Divorces can be messy and complicated. In addition to determining any applicable child custody arrangements, divorce settlements detail how marital assets will be divided. Since divorces tend to be emotional affairs, it can be difficult for soon-to-be ex-spouses to come up with amicable arrangements on their own.
Experienced divorce attorneys, such as those at Saunders Law Group, can help divorcing couples reach reasonable agreements that will be beneficial to all involved parties. Reaching reasonable agreements is always preferred over contesting aspects of a divorce in court.
One important matter that must be settled is the division of property. We work to help our client obtain their share of non-liquid assets, such as homes and other owned properties. To learn more about the division of assets in a divorce, contact our law firm, serving client in Bartow, FL and surrounding areas.
Marital Property
Marital property describes any property that is acquired during the course of a marriage. Even if one spouse purchases property separately, it is considered marital property, unless the spouses have a written agreement that the property should be considered as separate property.
The only other cases in which property is considered separate is if one spouse acquired it before the marriage, or if a spouse received property during the marriage, but it was received as a gift or inheritance.
Common examples of marital property include:
- Houses
- Businesses
- Investment properties
- Vehicles
- Furniture, appliances, and other personal property
Equitable Division of Property
Regarding divorce, Florida is an equitable division state, which means that all property must be divided equitably, or fairly, between the spouses. While this doesn’t necessarily mean that property will be divided equally, the goal is usually to ensure that each spouse receives an equal share of marital property.
Often, shared property, such as a home, is sold, and the profits are divided. Or, if one spouse wishes to stay in the home, appraisers will determine the value of the property, and that spouse can either buy out the other spouse or compensate him or her with other property.
Of course, property is not always an easy asset to divide. For example, if a couple owns a business together, it may not be possible to sell the business so that its value can be split among the spouses. Instead, it will probably be best to give the business to the spouse most involved in its daily operation, and compensate the other spouse with other property or money.
In these cases, it is important to consider the entire value of the property, such as liquid assets, physical assets, and any income the business brings in. Because divorces often involve complicated arrangements such as these, it is a good idea to work with experienced attorneys who will work to divide the marital property equitably.
