Guiding Our Clients Through Property Division
One of the primary objectives of divorce is dividing property. Divorcing couples are forced to carefully examine marital assets and liabilities and reach an equitable split moving forward. With the help of a skilled lawyer, these negotiations can run smoothly and efficiently.
At the Law Offices of Jorge Luis Colón, P.A., we are dedicated to helping our clients deal with the many complexities of the divorce process. From disputes centering on child support or custody to other challenging family law issues.
In determining property divisions, we will first divide assets into marital and nonmarital. Typically, assets acquired during the marriage are considered marital assets. However, items, such as gifts or inheritance, are considered nonmarital, and are typically not subject to division. Additionally, many elements can influence the division of property. Factors such as the length of the marriage, the age of the couple, current income and income potential, and any medical conditions that might create a specific financial need.
Clients throughout Florida trust us to carefully examine their retirement accounts, business assets, bank accounts, credit card debt, and any other property that might be divided through the divorce. From the family home to any vacation properties to high-value collections, our firm stands ready to guide our clients through the process of property division.
You Can Divide Debt As Well
It doesn’t take a long marriage for a couple to amass significant debt. Whether the debt is related to medical bills, home repairs or large credit card purchases, negotiating an agreement regarding who pays for the debt after the marriage ends can become a challenging prospect. Many couples work through dividing assets and debts at the same time so an equitable split can be reached. Trust us to fight to find the best division possible in your unique situation.
Frequently Asked Questions On Property Division
Understanding how assets and debts are handled in Florida law can help you feel more prepared and make better decisions. Here are answers to questions about property division in divorce.
What is the difference between marital and nonmarital assets?
Florida property is divided into marital and nonmarital assets. Marital assets are generally things acquired during the marriage, such as:
- Income earned by either spouse
- Homes or vehicles bought while married
- Retirement accounts and pensions accumulated during the marriage
- Debts incurred jointly
On the other hand, nonmarital assets usually include:
- Property owned by one spouse before the marriage
- Inheritances or gifts received by one spouse alone
- Assets excluded by a valid prenuptial or postnuptial agreement
Only marital assets and debts are subject to division during divorce. Our lawyer can help you identify and properly classify each asset, which is especially important in high-value or contested cases.
What if my spouse and I cannot agree on how to divide our property?
If both parties cannot reach an agreement, the court will divide marital property using equitable distribution. This means the judge will divide assets fairly, though not always equally, based on factors like:
- Each spouse’s contributions to the marriage
- Economic circumstances
- Interruption of career or education for family duties
- Intentional waste or destruction of assets
Because court decisions are final and can greatly impact your financial future, it is critical to have an experienced divorce attorney protect your interests.
How does the length of the marriage affect property division?
The duration of the marriage can influence how marital assets are split. In general:
- Short-term marriages (under 7 years) may result in a more straightforward division.
- Moderate-term marriages (7 to 17 years) often require deeper financial review.
- Long-term marriages (17+ years) lead to more equal sharing of property, especially if one spouse is financially dependent.
The longer the marriage, the more likely a court will divide property and debts equally.
How are credit card debts divided?
Credit card debt is treated like other marital liabilities. If the debt was incurred during the marriage, regardless of who made the purchases, it is usually considered marital debt and may be split between spouses.
However, if one spouse racked up debt for personal use outside of shared responsibilities, the court may assign that debt to them alone. We can help ensure your spouse’s financial decisions do not unfairly burden you.
Contact Us
To arrange an initial consultation with a Gainesville or Ocala property division attorney, call our offices at 352-484-1845 or toll free at 888-459-5051, or send us an email. We look forward to assisting you.