Division Assets Lawyers
Our Divorce Attorney Miami Can Help Protect Your Property Rights
The divorce attorneys at The Carolan Family Law Firm, P.A. in Miami, Florida, understand that the division of assets and liabilities is one of the most important aspects of the dissolution of a marriage.
The law is designed to protect both spouses and their property rights. Although the laws regarding division of assets are specifically delineated and complicated at times.
The Carolan Family Law Firm, P.A. are available to inform you regarding your rights to retain your assets and property.
- Mediation versus Collaboration: Which is Right for Your Divorce?
- Will I Get Spousal Support in My Divorce?
What is the difference between non-marital and marital assets?
A primary activity during the divorce process is identifying non-marital and marital assets. Both spouses take the time to establish what they have a right to individually and jointly. In addition to assets, liabilities must also be accounted for in the same manner.
Non-marital assets and liabilities may include:
- Any assets obtained or liabilities sustained by either spouse before the marriage.
- Income that originates from non-marital assets during the marriage so long as it is not used to support or facilitate the marriage.
- Any assets or liabilities defined as non-marital assets through a written agreement.
Marital assets and liabilities may include:
- Assets obtained and liabilities incurred during the marriage, either individually or jointly
- The increase in value and growth of non-marital assets due to the efforts of either party during the marriage
- Gifts given by one spouse to the other during the marriage
- All vested and non-vested right, benefits, and funds that have accumulated during the marriage, including those contained in retirement, pension, profit sharing, annuity, deferred payments, and insurance plans and programs
- All real property held by the spouses as tenants, which were acquired prior to or during the marriage, shall be recognized as a marital asset
Under Florida law, there is a prescribed cutoff time as to when valuation of assets may occur. The delineation of the cutoff time is important, as it allows for a proper and equitable accounting of all assets and liabilities.
The cutoff date for deciding which assets and liabilities are to be identified or classified as marital is the earliest of the following:
- The date on which the spouses enter into a valid marital settlement or property agreement.
- The date as established in the parties’ agreement.
- The date when the dissolution of marriage petition was filed.
Equal Distribution of Property
In the state of Florida, the divorce attorneys at The Carolan Family Law Firm, P.A. will work to ensure that all property and assets are divided in an equitable manner.
The Court’s decision regarding the division and distribution of assets is based on numerous relevant factors, including:
- The contribution to the marriage by each spouse, including those contributions that were credited to the care and education of the children, and services that were rendered by a spouse working as as homemaker.
- The overall economic circumstances of the parties.
- The duration of the marriage.
- If either party experienced an interruption in their career or educational opportunities.
- The contribution of one spouse to the career or educational opportunities of the other spouse.
- The desirability of one spouse to retain any asset that is intact and free from any claim or interference by the other spouse.
- The contribution of each spouse to the development, improvement, and production of income, or to the accumulation of liabilities to either/or the marital assets and the non-marital assets.
- The desire to retain the marital home as a residence for children and to consider the best interests of dependent children who were birthed in the marriage. Such a decision must be financially feasible for the parties to maintain.
- The intentional destruction or depletion of marital assets after filing for separation or divorce.
- Any other factors that may influence or affect equity and justice between the parties.
We Can Help
The attorneys at The Carolan Family Law Firm, P.A. will work to ensure that you receive justice when it comes to the distribution and division of assets.
For more information on the division of assets, including what is involved in the process, contact The Carolan Family Law Firm, P.A. in Miami, Florida, at (305) 358-2330.