Equitable Distribution Lawyers in Boca Raton Making Sure You Get Your Fair Share of Property During a Divorce
Florida is an equitable distribution state when it comes to divorce. That means that each party starts with the understanding that each is to walk away with 50% of the value of the entire marital estate. The assets that each spouse receives are determined by what each may want and the value placed upon it. At the end of the day, each is to receive generally 50% of the total value in his and her column of the total value of the marital estate.
What are Considered Assets in a Divorce?
Assets include looking at the entirety of the estate irrespective of titles. Businesses, stocks, retirement assets, and other financial accounts are all factored into the overall calculation before distribution so as to determine the entire marital estate subject to distribution. If there are differences as to values, such as for businesses and real-estate or collectible items, experts can be hired to assist with opinions as to values. Hidden assets can be determined through other means including experts such as forensic accountants and others who trace accounts and can help locate assets to assure that they are part of the marital estate subject to distribution.
How are Non-Marital Assets Separated?
Non-Marital Assets are separated differently. If you came into the marriage with assets or were gifted assets such as by way of an inheritance, Florida law permits these assets to be set aside to one party as his or her non-marital assets, and they may remain separate from the distribution of the marital estate. However, if you co-mingle those non-marital assets with marital assets then the issues become more complicated depending on the facts of your case. More to be discussed during your strategy session.
How are Liabilities Handled?
Liabilities are handled the same way as assets, in that each party assumes 50% of the legitimate marital debt, with the same caveat that liabilities in place prior to the marriage are generally considered non-marital in nature and as such are not part of the liabilities to be considered as to equitable distribution.
Will a Divorce Attorney Fight So I Get What I Deserve?
Overall, it boils down to a typical accounting balance sheet as to distribution and can be pretty straightforward or more involved and complicated depending on the issues of your case, all of which we have addressed in our many years of experience.
Yaffa Family Law Group will advocate for you to get you what you deserve as part of the equitable distribution of your entire marital estate.
And as Yaffa says “it will all work out as it should and the best is yet to come. The worse part about not moving forward is the life you could have had and never did. I get that divorce is hard, but staying in a broken marriage robs you of years of the life you deserve. Knowledge is key, always!”