Winter Park Property Division Attorney
Helping with Dividing Property in Winter Park
When a couple is getting a Florida divorce, one of the most important, and often most stressful, issues is how to distribute property between the spouses. Marital property in Florida is divided pursuant to the theory of equitable distribution. This means that both assets and liabilities are divided in a fair and equitable manner based on individual facts in the divorce. No two cases are exactly alike, as individual circumstances and asset portfolios will vary. This is why it’s important to reach out to a Winter Park property division attorney at the Troum Law Firm, P.A. who can look at the specific facts of your divorce.
How Marital and Nonmarital Assets are Determined
The first matter the family court judge will determine is what assets are marital and what assets are separate property. If an asset is deemed to be marital property, the court will distribute it. If the asset (or liability) is deemed to be separate property, most likely the person who brought it into the marriage will be the one who receives the asset or debt.
Determining what items are marital versus separate property can be rather complex in many divorce cases. The court may require the history to be traced and understand how it was acquired. There are even situations where separate property that is brought into the marriage can become marital property, and therefore become subject to division during the property division portion of the divorce. This procedure applies to all types of potential property you may own, including stocks, bonds, homes, land, cash, artwork, vehicles, boats, mortgages, credit card debt, pensions, loans, retirement plans, and more.
How the Court Determines Who Gets What
Judges will consider a number of different factors when deciding how to distribute property in the divorce. Some of these factors can include:
- The contributions to the marriage by the individual spouses
- The economic circumstances of each party
- The contributions each spouse made towards the education and care of the children
- How long the marriage lasted, and contributions made by one spouse to the other in support of their education or personal career
- Does one party have a desire to keep the asset more than the other spouse
- The desirability of one or both spouses retaining the marital home, especially as a residence for a dependent child of the marriage
- Any other pertinent factors that are important to consider
Contact The Troum Law Firm Today
As we mentioned, each divorce is different. Circumstances in one divorce will never be exactly the same as another couple who is also going through a divorce. Dividing marital assets and debts can be extremely complex in some cases. Do you have high net-worth, own a family business with your spouse, or have assets held internationally? These are just some factors that can make the property settlement phase of a Florida divorce that much harder.
At The Troum Law Firm, P.A., our Winter Park property division lawyer can discuss your individual circumstances and help you understand what assets and liabilities fall under marital property and which fall under separate property. Contact our office today at 321-428-2247 to schedule an initial consultation.