Stuart, Florida Divorce Attorneys
Lawyers Who Will Help With Asset Valuation and Distribution in Your Florida Divorce
One of the most complex areas of dissolution, or divorce, law in Florida is the valuation and distribution of marital assets. Marital property typically refers to anything acquired during the marriage, including cars, houses, retirement benefits and pensions, cash, business interests, stocks, bonds, bank accounts, and personal property.
What Are Marital Assets in Florida?
Couples can make their own agreements regarding property division, or obtain the help of a Florida law firm like the Colter Law Group in Stuart, Florida to guide them through the process. Generally, any asset (or liability) acquired during the marriage is subject to distribution. The parties may also have assets that can be awarded to only one party because it is owned separately and not subject to division. Assets that may be considered separate include property that one spouse owned prior to the marriage, something given to them as a gift, or assets gained through inheritance.
How Marital Assets are Valued
During a divorce and the division of assets in Florida, there is an administrative detail known as "Valuation Date," which refers to the value of the marital assets on a certain day, which is determined by the parties. This date is used to make the decision regarding which assets are divided and how to divide them – either by choosing a percentage or a dollar amount. Care must be taken to satisfy each party's concerns, often necessitating the advice of an attorney familiar with Florida divorce law.
How Are Assets Divided?
Under Florida law, marital property should be divided fairly or equitably, but this does not necessarily mean equally. Before considering alimony, a Florida divorce court decides how property will be distributed, considering a list of factors which include:
- The contribution each spouse made to the marriage
- The economic circumstances of each spouse
- The length of the marriage
- Each spouse's debts and liabilities
- The desire to allow one spouse and the couple's minor children to continue living in the marital home
A New Perspective on Your Divorce
If you filed for divorce in Florida and are struggling with asset valuation and distribution, Colter Law Group can help. Contact us for assistance and a new and objective perspective on your divorce.