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Dividing Assets
Embarking on the challenging journey of divorce is never easy, and when it comes to dividing assets and debts, the process can be particularly complex. In the Sunshine State, understanding the intricacies of property division is crucial for a fair and equitable dissolution of marriage. Here, we will explore the nuances of dividing assets and debts in a Florida divorce, shedding light on considerations related to property, bank accounts, and more.
Florida operates under the principle of equitable distribution when it comes to dividing marital assets and debts. Equitable distribution does not necessarily mean a 50/50 split; instead, it aims to achieve a fair and just division based on various factors. Marital property typically includes assets acquired during the marriage, such as homes, vehicles, furniture, and investments.
It is important to note that Florida law distinguishes between marital and non-marital property. Non-marital property generally includes assets owned by one spouse prior to marriage or acquired through inheritance or gift during the marriage. Such assets are usually excluded from the equitable distribution process.
One of the critical aspects of property division involves bank accounts and financial assets. Florida courts consider various factors when determining how to divide these assets fairly. Joint bank accounts, savings, and investment portfolios accumulated during the marriage are typically subject to equitable distribution.
Divorce Process
During the divorce process, it is crucial to provide a clear and accurate account of all financial assets. This includes not only bank accounts, but also retirement accounts, stocks, bonds, and other investments. Transparency and honesty in financial disclosures are essential to ensure a fair distribution that reflects the true financial picture of the marriage.
In addition to dividing assets, addressing debts and liabilities is a crucial aspect of a Florida divorce. Marital debts, such as mortgages, credit card balances, and loans, are subject to equitable distribution. Both spouses are responsible for the fair share of the debts accrued during the marriage.
To help ensure a fair distribution debts, it is essential to create a comprehensive list of all outstanding obligations. This includes mortgages on property, car loans, credit card debts, and any other financial liabilities. Working with a knowledgeable family law attorney can help you navigate the complexities of debt division and help ensure that each party bears a fair share of the financial responsibilities.
Contact Our Florida Family Law Attorneys
Divorce is undoubtedly a challenging process, and dividing assets and debts requires careful considerations of cornerstone legal principles and individual circumstances. In Florida, the equitable distribution model aims to create a fair and just outcome for both parties, but retaining your own legal counsel can help make sure this is how things turn out. If you find yourself facing divorce in the Sunshine State, consult with the knowledgeable family law attorney team at Bernal-Mora & Nickolaou. Contact us today.
