Dividing property and assets can be one of the most stressful parts of divorce. If you aren’t sure how the process works or what your options are, it could be even more stressful. However, getting your head around the facts of marital property division can help you jump the emotional and logistical hurdles.
Marital Property Division in Florida
The court doesn’t view shared property the way you do. Many of your bigger assets, such as your home, 401K, retirement savings, vehicles, etc. are considered marital property, especially if they were acquired during the course of the marriage. Regardless of whether you brought valuable assets into the marriage, the court will likely view such assets as shared, especially if you and your spouse have been married for a significant amount of time. In short, you may feel that certain large assets are your property, but the court often doesn’t see it that way.
Your property settlement will likely be decisive. If the court decides that you get the retirement savings account and your spouse gets the marital residence, there will likely be no way to modify your settlement. This is why it’s critical that you not give up valuable assets and property just to relieve yourself from the stress of putting up a fight in court. If you let your spouse take the lion’s share of your marital property just to avoid the hassle, you will regret it later on.
This does not apply to alimony agreements, which can be modified as spouses’ financial needs and circumstances develop over time.
Florida is an equitable distribution state. This means the state awards property to the spouse who earned it. In cases involving only one bread-winning spouse, this doesn’t mean that the entirety of all earnings and assets will go to one spouse or the other. The court weighs many factors and both spouses’ financial and non-financial contributions to the marriage and the home.
Experienced Divorce Attorneys in Boca Raton
At The Law Office of Schuttler, Greenberg, & Mullins, we are committed to arming you with information and helping you make informed decisions during your divorce. Even when it comes to thorny issues like marital property division, we know what it takes to get you a property settlement you’re happy with. Don’t go in alone—get in touch with our experienced Boca Raton property division lawyers today. We also serve clients in Palm Beach and Broward County.
Call us at (561) 336-6082 or contact us for a complimentary consultation today.