Tampa Property Division Lawyers

Throughout a marriage, the parties typically build both assets and debts, and people are often worried about what will happen to these assets and debts in a divorce. It’s difficult to think about the possibility of losing assets that the parties have spent years accumulating or about the possibility of taking on a large part of the debt that the parties have accrued, but this is the unfortunate reality of many divorces. If you’re going through a divorce, you need a seasoned team of property division lawyers in your corner who can protect your interests. Contact Tampa Law Group today.

Property Division Lawyers: Here to Protect Your Hard-Earned Assets

One of the most contentious issues during the divorce process is property division. Understandably, no one wants to leave their house or part with other hard-earned assets, but this is often a reality for most divorcing couples. That said, having a team of competent Tampa divorce lawyers in your corner can make a world of difference. Tampa Law Group stands ready to effectively represent you, every step of the way.

Equitable Distribution in Florida

Florida is an equitable distribution state meaning that the court will require that the marital assets and debts be divided fairly. Though there are several exceptions, the general rule is that any assets acquired over the course of the marriage will be classified as marital and will have to be divided fairly between the parties. Keep in mind that a fair and equitable division of assets does not automatically mean a 50/50 division of assets. The court will consider a series of factors when determining a fair and equitable division of marital assets. These factors include the following, among others:

• Duration of the Marriage: Longer marriages may see a more equitable split of assets, considering both parties’ contributions over time.
• Economic Circumstances of Each Spouse: The court looks at the financial situation of each spouse both currently and post-divorce.
• Contributions to the Marriage: This includes income, care for children, homemaking, and support of the other spouse’s career.
• Interruptions in Personal Careers or Educational Opportunities: The court considers whether either spouse sacrificed career or education opportunities for the marriage or childcare.
• Contribution to the Enhancement of Marital or Non-Marital Assets: Such as physical improvements to property or management of assets leading to increase in value.
• Liabilities Incurred by Each Spouse: How each spouse contributed to debt accrued during the marriage.
• Destruction, Depletion, or Waste of Marital Assets: If one spouse intentionally wasted marital funds post-separation or in anticipation of divorce.
• The Desirability of Retaining Any Asset: This includes considering the role of the asset in the spouse’s life, like a family business or professional practice.

Marital Assets Vs. Non-Marital Assets

Marital property assets can include but are not limited to, houses, vehicles, boats, bank accounts, retirement accounts, furniture, and electronics. That said, not every asset is necessarily a marital asset and non-marital assets are, generally, not subject to equitable distribution. Certain assets, such as gifts obtained over the course of a marriage, may be exempt from the equitable distribution process. Your attorney can play a crucial role in helping you determine what may (or may not) be subject to equitable distribution.

How Do Prenuptial and Postnuptial Agreements Affect Property Division?

Importantly, the distribution of assets will be affected by any prenuptial or postnuptial agreements that exist between the parties. Essentially, these documents are drafted either before (prenuptial) or during (postnuptial) a marriage and can outline several terms for a future divorce, including property division.

If you and your spouse signed a prenuptial or postnuptial agreement, it is important to keep this document in a safe and accessible place and to let your attorney know such an agreement exists during your initial consultation.

Contact Our Property Division Lawyers Today

If you’re about to go through a divorce, you need a team of seasoned property division lawyers in your corner who can effectively represent your interests. Contact Tampa Law Group today so we can begin working to protect what’s yours.