Equitable Distribution of Property
A key element of divorce is the dissolution of a single household into two distinct households. Establishing and running a household on a single income can be a serious challenge. This is why it is important that the equitable distribution of property is properly handled during your divorce. Valdes Law Firm, P.A. understands how important it is to ensure that the financial aspects of a divorce are properly handled. We will work to assure that the equitable division of your property is handled in a manner that best positions you to be able to handle financial challenges that may present themselves following your divorce. To schedule a free initial consultation, contact us online or call us at (954)764-7878. Hablamos español.
Under Florida law, all “marital assets” and “marital liabilities” have to be equitably divided between the parties. An equitable division of property is not necessarily an equal division. This presents an opportunity for the spouses to work out what property and other assets of the marital estate are most important to them. Valdes Law Firm, P.A. can help you achieve your goals regarding the division of property such as real estate and retirement accounts.
The distribution of assets and liabilities is governed by Florida Statutes section 61.075. 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, including:
- The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as homemaker.
- The economic circumstances of the parties.
- The duration of the marriage.
- Any interruption of personal careers or educational opportunities of either party.
- The contribution of one spouse to the personal career or educational opportunity of the other spouse.
- 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.
- 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, 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.
- 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.
- Any other factors necessary to do equity and justice between the parties.
Oftentimes, distribution is not as easy as splitting a bank account in half. There are other issues such as business valuation, appraisals, forensic accounting and pension and retirement valuation. Having an attorney who understands how to value and split these complicated assets and liabilities is crucial to obtaining a fair result in your divorce.
Valdes Law Firm, P.A. is committed to providing compassionate and aggressive representation to our clients in all family law matters. Our firm typically handles family law cases throughout South Florida, including Broward, Miami-Dade, and Palm Beach County. If you are facing divorce and are concerned about the equitable division of property, contact Valdes Law Firm, P.A. online or by phone at (954)764-7878 to schedule your free initial consultation. Hablamos español.