Figuring out how your property should be divided during your divorce is likely going to be the most difficult step that is faced with the greatest opposition from your spouse. No one wants to lose something they believe should be theirs, but determining who actually owns it might not be straightforward. While Florida State law requires equitable distribution between the spouses, it does not mean that it will be split in an equal 50-50 manner. Instead, a judge will distribute them in a way that seems “fair.”
In most divorces, both contested and uncontested, the only way to fairly settle property division matters is to protect your rights and your estate with the professional help of a Tampa divorce lawyer like Attorney Catherine W. Real. In her nearly 40 years of practicing divorce litigation, she has been using her commanding courtroom presence and agreeable yet confident demeanor during negotiations to ensure that her clients are always provided with the settlements they deserve.
What Property Will Be Divided in My Divorce?
Pieces of your property or estate that are considered marital assets will be divided in your divorce. This means that virtually anything you or your spouse acquired during the marriage will be considered for property division, even if the decision to acquire it was yours alone. Most of the time, only large pieces of your property will be up for consideration, like homes, businesses, and automobiles.
You should also be aware that Florida considers benefits, rights, or funds as marital assets as well, which can include:
- Insurance plans
- Retirement funds
Additionally, as shared debts are considered marital property, they will also need to be divided. Depending on your financial stability or personal savings, you could be shouldered with the majority of the debt while your spouse receives less than half.
What Won’t Be Divided, if Anything?
If you can prove that you owned a piece of property before your marriage, it may be considered nonmarital – or separate – property and, therefore, will not be divided during your divorce. Gifts that were given just to you are also nonmarital, as well as family heirlooms and inheritances.
If the value of a separate piece of your property increases due to shared funds or the efforts of your spouse, its increases will be considered marital. For example, if you own a business that was worth $100K and its value tripled during your marriage, the resulting $200K profit could be divided between you and your spouse.
If you would like to manage your divorce in a way that respects your rights, contact Attorney Catherine W. Real today.