Miami Division of Assets & Debts
During a marriage, two parties do not just share their lives, but they also share or combine their assets. They will also accumulate new assets and properties, which they can share and increase their value by investing in them.
However, when they decide to divorce, it is always a difficult discussion for various parties to divide the properties fairly with one another. One party would be against dividing a specific property, others may have properties they owned before marriage that should not be included in the division, and a few would not agree to any asset distribution to prolong the proceedings.
If the properties are not identified and documented properly, the court may include separate properties that shouldn’t be included in the property distribution.
Reach out to our Miami asset division attorney at Miami Divorce Attorneys. You will be able to get the legal assistance that will help you understand how properties will be labeled and divided fairly and how you can get your fair share and protect your separate properties. Our Miami, FL family law firm will be with you whenever you need us and even be your representative during the proceedings.
Call Miami Divorce Attorneys at (786) 321-9064 for your Consultation with a Miami Asset Division Attorney.
Understanding Property Division in Florida
Under Florida’s statutes, marital properties are divided with the equitable distribution rule as its foundation during a divorce. Under these rules, properties will be divided fairly but not equally, and it will consider the following factors:
Contribution of either party in the marriage- The earning potential and income of each party
- The length of the marriage
- The number of minor children in the household
- If one party sacrificed their career and time for the other’s education or employment
- Each party’s assets and debts
- Each party’s overall health
- Other relevant factors
The court will then create a property distribution agreement to meet both parties’ needs and the children’s best interests. If the property is jointly owned, the court will order the couple to sell the property before the proceeds are divided accordingly. Your assigned Miami asset division attorney from Miami Divorce Attorneys will check your case to see what factors may play a role in the property distribution and which properties will be included.
Distinction Between Separate and Marital Properties in Florida
The court will look into the type of property owned by the two parties before they arrange property distribution as part of the divorce proceedings.
Properties are divided into two types: separate and marital.
Marital properties are jointly owned or shared by both parties and usually divided equally during a divorce. Examples of these properties include assets where one’s name is written. Still, others can use it, like credit cards, savings accounts, etc. Spouses also have the option to convert their separate property into marital property by making it joint ownership.
Meanwhile, separate properties are owned by one party before the marriage, and they will immediately be given to them once the settlement is ordered. Separate properties also include gifted properties or inheritances. However, some cases may have separate properties included in the property settlement if the judge sees that it will be a fair distribution if a percentage of these properties are included.
Our Miami asset division attorneys can sit down with you to identify the properties that qualify as separate or marital properties. You can trust us to help you prepare the documentation for your separate properties and ensure that the court is aware of it. Our team will also ensure that the marital properties are distributed fairly between you and your ex-spouse without any issues.
Talk To Our Legal Experts Today
When dealing with asset division, if your marriage ends up in a divorce, it is best to have an experienced Miami asset division attorney beside you to guide you through the process and ensure your separate properties and assets are protected.
With Miami Divorce Attorneys, we guarantee that you can identify which marital assets and properties to fight for, ensure it is divided fairly between both parties and that your separate properties will not be included in the division. Our legal team will also assist you in making sure that you can plan no matter how the court decides to distribute your properties.
Call Miami Divorce Attorneys at (786) 321-9064 for your Consultation with a Miami Asset Division Attorney.