Splitting Assets Fairly During a Divorce and What Happens Next
Distribution of assets can be one of the most complicated areas of a Family Court attorney‘s practice since it involves emotions as well as intricate legal considerations. In almost every dissolution of marriage, there is some property which is the source of disagreement. That is where the experience of our Tampa divorce attorneys at The Law Office of Amber Boles come into play.
Experienced matrimonial attorneys understand how to distribute what is known as “marital property“ pursuant to Florida law. This experience offers clients the steady hand that is needed during what is often a very hotly contested matter. Property that is acquired during the course of the marriage is considered marital property. Such property is normally divided equally between the parties. In the case of real property, like a home, it is often sold and the net proceeds are split between the parties. Real property is normally the biggest issue when it comes to that division of property. It is divided based upon when it was acquired during the marriage and how – and by whom – it has been paid for.
Property acquired by way of inheritance is typically exempt from equitable distribution. However, there are some circumstances where it can be considered.
Typically, the parties use marital assets to pay the mortgage, taxes, insurance and maintenance. This subjects the property to an equitable distribution between the spouses. If the parties cannot agree on a “agreement”, the property may be sold and the net proceeds divided.
Any property that was acquired prior to marriage is not considered marital property and is not subject to equitable distribution. However, if marital assets are used to maintain the property, then a certain percentage of that property may be subject to equitable distribution. This could result in a “buy out” from one party to another or will result in the sale of the property and the parties receiving their pro rata share of the proceeds.
As you can see, these can be extremely complicated legal issues that should only be left to skilled Tampa divorce lawyers.
Parties to a dissolution of marriage may also have other property that needs to be divided.
- Liquid assets are normally divided equally unless one party can show they are entitled to them exclusively, which is rare.
- Collectibles and other such property are normally divided based upon when the property was acquired and the respective interests of the parties.
- Items such clothing, furniture and things of that nature are typically left to the parties to determine. Of course, if the parties cannot handle that amongst themselves, the attorneys will handle it but it is costly and not a wise move.
In most cases, property that is acquired before the marriage is not subject to equitable distribution unless a part of it was paid for by marital property after the parties were married. Any property acquired after the marriage is subject to equitable distribution. Motor vehicles, liquid assets and collectible items also are subject to the same rules.
It is best that the parties attempt to work out a reasonable distribution of property before the attorneys become involved. This will save time and money. However, if the parties are unable to work this out among themselves, The Law Office of Amber Boles is capable of assisting with the distribution of property so that the parties may dissolve their marriage and move on with their respective lives