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Equitable Distribution of Marital Property Lawyer
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Equitable Distribution refers to the division between spouses of tangible and intangible property, real property, assets and debts, and usually occurs in conjunction with the Dissolution of Marriage
action. Equitable is not necessarily synonymous with equal in all cases. In Florida, it is first determined if either spouse has “non marital” property owned separately and not subject to division in the divorce. This separate property can include items or property listed in a premarital agreement, and any income from this property that has been kept separate, inheritance and even debt.
The marriage property which is separated in a divorce, with some exceptions, includes all assets and debts accrued during the marriage by either spouse or both. This can include retirement accounts, deferred compensation, money, property, profit-sharing accounts, credit cards and other debt such as loans.
When dividing the assets and debts in court, the judge takes many things into consideration. These include the length of the marriage, each spouse’s overall economic circumstances, each spouse’s contributions to the marriage, their non-marital assets and debts, and whether either spouse intentionally wasted or destroyed marital assets either after the divorce petition was filed or within the two years preceding it. The courts try to separate assets equitably or fairly - for example, if the court awards a business started during the marriage entirely to one spouse, the other spouse may receive property or money to make up for any marital interest in the business which was given to the first spouse.
To learn more about your legal rights involving divorce property division and equitable distribution, contact one of our equitable distribution of marital property lawyers today via our online contact form
or toll free at 866.767.4711
. Our attorneys at Draper Law Office are proud to serve the greater Central Florida area, with offices conveniently located in Orlando, Kissimmee and St. Cloud.