Wesley Chapel Property Division Lawyer
One of the most important, yet difficult, divorce issues is the division of marital property, which makes sense when considering the fact that disagreements about finances is one of the leading causes of divorce to begin with, according to research. Any property or assets, including debt, that was acquired during the course of the marriage is subject to equitable division under Florida statute 61.075. If you are going through divorce, you need to take action to protect your financial interests during this time, and the Wesley Chapel property division lawyers at The Law Office of Laurie R. Chane can help you do just that by seeking a fair division of assets.
What is Marital Property?
Marital property is any property acquired during marriage. This includes assets held in bank accounts, retirement funds, stocks and bonds, business assets, debt, and more. Virtually anything acquired from the date you were married is considered marital property, and will be divided equitably, which means fairly. Marital property is not necessarily divided evenly.
What is Non Marital Property?
Non marital property is anything that each party brought to the marriage before it began. Business assets, real property, bank accounts, pets, and vehicles that were owned before marriage remain non marital property. However, if income earned during marriage was used to pay the mortgage on the family home for 20 years, part or all of the home could be considered marital property, which may be divided fairly (again, not necessarily 50/50 down the middle). Other forms of non-marital property mayinclude inheritance, personal injury settlements, and family heirlooms, even if those assets were acquired during the course of marriage.
How is Marital Property Divided?
Many divorcing spouses are able to come to an agreement on division of assets through mediation or through direct negotiations in the presence of their attorneys. This is generally the fastest and least expensive option, provided that both spouses are willing to cooperate and communicate with one another. However, if a divorce ends up in the courts, marital property is divided by a judge, based on the evidence provided by each spouse. Things the judge looks for when deciding how those assets should be equitably divided include the following:
- Financial and non financial contributions to the marriage and household made by each spouse;
- Length of the marriage;
- Contributions made by each spouse to the career or education of the other;
- Sacrifices, for the marriage, made by each spouse to the marriage, including delaying education or passing up promotions at work; and
Contact a Wesley Chapel Marital Asset Division Lawyer Today
The average marriage that ends in divorce lasts eight years, according to Fatherly. This leaves a lot of time for assets to intermingle, making fair division of marital property difficult. For couples married more than three or four years, most of their assets are marital property, meaning that they are all subject to equitable distribution. If you are going through divorce, you need to take measures to protect your financial future. Call The Law Office of Laurie R. Chane today at 352-567-0055 to start at once.