West Palm Beach Property Division Attorney
Once you’ve decided to get a divorce, an important issue you’ll need to come to terms with and tackle is dividing the assets and debts you’ve acquired as a couple during your marriage. Assets may include your home, vehicles, furniture, savings accounts, and investments, while your debts may include credit card balances, your mortgage, or vehicle loans. At Bruce S. Rosenwater & Associates, P.A., our West Palm Beach property division attorney assists clients through the property division process, helping to ensure assets and debts are split fairly and according to our clients’ wishes.
How Is Property Divided in a Florida Divorce?
When it comes to property division, Florida is an “equitable distribution” state, which means the court decides what’s fair—regarding who gets what—and what’s fair may not always be a 50/50 split. The following factors will determine how your property and debts should be divided:
- The contribution to the marriage by each spouse, including services as a homemaker and contributions to the care and education of the children
- The economic circumstances of the spouses
- The duration of the marriage
- Any interruption of personal careers or education opportunities of either spouse
- The contribution of one spouse to the personal career or educational opportunity of the other spouse
- The interest in retaining any asset, including an interest in a business, intact and free from any claim or interference by 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 the marital home as a residence for any dependent child of the marriage, or any other party, when it would be equitable to do so
- The intentional waste, depletion, or destruction of marital assets after the filing of the divorce petition or within two years prior to the filing of the divorce petition
- Any other factors found relevant to do equity and justice between the divorcing spouses
Are Gifts and Inheritances Marital Property?
Some assets you may have brought into the marriage or acquired during your marriage are not considered marital property under Florida law and thus aren’t subject to property division—they belong to you alone. These assets may include gifts, inheritances, personal injury compensation, and any assets acquired by either spouse prior to the marriage, as well as all income derived from non-marital assets during the marriage (unless the income was treated, used, or relied upon by the spouses as a marital asset). If you use a non-marital asset, such as an inheritance, to buy something, such as a car, the asset purchased is also considered non-marital. If you believe you have non-marital assets that are vulnerable to property division, it is critical to seek the advice and representation of an experienced Florida property division attorney.
Speak with a Knowledgeable Property Division Attorney in West Palm Beach Today
If you’re concerned about how your assets and debts will be split up during the divorce process, please contact Bruce S. Rosenwater & Associates to speak with an experienced West Palm Beach property division attorney. When you’re prepared and know what property you have a right to retain or receive under Florida law, property division becomes not so stressful, and perhaps even empowering.