Panama City Beach Equitable Distribution Attorneys
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When a couple divorces, one of the inevitable questions each person will have is “who will get what,” from child custody, to the dog, to family cars and even the fancy silverware. Dividing up your things will make an already emotional situation more stressful and complex. Luckily, our Panama City Beach property division lawyers can help you with your divorce and help you understand the equitable distribution process, and protect your legal rights in the process.
How Are Debts and Assets Distributed in a Florida Divorce?
Under Florida law, the division of any property, assets, or debts acquired during the marriage must be “equitable,” or equal. That does not necessarily mean distribution will be 50/50, though.
When determining equitable distribution, a Florida family court judge will consider the following:
- Classifying assets and liabilities either as marital or non-marital property
- Assigning a value to each debt and asset between the couple
- The duration of the relationship and length of the marriage itself
- Inspecting for intentional waste of assets by one of the spouses prior to divorce
- The income of each party, and financial contributions during the marriage
- Any other factors determined important by the judge
What Are Marital vs. Non-Marital Assets?
Equitable distribution only affects a couple’s marital assets. These are any assets acquired during the marriage, such as new real estate or personal property, such as a car. Other examples of marital assets include other jointly owned items, such as retirement accounts, furniture, and more. It also includes the debts the spouses jointly accumulated through the course of the marriage. Examples of non-marital assets include inheritance monies or gifts, and these remain with the party who originally received them.
To place a value on your assets and liabilities, your family law attorney will examine copies of your real estate appraisals, income tax returns, stock portfolios, appraisals of luxury items such as fine jewelry, and more, and assess them using fair market values.
Contact Our Equitable Distribution Attorneys
During the contentious process of getting a divorce, it is valuable to have an advocate in your corner to protect your legal rights. Choose our family law attorneys to ensure you get fair results to the division of your marital assets and liabilities.
Our lawyers are prepared to fight for your best interests. Don’t let your assets go unprotected, trust our skilled attorneys to secure the property you deserve in your divorce. Contact our law firm today to schedule your initial consultation!