Property Division Lawyer in St. Johns, FL

Understanding the property division process is crucial when facing a divorce in Florida. Equitable distribution is the principal method of dividing marital assets and liabilities in the state. In Florida, "equitable" doesn't signify equal; it is what the court deems just and fair. The process is sometimes daunting, and your property division lawyer in St. Johns, FL, can help.

Definition of Property Division in Florida

The court divides all marital assets and liabilities as it deems fair, ensuring equitable distribution. However, this does not always translate to an equal 50/50 split. The court considers multiple factors to ensure a just allocation, recognizing each spouse's economic and non-economic contributions during the marriage.

Marital Vs. Separate Property

Despite how they are titled, marital property consists of assets and debts accumulated during the couple’s marriage. This category often encompasses homes, bank accounts, investments, retirement accounts, and debts like credit card balances. On the other hand, separate property consists of assets and debts each spouse acquired before the marriage or through inheritance or gifts. These items remain with the original owner, provided they have not commingled marital assets.

Assessing the Factors

The court weighs multiple factors when dividing property. These factors include the length of the marriage, each spouse’s economic circumstances, contributions to the marriage (both financial and non-financial), and the desirability of retaining specific assets, such as the family home, to provide a stable environment for any minor children.

Length of the Marriage

Longer marriages often lead to a more complex division of assets. The longer the union, the more intertwined the spouses' financial lives become. This complexity requires a more intricate approach to ensure a just division.

Economic Circumstances

Each spouse’s economic circumstances play a significant role. The court examines the current and future earning potential of both parties. For example, if a spouse made career sacrifices to support the family, the court might grant them a larger share of the assets to compensate for this economic disparity.

Contributions to the Marriage

Contributions extend beyond financial inputs. Non-financial contributions will include child-rearing, homemaking, and support for the other spouse’s career and education. These contributions hold weight in property division proceedings.

The Desirability of Retaining Specific Assets

The court might consider it beneficial for one spouse to retain particular assets, like the marital home. This factor often becomes essential when children are involved. Keeping the child’s home environment stable can precede an equal asset split.

Distributing Assets and Debts

After assessing all factors, the court moves to distribute assets and debts. The goal is to reach a fair and just division, recognizing each spouse’s contributions and needs. Standard distribution methods include selling assets, splitting the proceeds, transferring titles, or allocating specific assets to each party.

Real Property

Real property, such as the marital home, can be sold, with proceeds divided between the spouses. One spouse may buy out the other’s interest, thus retaining the property.

Personal Property

Personal property, like cars, furniture, and jewelry, often undergoes division based on current value. Spouses may agree to equitable distribution or leave the decision to the court.

Financial Accounts and Investments

Bank accounts, stocks, bonds, and other investments are often divided based on current values. Retirement accounts may also be divided according to guidelines that avoid penalties and ensure equitable distribution.

Debts

Marital debts, such as loans and credit card balances, are divided equitably. The court considers who incurred the debt and for what purpose. Debts associated with personal expenses before the marriage should remain with the individual who incurred them.

Legal Guidance and Mediation

Property division without a property division lawyer in St. Johns, FL, can be complex. A seasoned divorce attorney outlines the best course of action and ensures consideration of all aspects. Many couples find mediation helpful, allowing them to reach an agreement outside of court. Mediation often provides a more amicable and quicker resolution, reducing the emotional and financial strain.

Florida Women’s Law Group - Property Division

Property division is an integral part of any divorce. It is unrealistic to believe one spouse will get it all, so it is essential to have the help of a property division attorney in St. Johns, Florida.
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