divorce
Considering that Florida is among the top states for divorce and approximately half of all marriages end in divorce, it follows that property distribution after divorce is one of the major concerns of couples considering marriage dissolution.
Sometimes marriages end amicably, other times they do not. Regardless of that fact, there is usually some level of property division after a divorce.
How the property is divided after the dissolution of marriage in Florida will often depend on the length of the marriage, the type of property, and each party’s contributions to the material estate during the marriage.
Attorney for Equitable Distribution in Ft. Lauderdale, FL
Distributing property after divorce can be complicated if you do not have an experienced family law attorney by your side to ensure that you get a fair distribution of martial assets. The formula in Florida for dividing property can be complex and daunting, but speaking with an attorney can help.
Bacchus Law Firm has years of experience fighting for the rights of their clients going through both amicable and hectic divorces with property on the line. Let one of our attorneys fight for you. We take cases throughout the Miami-Dade Metropolitan area in cities like West Palm Beach, Miami, LaBelle, and East Naples, FL.
Our office is centrally located at 401 E. Las Olas Blvd. in Ft. Lauderdale, FL, just minutes from the Broward County Central Courthouse. If you have been arrested in LaBelle, East Naples, Miami, West Florida, then contact our firm immediately.
Call (954) 500-5555 to schedule a no obligations consultation with our family law attorneys.
Overview of Distributing Property after Divorce in Broward County
- What is conisdered marital assets as opposed to non-marital assets?
- What do courts consider when distriubting marital assets?
- Where can I find more informaiton about distributing property after divorce in Fort Lauderdale?
Florida law differentiates between martial assets and non-material assets when considering what property to distribute to each party. Unless previously agreed upon, only marital assets will be subject to equitable distribution. Florida Statute § 61.075 determines what is considered a marital asset and a non-marital asset.
The Statute also takes into account martial and non-martial liabilities. If one spouse enters the marriage with student debt, but the other spouse does not take on the debtor spouse’s student debt, then that student debt is considered a non-marital liability.
Marital Assets in Florida
Under Fla. Stat. § 61.075, martial assets and liabilities include the following:
- assets and liabilities incurred during the marriage, individually by either spouse or jointly by them;
- interspousal gifts given during the marriage;
- all vested and nonvested benefits, rights, and funds accrued during the marriage in any profit-sharing agreement, pension, retirement, annuity, deferred compensation, or insurance plan program;
- the enhancement in value and appreciation of nonmarital assets resulting either from the efforts of either party during the marriage, from contributing efforts from both parties, or from the use of marital assets, funds, or both;
- all real property held as tenants by the entireties, whether acquired prior to or during the marriage;
- all personal property titled jointly by the parties as tenants by the entireties, whether acquired prior to or during the marriage
Nonmartial Assets in Florida
Under Fla. Stat. § 61.075, nonmarital property includes the following:
- assets acquired and liabilities incurred by either party prior to the marriage, and assets acquired and liabilities incurred in exchange for such assets and liabilities;
- assets acquired separately by either party by non-interspousal gift, bequest, devise, or descent;
- assets acquired separately by either party in exchange for interspousal gifts, bequests, devise;
- all income derived from nonmarital assets during the marriage unless the income was treated, used, or relied upon by the parties as a nonmarital asset;
- assets and liabilities excluded from marital assets and liabilities by valid written agreement of the parties, and assets acquired and liabilities incurred in exchange for such assets and liabilities; and
- any liability incurred by forgery or unauthorized signature of one spouse signing the name of the other spouse.
The cut-off date for determining assets and liabilities to be classified as marital or nonmarital assets or liabilities is the date the parties enter into a valid separation agreement or any date that is expressed by such agreement or the date of the filing of a petition for dissolution of marriage, whichever is earlier.
Under Florida law, unless there is a justification for an unequal distribution of marital assets, the court will consider the following:
- the economic circumstances of the parties;
- the contribution to the marriage by each spouse, including contributions to the care and education of children;
- the duration of the marriage;
- any career or educational interruption by either party;
- the contribution of one spouse to the personal career or educational opportunity of the other spouse;
- the contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the nonmarital assets of the parties;
- the desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party;
- the desirability of retaining the marital home as a residence for any dependent child of the marriage and it is financially feasible for the parties to maintain the residence until the child is emancipated;
- the intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within two (2) years prior to the filing of the petition; and
- any other factors necessary to do equity and justice between the parties.
61.075 F.S. – Visit the official website of the Florida Legislature for more information on the equitable distribution of marital assets under Florida law. Find out information on the other kinds of factors relevant to a court's determination of property distribution after divorce.
Find an Attorney for Property Division after Divorce in Broward County, FL
Considering the Florida Statute for property distribution can be fairly complex, having an experienced family law attorney explain how the court may distribute a divorced couple’s property will be crucial to a fair divorce settlement.
The attorneys at Bacchus Law Firm have handled multiple kinds of divorce cases over a number of years. Bacchus Law Firm has handled divorce cases on behalf of women and on behalf of men seeking a fair resolution of a hard experience. In the past, our clients have been in Miami, Ft. Lauderdale, LaBelle, and West Palm Beach, Florida.
We take cases throughout the Miami-Dade Metropolitan area, not just in the aforementioned cities, but in counties like Palm Beach County, Miami-Dade County, Collier County, and Hendry County, FL.
Call (954) 500-5555 now for more information on distributing property after a divorce.
The Article Was Last Updated on Tuesday, May 30, 2017.