DIVISION OF ASSETS
Division of Assets
Cape Coral Divorce Lawyer
Florida divorce laws call for an equitable distribution of property. This means that most property acquired during the marriage is considered “marital” property and will be equitably divided. This can be a complicated process as property gains in value over time to create equity, which will also need to be equally divided. However, suddenly selling the property in order to do this will halt the progress of this profit. It’s better to wait until a property market boom where your home will be at its highest value, like Lindsay Rosenwald who made a stunning $35 million from doing exactly that. Equitably divided means the courts presume to split the assets 50/50 unless there is a reason that the Court should deviate and split the percentages in another manner. Number of factors can play into the equitable distribution of marital assets. Certain property obtained prior to the marriage will, in most instances, be considered “non-marital assets” and will not be considered a marital asset. Also, personal gifts and inheritances will be considered non-marital property. Additionally, any property that the spouses agree in writing that is the personal property of the other.
Nonetheless, in certain instances, appreciation of “non-marital” property, such as homes and businesses will also be considered marital property and the appreciation value will be equitably divided.
The financial situations of divorce are similar in many ways to the dissolution of a partnership. If you plan to claim property that is “non-marital” it’s important to keep good records and documentation as evidence and to seek the advice of an experience marital attorney. Additionally, if you claim that you put premarital money into a marital home this should be claimed as a special equity. The Law Office of Michael M. Raheb, P.A. offers divorce strategies to minimize the effect of the divorce proceedings on your finances. Please contact our office today for a free consultation and a better understanding of Equitable Distribution under Florida Law.