Assets & Debts in Florida Divorce
Florida Equitable Distribution Law
We handle divorces that involve the distribution of multiple forms of assets and liabilities, including bank accounts, businesses, collectibles, credit debts, jewelry, loans, properties, pensions, retirement accounts, stocks, student loans and vehicles. If you are involved in a divorce case, call us today to speak with one of our experienced divorce attorneys about your situation.
Florida law provides for an equitable distribution of the marital assets and liabilities. In distributing the marital assets and liabilities between the parties, the court shall also set apart to each spouse that spouse’s nonmarital assets and liabilities. The court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors.
Relevant Factors in the Distribution of Marital Assets & Liabilities:
The relevant factors the Court can consider:
(a) he contribution to the marriage by each spouse, including contributions to the care and education of the children and services as homemaker.
(b) The economic circumstances of the parties.
(c) The duration of the marriage.
(d) Any interruption of personal careers or educational opportunities of either party.
(e) The contribution of one spouse to the personal career or educational opportunity of the other spouse.
(f) 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.
(g) 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.
(h) 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, it is in the best interest of the child or that party, and it is financially feasible for the parties to maintain the residence until the child is emancipated or until exclusive possession is otherwise terminated by a court of competent jurisdiction. In making this determination, the court shall first determine if it would be in the best interest of the dependent child to remain in the marital home; and, if not, whether other equities would be served by giving any other party exclusive use and possession of the marital home.
(i) The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition.
(j) Any other factors necessary to do equity and justice between the parties.
Date for Determining Marital Assets and Liabilities:
The cut-off date for determining assets and liabilities to be identified or classified as marital assets and liabilities is the earliest of the date the parties enter into a valid separation agreement, such other date as may be expressly established by such agreement, or the date of the filing of a petition for dissolution of marriage. The date for determining value of assets and the amount of liabilities identified or classified as marital is the date or dates as the judge determines is just and equitable under the circumstances. Different assets may be valued as of different dates, as, in the judge’s discretion, the circumstances require.
Orlando Divorce Attorney:
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