Protecting Your Marital Property Rights
Equitable Division: How Property Is Divided In A Florida Divorce
If you are getting divorced, marital property and assets must be divided. Some couples are able to reach a settlement on their own terms.
However, if a court is involved, Florida law states that a couple’s assets will be divided based on the principle of “equitable distribution.” Utilizing various factors based on the couple’s circumstances, a court will divide assets based on what is fair, not necessarily equal or 50/50.
This principle will also be applied to a couple’s debt, including mortgages, auto loans, credit card debts and more.
Equitable Division And Marital Property
Before a court divides assets, they must first distinguish a couple’s “marital property” from “separate property.” Only martial property is divided, while separate property belongs solely to one or the other. However, depending on the facts, premarital and nonmarital assets may be subject to claims by a spouse.
Likewise, “marital debt” is distinguished from individual debt. Generally, if debt was taken on to benefit the family, it is marital debt owed by both parties.
You could even be liable for the entire debt if your ex does not pay. A family business benefits the entire family, so in a divorce involving a business, these debts could be attributed to you even if you did not participate in the company. Individual debt would include a vacation taken by only one person or money borrowed for a hobby of one person.
If You Are Now Separated
Make sure common accounts are not being abused. We can advise you of steps to take to protect yourself.
Contact Us Today For Further Guidance
If you are seeking an experienced family law team who can ascertain your assets and debts and advocate for your interests during your divorce, let us help. With years of collective experience, our attorneys at Pacheco Perez P.A. can help you.