West Palm Beach Division of Assets & Liabilities Attorney
Division of assets and liabilities is of great concern to most couples who are divorcing, particularly those who have been married for a long time. The longer the marriage, the more intertwined the couple’s finances are. Additionally, the older the spouses, the less working time they have to earn back any assets that they lose out on from the divorce. If you are going through divorce, it is imperative that you work with an experienced West Palm Beach division of assets attorney to ensure that your rights are protected, and that you walk away from the marriage with a fair distribution of marital assets. Here at Bruce S. Rosenwater & Associates, P.A., we can assure you that you are in good hands when it comes to division of assets and all other divorce matters.
Equitable Division of Marital Assets
Florida law requires that all debt is divided equitably, which means fairly and not necessarily 50/50. For example, if one spouse earned all of the income while the other took care of the home and raised the children, a court may find that the marital assets should be divided 50/50 down the middle. If the spouse who took care of the children and held down the home also earned an income at the same time, that spouse may be entitled to a greater portion of the marital property, even if he or she earned less than half of the household income.
What is Considered a Marital Asset?
Nearly all property, debt, and other forms of assets that are acquired during marriage are considered property of the marriage, or marital assets. Examples includes:
- Bank accounts;
- Retirement accounts;
- 401(k) accounts;
- Life insurance policies;
- Stocks and bonds;
- Mutual funds;
- Real property;
- Business assets;
- Debt; and
Non Marital Property
Non marital property is anything that either party acquired before marriage. It can also include any assets acquired during marriage that are specifically excluded from marital property in a prenuptial or postnuptial agreement. Depending on the circumstances, personal injury settlements or verdicts, various gifts, and certain inheritance bequeathed to one of the spouses can also fall outside the realm of marital property, and therefore not be subject to equitable division.
Division of Marital Debt
Debt that is accumulated during marriage is generally marital debt, as long as both parties sign onto the loan or mortgage, or if the item was purchased on a credit card under both party’s names. As such, you may be liable for debt on items or property that you did not use or even know about. Other forms of debt that can fall under marital debt include student loans, business debt, home mortgages, car loans, and medical debt.
Call Our West Palm Beach Division of Assets and Liabilities Attorneys
Whether you and your spouse are in agreement about division of assets, or there is conflict and disagreement, you need to enlist the help of an attorney who can review your case. If you and the other party are in disagreement, we can help negotiate out of court to come to a resolution, or we can pursue the matter in court before a judge. To schedule a free consultation, call Bruce S. Rosenwater & Associates, P.A. today at 561-688-0991.