How to divide property is one of the biggest concerns people have during a divorce.
Property isn’t just your real estate. In Florida, the court seeks to “equitably divide” all the couple’s assets and liabilities. Some examples of things that will need to be divided include:
- Real estate
- Automobiles & Leisure crafts
- Bank accounts
- Investment accounts
- Retirement accounts
Liabilities are also divided, and some examples include:
- Auto loans
- Credit cards
The debt does not have to be in both names to be considered a marital debt by the court. For example, a credit card used to buy food and clothing, etc. for the family will be considered a joint marital debt to be divided between both parties even though it may only be in the name of just one party.
There is also premarital property and property in which you claim a special interest. Premarital property is property you owned prior to the marriage. Property in which you claim a special interest is one in which you invested more into than your spouse. For example, if you put a $30,000.00 down payment on your home from your inheritance, you may be able to ask for an unequal distribution of the equity in the home based upon this contribution of your inheritance money.
Inheritances are also separate property as long as a spouse never “co-mingles” the inherited property or money with marital property or money. That means in order to keep inherited property the sole property of one spouse, that spouse needs to keep that property in his or her name only.
As a family law attorney, I have over 30 years experience helping both men and women work through the property division issues in their divorces.
If you are in need of legal counsel regarding divorce and property division or for another family law issue, I stand ready to assist you. Call my office at (321) 728-2311 or contact me online to schedule a free initial consultation. I look forward to meeting you.