Many people struggle with the division of assets in a divorce. Since certain possessions take on a sentimental value while others have a real monetary value, it can be difficult to decide how to “equitably divide” this property.
First, it is important to note that the two parties will have marital and non-marital property. Non-marital property in Florida is defined as:
- Assets acquired and liabilities incurred by either party prior to the marriage, and assets acquired and liabilities incurred in exchange for such assets and liabilities;
- Assets acquired separately by either party by noninterspousal gift, bequest, devise, or descent, and assets acquired in exchange for such assets;
- All income derived from nonmarital assets during the marriage unless the income was treated, used, or relied upon by the parties as a marital asset;
- Assets and liabilities excluded from marital assets and liabilities by valid written agreement of the parties, and assets acquired and liabilities incurred in exchange for such assets and liabilities; and
- Any liability incurred by forgery or unauthorized signature of one spouse signing the name of the other spouse.
The court will work to determine which property is marital and non-marital. Once it has decided upon these respective designations, it will work to equally divide the marital property between the two parties. It does so by assigning a monetary value to the marital property and then examining certain factors regarding the relationship. The look at the contribution each party made to the relationship (this includes child care and is not limited solely to monetary contributions), the circumstances of each party economically, the length of the marriage, and more in order to equally divide the property. Once this has been decided, the ruling is final and cannot be appealed.
At the Law Offices of James S. Cunha, we understand how stressful divorce can be and how emotionally charged the division of assets can be. We work to keep our clients focused on the big picture when it comes to asset division. We also vigorously advocate for our clients to ensure that they receive what is fair under Florida law. To learn more about how a West Palm Beach divorce lawyer can help with your Florida family law issue, contact the Law Offices of James S. Cunha right away.