Property Division in Your Boca Raton Divorce
When it comes to couples getting a divorce, dividing the marital property can be one of the most contentious aspects of the process. During the course of the marriage, both spouses may make investments and contribute towards building the relationship. When the marriage breaks down, everything has to be divided, much like a business partnership that is dissolving. When it comes to distributing marital assets and debts in a Florida divorce, it’s done through a process known as equitable distribution.
In an equitable distribution state, marital assets and debts are divided in a fair and equitable manner. This is in contrast to a community property state. With community property states, assets are divided 50/50. With equitable distribution, the idea is to have a fair and equitable distribution of assets and debts. This can mean you take a particular asset that you really want while your spouse takes another of similar value.
Determining What is Separate versus Marital Property
The process of determining what is separate and what is marital property is one of the biggest hurdles couples face during their Florida divorce. This is especially true with couples who marry later in life or this is their second or third marriage. It’s important to understand the laws that determine what is separate and what is marital property.
There are situations where separate property can become a marital asset by accident. This is what’s known as commingling. If you had separate property but then mixed those funds with marital assets, the court may determine that it is now all marital property and subject to division in your divorce.
Property division in a divorce is not just about marital assets, it’s also about debts. Most couples have some, if not significant, debt when they are divorcing. Dividing marital debts can be a complex process since they involve a third-party lender who may still hold both parties responsible for repayment. This is why it’s so important to have an experienced Boca Raton divorce attorney on your side. Some common debts that are often subject to division in a divorce include:
- Home mortgage
- Other property mortgages or timeshares
- Credit cards
- Medical bills
- Automobile, boat, or recreational vehicle loans
- Small business loans
Factors to Consider in Florida Property Division
In many cases, the marital home is one of the most valuable assets. However, there is often a huge mortgage amount attached to that asset as well. It’s an emotional process to deal with the marital residence since there are a lot of memories tied to it. If you have kids, it may be an even harder decision to make. Your Boca Raton divorce attorney will help you through the process and will ensure that important details like who pays insurance, taxes, maintenance, and of course, the mortgage payments, are spelled out in the property settlement agreement.
Contact a Florida Divorce Attorney Today
If you are planning on filing for divorce, or are in the middle of a nasty property division dispute, it’s time to call a skilled Florida family law attorney. At the Law Offices of Schwartz | White, our Boca Raton divorce attorneys have a combined 50 years of experience. Contact our office today to schedule an initial consultation.