EQUITABLE DISTRIBUTION/DIVISION OF PROPERTY IN FLORIDA
As part of any divorce, property and debts will likely need to be divided. This is known as the process of “equitable distribution.”
MARITAL VERSUS NON-MARITAL ASSETS AND LIABILITIES
The first step of equitable distribution is to determine which assets (such as cash, cars, houses, or 401(k)’s) and liabilities (such as credit card bills, mortgages, and loans) are marital and which are non-marital. This is because non-marital assets and liabilities will generally be set aside and go to the spouse that acquired or incurred them, while marital assets and liabilities will be divided among the parties. In most cases, if an asset was earned or purchased during the marriage, or a liability was incurred during the marriage, it is considered marital.
Once the parties or the court determine what is marital and what is non-marital, the next step is to distribute the marital property and debts. Distribution should occur on an equitable (fair) basis. Further, the way that assets and liabilities are distributed could affect other issues in your divorce, such as child support or alimony. At Family Diplomacy we will develop a personally-tailored plan to safeguard your rights in any distribution.
EQUITABLE DISTRIBUTION AND THE COLLABORATIVE FAMILY LAW PROCESS
Are you interested in a private process which keeps your personal and financial information out of the public courtroom? Learn how the Collaborative Family Law model can be used in your equitable distribution case.