Expert Asset Division Lawyers in Palm Beach County, FL
Understanding Division of Assets During Divorce Proceedings
If you are planning or in the midst of a divorce in Florida, you and your spouse will need to consider how your assets will be divided. Working with an experienced attorney on your division of assets will protect your rights and help you understand the process. At Hudson Family Law, our team of experienced divorce attorneys can prepare you for what to expect from a division of assets in a divorce in Palm Beach County, FL. Read our guide to understanding asset division in divorce, and then call us to schedule a consultation.
What Is a Division of Assets in a Divorce?
In a Florida divorce case, you and your spouse will need to divide your marital property equitably between the two of you. An equitable division of assets does not necessarily mean that the assets are split equally in half but that the division should be fair. You, your spouse, your attorneys, and the court will work together to determine whether the property should be split 50/50 or if other factors contribute to a different method of asset division. In high-net-worth divorce cases, the division of assets during divorce can be more complex and challenging.
What Are Marital Assets?
Marital assets are any property you and your spouse acquired during marriage. As long as these assets were acquired during your marriage, the court considers them to be your and your spouse’s property, even if only one of your names is on the title or account. However, the division of assets in divorce can be influenced by factors such as prenuptial agreement or postnuptial agreement. Marital assets could include:
- Money
- Bank accounts
- Stocks and bonds
- Pension and retirement accounts
- Life insurance policies
- Investment accounts
- Real estate
- Vehicles
- Boats
- Furniture
- Artwork
What Are Non-Marital Assets?
Non-marital assets are any assets that belong only to one spouse, typically because they were acquired before the marriage. These assets could include inherited property, money, real estate, or family heirlooms. A pre- or postnuptial agreement could also designate property as belonging separately to one spouse.
What Is the Difference Between Marital & Non-Marital Assets?
Marital assets were acquired during the marriage, including income earned, investments made, money, and bank accounts. These assets are typically divided equitably in a divorce. Non-marital assets are assets owned by one spouse before the marriage, typically received as gifts or an inheritance, and are not subject to asset division in a divorce. In some cases, assets that were acquired before marriage can end up being considered marital assets.
How to Determine Division of Assets in a Divorce
In most divorce cases, division of assets will be determined by you, your spouse, and your attorneys. Asset division can be influenced by the terms of a pre-or postnuptial agreement, as well as other factors. If you and your spouse cannot agree to the terms of an equitable division of assets, the court will get involved and may set the matter for mediation or a hearing. In general, you will work together to:
- Identify which property is marital property and which is separate property
- Distinguish any assets, property, and accounts that only belong to one spouse
- Get each asset appraised or valued
- Calculate the net value of all marital assets
- Follow the guidelines established by Florida law for the equitable division of assets in divorce
Factors Considered in Divorce Asset Division
You, your spouse, and your divorce attorneys will consider specific key factors in determining equitable asset division in your divorce. The most commonly used factors are:
- Each Spouse’s Financial Contribution to the Marriage – You may need to consider whether you or your spouse contributed more financially to the marriage to determine how to divide assets.
- Non-Financial Contributions to the Marriage – You should also consider non-financial contributions throughout the marriage, such as which spouse contributed more to childcare, household management, etc.
- The Financial Circumstances of the Parties – You might consider which spouse has a greater financial need or specific economic circumstances that would contribute for or against the argument for an equitable division of assets.
- Duration of the Marriage – The length of the marriage will affect how assets are divided. Typically, the longer you were married, the more likely the court would require an equitable division of assets or consider extenuating factors in your favor.
How Can an Asset Division Attorney Help Me?
An asset division attorney can help you negotiate a settlement or agreement with your spouse regarding the division of assets in your divorce. If you and your spouse cannot reach an agreement through your attorneys, your case will have to proceed to mediation or court, and a mediator or judge will make the final decision. It is in your best interests to hire an experienced attorney to help you better understand your rights and the process of asset division. An attorney can help you by:
- Explaining your rights and what to expect throughout the asset division process
- Negotiating on your behalf with your spouse’s attorney
- Ensuring all assets are fairly appraised and valued
- Drafting legal documents regarding asset division
- Representing you in court or mediation
Schedule a Consultation With Our Asset Division Lawyers
At Hudson Family Law, we have a team of family law attorneys who offer strategic, aggressive legal assistance with asset division in divorce cases in Palm Beach County, FL. We focus on finding practical, positive solutions in divorce, child custody, and more. Call or reach out to us online to schedule an initial consultation with one of our asset division lawyers.