No one ever marries with the intention of getting divorced. Unfortunately, when your marriage ends, it can feel like your life is falling apart as well. You can get a handle on your divorce and start rebuilding your life by working through the terms of your divorce settlement and finalizing it once and for all.
Sometimes issues can arise when dividing your property and assets. A trusted Gainesville property division lawyer at Bogin, Munns & Munns can help you protect the property and assets that are rightfully yours.
How does Equitable Distribution Work in Florida?
In some states, when some people divorce, their marital assets are split evenly down the middle. When marital assets are divided 50-50, each spouse retains half of the property, assets, and debts. States that follow this property division are known as community property states.
Florida is not a community property state. Instead, Florida follows an equitable distribution system. Rather than dividing marital property, assets, and debts equally, they are divided equitably. This means that many people will attempt to take advantage of their spouse in their divorce settlement.
You can take steps to protect your interests in a divorce by retaining an experienced property division lawyer in Gainesville.
To consult with an experienced property division lawyer serving Gainesville, call 855-686-6752
What Factors Are Considered in the Equitable Distribution Process?
For spouses who cannot split their property amicably on their own, Florida Statute 61.075 lists the factors that are taken into account when determining how marital property and assets should be divided.
Some of these factors include:
- The income and expenses of both spouses
- The earning capacity of both spouses
- The contributions that each spouse made to the marriage
- The length of the marriage
- Whether one spouse put their own education or career on hold to contribute to the other’s
- Whether one spouse contributed to the financial depletion of marital assets within two years of the divorce petition
- Your child support and custody arrangements
These are only a few of the factors that may be considered when your divorce goes to court. You can take steps now to divide your property and assets with your soon-to-be-ex to avoid having these critical decisions taken out of your hands.
Gainesville Property Division Lawyer Near Me 855-686-6752
What Is Considered Marital Property?
Another important consideration in the property division process of your divorce in Gainesville is determining which assets and debts are considered marital. Only property and assets that are marital in nature can be included as part of the equitable distribution process. Property and assets that are not regarded as marital may instead be considered separate property.
Marital property includes any property or assets that were obtained during the marriage for the benefit of the marriage. This may include the increase in property value of your home, income retirement benefits, and any other property or assets that were acquired during the marriage.
It should be noted that any property or assets that were retained for the sole benefit of one spouse may be considered separate property as opposed to marital property. Some types of property and assets that may be considered separate include:
- One spouse’s inheritance
- Any property or assets acquired before the marriage
- Money received from the appreciation of separate property
- Gifts in exchange for separate property
Debts Can Be Marital Property as Well
Liabilities, or debts, are also subject to equitable distribution in your divorce. This means that your marital debts can be divided equally between both spouses. Of course, you will want to try to avoid being financially responsible for any debts that should belong to your ex. Your property division lawyer in Gainesville can help ensure that the property division in your divorce remains equitable at all times, including during debt distribution.
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Complications Surrounding Gainesville Property Division
Although you may be hoping to divide your marital property and assets amicably with your spouse, many issues arise during the equitable distribution process that make it one of the most contentious points of divorce. Some frequent complications that our property division lawyers in Gainesville have successfully managed for past clients include:
- The intermingling of non-marital assets
- Waste of assets
- Hiding assets or property
- Purposeful underpricing of an asset value
- Intentional overpricing of an asset value
If you are dealing with any sort of property division dispute in your divorce settlement, contact your equitable distribution lawyer in Gainesville to discuss the best ways to approach it.
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What If Your Spouse Contests the Division of Your Property?
A spouse contesting property division during a divorce in Gainesville is common. If you and your spouse cannot determine how to divide your marital property, assets, and debts, your divorce will not be able to move forward.
Instead, the decision may be taken out of your hands and made by a judge who reviews evidence from both parties before making a determination. The judge—no matter how well-intentioned—does not know you, your family, your spouse, your property, your assets, or your debts. It should be of utmost importance to work through the terms of your divorce settlement with your spouse to move forward with your life.
With the help of your property division attorney and a mediator, you can hopefully come to an agreement that is satisfactory for both you and your ex.
Contact a Gainesville Property Division Attorney Today
The division of your marital property, assets, and debts can be one of the most contentious aspects of the divorce process—a process that is challenging enough as it is. Once the equitable distribution process is finalized, you will be one step closer to resolving your divorce.
Our team is here to make the ordeal of dividing marital property as seamless and stress-free as it can be. To get legal help and advocate for the marital property that is rightfully yours, contact Bogin, Munns & Munns today. You can schedule an initial consultation with one of our Gainesville property division lawyers now by calling (352) 332-7688.