Recent Posts in Distribution of Assets and Debts Category

During any divorce proceeding, the Court has the power to divide marital property and marital debt.  In order to understand how the Court will achieve that goal, there are a few fundamental things you need to understand.

"Marital property" is anything you and your spouse acquired from the date of your marriage until the date a petition for divorce is filed.  It does not matter in whose name the debt or property is titled.  If you and your spouse bought something during the marriage, then it is marital property subject to distribution by the Court.  The only exceptions are (1) inheritances given to one spouse only and (2) gifts from third parties, such as friends and family members.  Those two exceptions are non-marital property and the Court has no power to divide them between the spouses.

Florida is an "equitable distribution" state, which means that the Court has the power to equitably, or fairly, distribute marital assets and liabilities.  Although the term "equitable" means "fair," the starting point is a presumption that an equal (50/50) distribution of marital assets and liabilities is what's fair.  Whether your particular case might involve an unequal distribution of assets and liabilities depends upon the facts of your case and a list of statutory factors which the judge must consider.

In many cases the spouses will agree to a simple division of property and debt.  The Husband keeps stuff titled in his name and pays debts in his name, and the wife does the same.  Other cases, however, involve substantial assets and debts.  Those are the more complicated cases which require a rather large amount of effort to determine what a fair distribution would be.

If you are facing issues where the division of marital property and debt are contested, it is imperative that you contact a qualified matrimonial lawyer who is is competent to deal with property and debt issues.  If your property and debt issues are complex, then you certainly need to contact someone who is qualified to deal with high income and high net worth divorces.  At the Law Office of Wesley H. Owens , we are able to assist you with all these matters.