Florida Statutes require that any debt or assets obtained during the marriage should be distributed equally among the parties. But there is no one or right way to do such. Deciding what Assets and Liabilities belong to each party may sometimes is difficult to assess and assistance from a qualified professional is necessary.
If you are considering a Divorce and have questions, at the Law Office of Karla Y. Campos-Andersen Esq. P.A., we provide high quality legal advice in all matters related to Distribution of Assets and Liabilities.
Hiring an experienced Fort Myers Family Law Attorney
Before the distribution of assets and liabilities between a couple during a divorce or dissolution of a marriage, an assessment of both couples properties and liabilities must be done to know exactly what they own. Your Fort Myers Attorney Karla Y. Campos-Andersen can help you complete a full analysis of assets and liabilities to reach a fair distribution recommendation.
According to the law, marital property is all assets and liabilities that are acquired during marriage regardless of which spouse acquired the property. This also includes any development that is in progress which results from the efforts of either party or from contributions of the marital assets. Other marital assets include any real property regardless of whose name it bares so long as it was purchased during the marriage, retirement benefits accumulated during marriage, insurance plans, pensions, vested and non-vested benefits, profits sharing, etc.
Any property that was acquired, and liabilities suffered prior to the marriage are regarded as non-marital property. This also includes all the assets realized, and liabilities incurred as a result of the non-marital property.
An equitable distribution is a legally binding division of all the marital assets and liabilities. You should know that an equitable distribution does not necessarily mean that each party will get an equal part. An equitable distribution takes into account the personal situation of each of the parties and whether either of the parties is so disadvantaged compared to the other party that one deserves a larger share of the marital assets. Examples of financial misconduct include failure to fully disclose assets in a divorce court proceeding, significant loss of monies as a result of gambling, and money spent to purchase illegal substances such as drugs. If there has been financial misconduct by either partner, the court may divide the assets unequally, to appropriately compensate the harmed spouse.
The court’s basic presumption is that all assets are marital unless a spouse can prove that an existing asset is “non-marital.” The standard rule is that all assets accumulated during the marriage, by either partner, are considered to be marital. All assets and liabilities are identified, analyzed and then classified into either marital or non-marital property. Unless there is a pre-marital agreement excluding some assets and liabilities from marital property, all assets and liabilities are equally divided.