Division of Assets
Division of Assets in Florida
During a divorce proceeding, the court will equitably divide all property and assets. Florida operates under the equitable distribution principle, which means that during a divorce, all liabilities and assets acquired during the marriage are fairly and equitably divided between spouses.
As experienced family law attorneys, Coplan-Gardner & Gardner, PA, can help analyze your finances during your pending divorce proceedings, gather all necessary data and help make recommendations for the judge when finalizing your asset division and divorce.
Marital and Non-Marital Properties
Marital property is anything a couple acquires during the marriage with money earned during the marriage. However, there are some unique rules governing inheritances, gifts, family businesses and retirement accounts where these don’t necessarily factor into the division of marital property equation.
Non-marital property, or separate property, is not included in the marital estate, which means it is not subject to division. This means that whatever party owned the property or asset before entering the marriage will likely retain that asset after the divorce. Non-martial properties may include non-spousal gifts, inheritance, any income from non-marital assets or property and assets excluded by a prenuptial or postnuptial agreement.
Sometimes spouses co-mingle their marital and non-martial properties, which can often complicate a divorce. If both parties can agree to what assets are separate and marital, a court will likely follow this agreement.
One of the most significant issues of a divorce involves asset division. Here are some key points to keep in mind.
- If you and your spouse can’t agree, a judge will ultimately decide for you
- Florida is an equitable distribution state, but equitable doesn’t always mean equal
- Both marital and non-marital properties factor into asset division
- Florida courts account for difficult to divide assets, such as homes, where one spouse may be awarded the house and the other spouse must receive financial compensation to account for this asset retention
- All marital debts are divided
Valuing a Business
Most businesses that are subject to Florida’s divorce business valuation receive a value based on the net book value valuation, which means that a judge will review the company’s assets minus any liabilities.
Usually, the spouse that ran the business during the marriage will retain ownership after a divorce. However, if both spouses are involved in business operations and neither wishes to work with the other once the divorce is final, a judge will value the business and attempt to keep ex-spouses from owning it together going forward.
Contact An Asset Division Attorney
Coplan-Gardner & Gardner has extensive experience handling complicated asset division cases, including those involving separate properties and business valuations. If you are facing a divorce, contact our team to help assess your assets. We can put together an equitable plan for the court to review, and we always put your best interests first. Contact us today to schedule an appointment.
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