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We can advise you on matters related to the distribution of the marital assets and assist in your efforts to document the distribution and assert your rights to those assets that should be yours. Importantly, as a St. Augustine based law firm that has attorneys who handle real estate and property litigation matters, we know how to properly document your equitable distribution of property and advise on matters such as transfer of homestead exemptions or foreclose defense of the marital residence and who should be responsible for the debt or in what amount.
PROPERTY DIVISION IN DIVORCE
(Compliments of THE FLORIDA BAR)
One of the most difficult and complex areas of divorce is the division of marital assets and debts. Marital property may include cars, houses, retirement benefits (pensions and 401k plans), business interests, cash, stocks, bonds, bank accounts, personal property, and other things of value. Debts, also called liabilities, include mortgages, car loans, credit card accounts, and other amounts of money you and your spouse owe to third parties. Generally, any asset or liability acquired during the marriage is considered marital and subject to distribution. The parties may also have assets or liabilities that are considered non-marital and should be awarded to only one party.
Florida statutes and case law provide for an “equitable distribution” of marital assets and liabilities. Marital property should be divided fairly or equitably (not necessarily equally) between the parties, regardless of how title is held. A court decides equitable distribution before considering alimony. Equitable distribution is based on a long list of factors the court is required to consider.
Factors. Factors to be considered by the court include the contribution of each spouse to the marriage; the duration of the marriage; and the economic circumstances of each spouse. The court should approve your agreement if the court finds it to be reasonable. If you and your spouse cannot agree, the court will divide the assets and liabilities during trial.
St. Johns Law Group is ready to take action to assist you in securing the marital assets and protecting the value of assets early in a separation so that a proper determination can be made by the Court.