One of the onerous tasks a couple must go through during a divorce is the division of property. For some young couples with few assets, this can be a simple matter. For couples who have been married for several years, it can be a more complicated matter as a couple untangles the weave of their financial lives together.
At CPLS our Florida property division lawyers help make this task easier by working with you every step of the way. We make sure nothing is forgotten, overlooked or misestimated. We look at the financial details with a fresh set of eyes so you are relieved of the stress it can cause.
Dividing Assets | Sharing Debts
When a couple divorces it is not only the assets that are divided, but also the debts. Are there a mortgage and a second mortgage on a home? These need to be attended to. Did the couple pay off one set of graduate school loans but not the other set? This should be taken into consideration. Did one spouse keep a hidden credit card account and accumulate gambling debt? Unfortunately assets as well as debts are considered marital property.
At our law firm, we make sure that nothing is left hidden in a closet or in a forgotten bank account. We work to identify all the assets, as well as the debts, so that an equitable division of property can proceed.
Equitable and Equal are Not the Same
When it is time for the division of property, the Florida court will make an effort to obtain an equitable division of property. An equal division would be a 50/50 split right down the middle. However, some assets cannot be split in half (a vacation home or a car for example). Other assets, such as real estate property may not be liquid, while other assets, such as a savings account are liquid.
In determining how to divide the assets in an equitable manner, the court will look at not only past contributions to the marriage, but also the potential future earning capabilities. In general, the court will try to be fair. As your Florida property division attorney, our job would be to help the court see how ‘fair’ should be structured.
Protecting Your Interests
In addition to the monetary value of a couple’s marital property, there is also a sentimental or emotional component to some property. A husband may be very attached to a motorcycle and perhaps a wife is very attached to the artwork. At CPLS our Florida property division attorneys work to help you maintain possession of the property which matters most to you, in addition to an equitable division of all of your property. The type of property which is divided includes:
- Cars, trucks and other motor vehicles
- Collectibles (gun collections, sporting equipment, other items)
- Credit card balances and other unsecured debt
- Household items
- Primary residence
- Retirement funds (401k, IRA, Keogh)
- Savings accounts and cash
- Vacation property
Contact CPLS | Initial Consultation
Florida residents who are considering divorce would be wise to consult a Florida divorce attorney with experience. At CPLS, P.A., we have that experience. Please contact us at 407.647.7887 or 877.647.7887 for an initial consultation.