If you and your spouse are attempting to divide your marital assets in Orlando, FL, our team at Law Office Of Paulette Hamilton Divorce Lawyers can help. Contact our law offices in Orlando, Florida, to schedule a free case evaluation with an experienced Orlando property division lawyer today at (407) 420-2311.
Our attorneys have over 15 years of experience handling complex property disputes. We know how to protect your interests and help you advocate for a fair deal.
The decision to divorce can have significant repercussions. The consequences will be both immediate and will impact your life well into the future. Property division is one of the most contentious issues many divorcing couples must face.
You deserve to have a property division lawyer on your side. We’re always available to discuss your case.
Why Call Law Office Of Paulette Hamilton Divorce Lawyers for Help With Property Division in an Orlando Divorce?
Dividing assets in a divorce can be a bitter process. How your property is divided can also be critical to your future. Many divorcing couples fail to fully understand how decisions regarding property division will impact them.
An experienced Orlando family lawyer at Law Office Of Paulette Hamilton Divorce Lawyers can help. Our attorneys have been recognized with the Avvo Client’s Choice Award for our exceptional legal representation.
When you hire us, you’ll benefit from an attorney who will:
- Make sure you understand how property division will impact your future
- Ensure all marital property is properly valued
- Ensure that your separate property is kept separate
- Facilitate mediation and alternative dispute resolution solutions
- Work with experts in tax, finance, and other specialties as necessary
- Locate any assets that have been hidden
- Fight to protect your interests before the family court if necessary
Once finalized, your property division agreement cannot be modified. That makes having an experienced Orlando family law attorney by your side even more important. To learn more about your rights, options and how we can help, call our law firm for a free case evaluation today.
Overview of Florida’s Laws on Division of Marital Property
When it comes to dividing marital assets and liabilities in a divorce, Florida is an equitable distribution state. Under Florida law, property must be divided between divorcing spouses in a way that is fair. That doesn’t necessarily mean that the division will be equal.
What is Marital Property, and What is Separate Property in Orlando?
In a divorce, two types of property exist: marital property and separate property. It’s critical to identify which assets and liabilities are considered “marital property” and which are separate. Only marital property is subject to division in a divorce.
Separate property is any asset or liability that either spouse acquired prior to the marriage. Property that is inherited by one spouse or specifically gifted to one spouse is also treated as separate property. Separate property is kept by the spouse who owned or inherited it.
Marital property, on the other hand, is any asset or debt acquired by either spouse during the marriage. Any type of asset or debt can be considered marital property.
Some common examples of marital assets include:
- Real estate, including the marital home
- Furniture
- Personal property, including artwork and jewelry
- Household goods
- Vehicles
- Savings accounts
- Financial accounts
- Retirement savings and pension benefits
- Stocks, bonds, and other investment funds
- Businesses and business interests
- Each spouse’s wages and income
It does not matter how the property is titled. If the property was acquired during the marriage, it will be considered a marital asset, even if only one spouse is listed on the title.
Of course, marital liabilities must also be identified and divided. That includes mortgages, credit card debt, personal loans, and any liabilities acquired by either spouse during the marriage.
Can My Separate Property Ever Be Considered Marital Property?
Identifying separate property may seem like a simple undertaking. In reality, it can be extremely complicated. It is possible that separate property can actually become marital property.
One often-unexpected scenario involves situations where one spouse adds marital property to their own separate property. For example, assume one spouse has a savings account that has been funded before marriage. After the marriage, if that spouse adds their wages (marital property) to that account, it’s possible that the entire account will be considered marital property.
Of course, when one spouse uses their separate property to purchase assets during the marriage, those assets become marital property.
It’s also possible for separate property to become marital property when one spouse specifically adds their spouse to the title or account. If one spouse owns a home prior to marriage and later adds their spouse to the deed, that home becomes marital property.
What Do the Courts Consider When Making Decisions About Property Division in Florida?
When a couple cannot reach an agreement about property division in divorce, the family law court will determine how their marital property should be divided. Courts begin with the premise that the division should be equal. Of course, a precise 50-50 split is rarely possible.
The law provides a list of factors that family law judges will consider when determining how to divide marital property in an equitable manner, including:
- How each spouse contributed to the marriage, considering financial contributions, childcare, household services, etc.
- The economic circumstances of each spouse
- The length of the marriage
- Interruptions in either spouse’s career or educational opportunities
- Whether one spouse contributed to the other spouse’s career or education
- Whether there is value in keeping any particular asset intact, without interference from the other spouse (common examples include real estate or business interests)
- Each spouse’s contribution to the enhancement or improvement of any separate property or marital assets
- Liabilities incurred independently by either spouse during the marriage
- Whether giving one spouse exclusive possession of the family home is in the best interests of the couple’s child
- Whether either spouse intentionally wasted, depleted, or destroyed marital assets at any point within the two-year period prior to filing for divorce
- Any other factors that the court finds relevant
Courts will consider one spouse’s interest in maintaining certain assets intact. Judges often allow one spouse to maintain an asset, such as a business or professional practice. In exchange, the other spouse will receive a larger share of other marital assets.
Can My Spouse and I Decide How to Divide Our Assets Without Obtaining the Family Court Judge’s Opinion?
When divorcing, two spouses can always reach their own agreement about how their marital property should be divided. Because the judge’s determination can be subjective, it’s always preferable for two spouses to reach an agreement without court intervention.
Our Orlando property division attorneys can help. We have over 15 years of experience helping families resolve complex issues during the divorce process. Our team can facilitate mediation and productive discussions between you and your spouse. With the help of a skilled mediator, you’re much more likely to reach a favorable solution without the need for protracted litigation.
When you reach an agreement with your spouse, that agreement will be incorporated into the judge’s final divorce order.
What Is the Process for Dividing Marital Property in Florida?
The basic process for dividing marital property in Florida is relatively simple:
- Identify all marital assets and liabilities
- Establish the value of marital assets
- Determine whether there are any assets you would like to keep intact
- Determine how to divide the assets and liabilities in a fair manner
In reality, the process can be incredibly difficult. Expert opinions from professional appraisers may be required to establish the value of certain assets. The couple will have to determine whether certain assets should be sold and the cash proceeds divided equally.
Our attorneys at Law Office Of Paulette Hamilton Divorce Lawyers are prepared to help you through the entire property division process. Contact us today to arrange a free case evaluation and discuss your situation.
What if My Spouse Has Intentionally Wasted or Hidden Assets?
When the court finds that one spouse has intentionally wasted, depleted, or destroyed assets, they can order the other spouse to provide compensation, whether in the form of cash or other assets. If you suspect your spouse of wasting assets, we can help you locate the evidence to prove it.
It’s also not uncommon for one spouse to hide assets in order to avoid an equitable division. If you suspect your spouse has hidden assets, our lawyers in Orlando can step in to help. We’ll subpoena their bank records, tax documents, and other financial statements. We can also enlist the help of forensic accountants and other specialists to ensure we have the full picture.
Contact an Experienced Orlando Property Division Lawyer for a Free Case Evaluation Today
If you’re going through a divorce, you deserve an experienced Orlando property division lawyer who can protect your interests. Our team at Law Office Of Paulette Hamilton Divorce Lawyers will stand by your side at every stage. Our number one goal is reaching a fair agreement that protects your rights. Contact us today to learn more.
