Equitable Distribution in Fort Walton Beach
Contact The Virga Law Firm, P.A. Now – 850-344-1597
Equitable distribution is the court-mandated division of marital property. In the state of Florida, the court references a “fair” division of marital assets and liabilities. Courts distribute the property based on a number of factors regarding the marriage, including:
- The duration of the marriage
- The earning potential and health of each spouse
- The economic stance of each spouse
- The contributions made to the marriage by each spouse
Because this division is not an even 50-50 split, it is important to have the proper legal representation advocating for you. Our Fort Walton Beach equitable distribution attorneys can help you retain your primary marital assets. Contact The Virga Law Firm, P.A. today.
Equitable Distribution in Florida
Florida law differentiates marital and nonmarital property. Under Statute 61.075, only marital assets and liabilities are subject to equitable distribution. These properties include:
- Assets and liabilities acquired during the marriage
- Gifts exchanged between spouses during the marriage
- Enhancements/improvements made to a non-marital property during the marriage
- Retirement, pension, profit-sharing, annuity, insurance plans, and other vested and non-vested benefits accrued during the marriage
Nonmarital assets and liabilities are those acquired prior to the marriage, or assets accrued “outside” of the marriage. Examples of nonmarital property include:
- Gifts given to a spouse from a third party
- Income originating from the sale of a nonmarital property, unless otherwise invested into marital property
- An asset that is excluded, in writing, from the marital property by both parties
It is important to understand the details of marital and nonmarital property so you can accurately fight for the appropriate assets and liabilities. Most assets that commingle with marital assets are eligible for equitable distribution, such as nonmarital funds transferred into a joint account.
Assets Eligible for Fair-Division Distribution
Based on the factors of your marriage, the court will divide the marital property between the two parties. These assets may include joint bank accounts, retirement funds, and properties with a joint title.
When deciding the division details of your case, the court will examine the specifics of each spouses’ circumstances. For this reason, it is crucial to have a legal professional represent you. At The Virga Law Firm, P.A., our attorneys work meticulously to help you achieve your objectives and defend your claim to marital assets. With over 80 years of combined experience, our team has the legal knowledge to represent you.
Contact us today at The Virga Law Firm, P.A. Call 850-344-1597!