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Dividing Assets in Florida During a Divorce

Dividing Assets in Florida During a Divorce

Dividing Assets in Florida During a Divorce

For most couples, it is better to work with an experienced divorce lawyer to determine how assets and debts should be split. Each person normally gets 50 percent of the assets and 50 percent of the debts. There are complicated factors that need to be considered including finding all the assets and debts in some cases where a partner has been left in the dark. Therefore, it is vital that you work with a family law practice in Winter Park, FL to find and divide assets. Keep these important facts in mind when dividing assets during a divorce in Florida.

Judge Can Decide

If you and your ex cannot come to an agreement, then a judge can make the decision. Florida law gives judges lots of wiggle room in making their decision on how assets and debts will be split. The judge can consider if one spouse put their educational or career goals on hold for the other spouse. They also can take into consideration if either spouse stayed home with children. The judge also may consider if one spouse is making a lot more contributions to improving the jointly-owned property. The judge may also take into consideration if one spouse has protected assets while the other one has spent frivolously. While a great divorce attorney, like those at Frank Family Law Practice, can often help influence the way that a judge thinks, it is usually best if couples can come to an agreement on their own.

Marital Vs. Nonmarital Assets

Generally, a judge will only consider assets and debts incurred during the marriage. Therefore, each spouse will keep any assets that they brought into the marriage. Again, judges have a lot of wiggle room because they can determine that an asset has increased in value over the lifetime of the marriage. Then, the spouse may have to give the other spouse half of that money. Judges often struggle with this, especially if one spouse has made a huge commitment to increasing the value while the other has done very little. Again, it is vital that you deal with an experienced family law practice in Winter Park if going to court, so you get the best deal possible.

Dividing of Debts

Remember that debts will be divided during your divorce. If the judge decides, then he or she may decide that you receive fewer assets while your ex gets more of the debt if they feel that it will make the division more equitable.

There are many reasons that you need to work with an experienced Winter Park family law practice when preparing your divorce decree. Give Frank Family Law a call today at (407)629-2208 so that they can give you sound advice helping you come up with creative solutions that your ex and judges will agree to easily.