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SIMPLE FLORIDA PROPERTY ISSUES DIVORCE ATTORNEY

When you get over the initial grief of having to go through a divorce you might find yourself quickly worried about what will happen to your property and assets. The Florida property issues attorney Simple Divorce Florida has years of experience guiding clients through this difficult transition.

Division of Property and Debt: Equitable & Fair Distribution

If you don’t have anything to divide between you and your spouse, just say so. If you do, you need to tell us how you intend to divide what you have (ASSETS) and what you owe (DEBTS).

 

 

Divorce law defines assets and debt as either marital or nonmarital. Here are definitions:

Assets – includes everything owned by you and your spouse, including property, cars, furniture, bank accounts, jewelry, life insurance policies, businesses or retirement plans. An asset may be marital or non marital, but that distinction is for the court to determine only if you and your spouse do not agree on a fair split. Don’t forget contingent assets, which are assets you may receive later, such as income, a tax refund or a bonus.

Marital Asset – generally, anything that you and/or your spouse acquired or received (by gift or purchase) during the marriage. For example, something you owned before your marriage may be non-marital. An asset may only be determined to be marital by agreement of the parties or determination of the judge.

Non-marital Asset – generally, anything owned separately by you or your spouse. An asset may only be determined to be non-marital by either agreement of the parties or determination of the judge.

Debt – is everything owed by you or your spouse, including mortgages, credit cards, or car loans. A debt may be marital or non-marital, but, again, that distinction is for the court to determine only if you and your spouse do not agree on a fair split. Don’t forget contingent debt, which is debt you may owe later, such as payments for lawsuits, unpaid taxes or debts you have agreed to pay if someone else does not, such as a note you co-signed on.

Marital liability (debt) – generally, any debt that you and/or your spouse incurred during the marriage. A debt may only be determined to be non-marital by agreement of the parties or determination of the judge.

Non-marital Liability (debt) – generally, any debt that you or your spouse incurred before your marriage or since your separation. A debt may only be determined to be non-marital by either agreement of the parties or determination of the judge assigned to your case. Judges DO NOT want to take control of your personal affairs but will IF you can reach an agreement.

How to Divide Property and Debt in a Florida Divorce Case

Florida is an equitable distribution state. Most of the time it means equal but there are circumstances that may make the distribution less than equal.  The issue for the divorce judge assigned to your case (assuming you do not resolve issues with your spouse) is what is fair under all circumstances.

If one spouse gambled away marital assets, the judge may take that into account when dividing up your property and debt. Make sure you have every tax advantage in keeping the house, the right to itemize deductions and deduct the mortgage interest and property taxes. That is another benefit of owning real estate.

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