Asset Division Lawyers in West Palm Beach: Protect Your Wealth
Secure Your Financial Future During Divorce Proceedings
Our team at Sasser, Cestero & Roy, P.A. understands that the division of property is one of the most contentious issues in a divorce. The division of assets and liabilities can be complex, and it is important to have a skilled lawyer on your side to help you through the process.
Contact us at (561) 693-1241 to request an initial consultation.
Understanding Equitable Distribution in Florida Divorces
Florida is an equitable distribution state, which means that all marital property is subject to division in a divorce. Equitable does not always mean equal, and the court will distribute the property in a way that is fair and equitable to both parties. To determine how the property will be divided, the court will consider several factors.
These factors include:
- How long the marriage lasted
- Each spouse’s financial situation
- Each spouse’s contributions to the marriage
- Whether one spouse interrupted their career to care for children or support the other’s career
- Whether one spouse intentionally wasted marital assets
- Whether one spouse made contributions to the other’s education or career
- Whether one spouse will be the custodial parent
The court will consider the financial circumstances of each party, as well as any contributions that one spouse made to the other’s career or education. The court will also consider whether one spouse interrupted their career to stay home with the children. You must have an experienced lawyer on your side to ensure the court has all the information it needs to make a fair and equitable decision.
What is Marital Property?
Marital property is any property that was acquired during the marriage. This can include homes, cars, bank accounts, and other assets. Marital property also includes any debts that were incurred during the marriage. This can include credit card debt, mortgage debt, and other types of debt.
Marital property does not include property that was acquired before the marriage or after the couple separated. This can include property that was acquired by one spouse through an inheritance or a gift. Property that was acquired by one spouse before the marriage can also be considered separate property. However, if the value of that property increased during the marriage, the increase in value may be considered marital property.
What is Separate Property?
Separate property is property that is owned by one spouse. This can include property that was acquired before the marriage or after the couple separated. Separate property can also include property that was acquired by one spouse through an inheritance or a gift. Property that was acquired by one spouse before the marriage can also be considered separate property. However, if the value of that property increased during the marriage, the increase in value may be considered marital property.
How Is Property Divided in a Divorce?
Marital property is divided in a divorce in one of two ways:
- By agreement: If the couple can reach an agreement on how the property will be divided, the court will generally approve the agreement.
- By the court: If the couple cannot reach an agreement, the court will divide the property for them. The court will consider a number of factors to determine how the property will be divided. The court will consider each party’s financial circumstances, as well as any contributions that one spouse made to the other’s career or education. The court will also consider whether one spouse interrupted their career to stay home with the children.
Options for Asset Division in West Palm Beach Divorces
There are several ways to divide property in a divorce, including:
- Selling the property and dividing the proceeds: If the couple owns a home, one option is to sell the home and divide the proceeds. However, if the couple has children, the court may decide that one spouse should be allowed to stay in the home with the children.
- Buying out the other spouse: If the couple owns a home, one spouse may be able to buy out the other’s interest in the home. The court will consider each party’s financial circumstances to determine whether this is an option.
- Transferring the property: The couple may also agree to transfer the property to one spouse. The court will consider each party’s financial circumstances to determine whether this is an option.
- Splitting the property: The couple may also agree to split the property, so that each party receives an equal amount of the property’s value.
- Splitting the debts: The couple may also agree to split the debts that were incurred during the marriage. The court will consider each party’s financial circumstances to determine whether this is an option.
Property division can be complex, and it is important to have an experienced lawyer on your side to protect your interests. Our lawyers have extensive experience handling all types of property division matters, and we can help you understand your rights and options. We will work closely with you to develop a plan that is tailored to your unique needs and goals.
Call (561) 693-1241 or contact us online today to get started on your case.