Property Division in Divorce

There may be other items you are requesting in the divorce settlement that offset some of these assets, such as the cost of health insurance, life insurance, annuities or trusts. In addition, liabilities must also be taken into account and clearly stated as to who will be responsible for each debt.

Experienced Property Division Lawyer in Florida

When making arrangements in your divorce for division of your property, it is important to have the help of a qualified Florida divorce lawyer to assist you with all aspects of this in order to ensure you do not leave out any important assets or liabilities. At Bogle Law we have helped many couples reach an agreement on property division and look forward to helping you as well. We serve the communities of Charlotte County, South Sarasota County and Arcadia in South Florida. Contact our office today.

Pre-Marital and Post-Marital Agreements

Prenuptial and postnuptial agreements are legal contracts that can impact how property is divided during a divorce.

• Prenuptial Agreement: This agreement is made before marriage. It outlines how property and debts will be divided if the marriage ends. It can protect individual assets and set clear terms for the future.
• Postnuptial Agreement: This agreement is created after marriage, and it can be used to revise or clarify how assets will be divided if the couple divorces. Postnuptial agreements are common if circumstances change during marriage, like acquiring new assets or facing financial difficulties.

These agreements allow couples to decide ahead of time how property will be divided, making the divorce process smoother and more predictable. However, both agreements must be fair and voluntary, and they must be signed by both parties to be enforceable in court.

Separate vs. Marital Property

Understanding the difference between separate and marital property is crucial when dividing assets. Here’s how they are defined:

• Separate Property: This includes assets that one spouse owned before marriage or received as a gift or inheritance during the marriage. Separate property stays with the original owner after divorce, unless it has been commingled with marital property.
• Marital Property: This is property acquired during the marriage. It includes income, real estate, and assets purchased together. Marital property is typically divided between both spouses, regardless of who paid for or titled the asset.

It’s important to identify which assets fall into each category to ensure a fair division. Courts will generally try to divide marital property equally, but they may consider other factors to ensure a fair outcome.

Valuation of Assets

Valuing assets is a key step in property division. Different types of assets require different approaches:

• Business Interests: If one or both spouses own a business, it needs to be valued. This may involve an expert evaluation to determine the business's worth, including assets, liabilities, and future earnings potential.
• Real Estate: Homes and properties are typically valued by professional appraisers, who assess market conditions, location, and the property's condition.
• Retirement Accounts: Retirement plans, like pensions and 401(k)s, are valued based on their current balance and future growth potential. Specialized documents like a Qualified Domestic Relations Order (QDRO) may be needed to divide retirement accounts.

Accurate valuation ensures that both spouses receive their fair share of marital property.

FAQs About Property Division in Divorce

• What is "equitable distribution" in Florida?
  In Florida, "equitable distribution" means the court divides marital property in a way that is fair, but not necessarily equal. The court considers various factors, such as the length of the marriage, each spouse’s financial and non-financial contributions, and other relevant circumstances to determine what is just for both parties.
• Can I keep property I owned before marriage in a divorce?
  Yes, property you owned before marriage is typically considered separate property and will remain with you. However, if the property was mixed with marital assets or used for joint purposes, it could be classified as marital property.
• What happens if we can't agree on how to divide our property?
  If you and your spouse cannot reach an agreement on property division, the court will make the final decision. This might involve mediation or other legal proceedings to ensure a fair outcome.
• How does the court decide who gets the family home?
  The court may award the family home to one spouse, especially if children are involved and one parent will have primary custody. Alternatively, the court might order the home to be sold and proceeds divided. The decision depends on the circumstances of the case.
• Can my spouse claim part of my business in the divorce?
  Yes, if the business was started during the marriage or the other spouse contributed to its growth, the business could be considered a marital asset. A professional valuation may be needed to determine its worth.
• Are inheritances considered marital property?
  Inheritances are typically considered separate property, but if the inherited asset is used for joint purposes (such as placing it in a joint account), it could be viewed as marital property.
• What if my spouse is hiding assets during the divorce?
  Hiding assets during a divorce is illegal. If you suspect this is happening, you can request a forensic investigation or ask the court for help in discovering hidden assets. The penalties for hiding assets can include a less favorable settlement for the spouse who is hiding them.

Need assistance with your divorce settlement?
Reach out to us at (941) 257-4743. We're here to guide you through the property division process. Contact us now!