What You Need To Know About Asset And Debt Division In Florida Divorce
The process of dividing assets is complex; it’s generally not as easy as giving each spouse half of everything accumulated in the marriage. At Darla K. Snead, P.L. Attorney at Law we understand what is at stake and how the process works.
Generally, Florida judges begin by assuming that each party deserves half of all accumulated assets. From there, they adjust to account for each party’s earning abilities, income, contributions made in the marriage, and future employment prospects, among other considerations. By considering these factors, the judge attempts to distribute assets in an equitable manner. There may be additional factors to consider in same-sex divorce, since couples were not allowed to be married but may have cohabitated.
This may mean that the person who earned the most money during the marriage does not actually keep most of the money. Contributions to a marriage aren’t simply financial or material in nature. The court also considers a spouse’s homemaking and childrearing contributions when making decisions regarding the divorce.
Who Owes The Debt?
If debt was accumulated during the marriage, this must also be divided in a fair manner. Again, the judge will weigh each party’s income, job prospects, and other factors. Secured debt is often influenced by who keeps the asset tied to the debt. If one party stays in the marital home, they will also be required to pay the debt on the home, this may require that person to refinance the home and obtain a mortgage in only that person’s name. A judge can also order that the home be sold and the proceeds split between the parties.
Get Experienced Guidance In Your Property Division
Darla K. Snead and her team understand what is needed to get an accurate assessment and valuation. Don’t leave this part of your divorce up to chance. Understand your rights and how to pursue a truly equitable division. Call the firm at 863-869-0245 or send us an email with your contact information and we will be in touch.