Best Tampa Divorce Lawyer – Gary Dolgin Explains Equitable Distribution of Assets and Liabilities in Florida

Best Tampa Divorce Lawyer Helps You Understand Equitable Distribution of Assets and Liabilities in Divorce

Divorce is a big change that’s often tough emotionally. One major part of divorce is sharing what the couple owns and owes fairly.

This legal process looks at everything the couple has gathered during marriage and divides it between them. Let’s take a closer look at how this works and how an experienced Tampa divorce lawyer can help protect your best interests.

Understanding Assets

First, it’s important to split things into two groups: “marital” and “nonmarital.”

Marital assets encompass properties acquired during the marriage, ranging from tangible assets like homes and vehicles to intangible assets such as bank accounts, investments, and retirement savings.

Conversely, nonmarital assets include properties acquired before the marriage, through inheritance, or designated as non-marital through a prenuptial agreement.

Figuring Out Valuation

Once things are sorted, it’s time to see how much everything is worth.

This can be tricky and might require appraisals, financial experts, expert testimony, or other methods to ascertain the fair market value of each marital asset.

Accurate valuation is paramount as it lays the foundation for an equitable distribution that reflects the true worth of each asset.

Exploring Distribution Factors

With asset valuation completed, the court considers a variety of factors to decide how to distribute them equitably.

The court must begin with the premise that the distribution should be equal unless there is a justification for an unequal distribution based on all relevant factors, which include the following:

(a) The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as homemaker.
(b) The economic circumstances of the parties.
(c) The duration of the marriage.
(d) Any interruption of personal careers or educational opportunities of either party.
(e) The contribution of one spouse to the personal career or educational opportunity of the other spouse.
(f) The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party.
(g) The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the nonmarital assets of the parties.
(h) The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, when it would be equitable to do so, it is in the best interest of the child or that party, and it is financially feasible for the parties to maintain the residence until the child is emancipated or until exclusive possession is otherwise terminated by a court of competent jurisdiction. In making this determination, the court shall first determine if it would be in the best interest of the dependent child to remain in the marital home; and, if not, whether other equities would be served by giving any other party exclusive use and possession of the marital home.
(i) The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition.
(j) Any other factors necessary to do equity and justice between the parties.

Court Decisions

In instances where spouses cannot agree on asset division through negotiation or mediation, the court intervenes to render a final decision.

The court’s decision is guided by a commitment to fairness and equity, considering the specific circumstances of the case.

To conclude, equitable distribution of marital assets and liabilities is a multifaceted process that requires attention to detail and a comprehensive understanding of various factors.

It may become overwhelming, but seeking guidance from experienced legal counsel can provide clarity and direction. The goal is to ensure a fair and just division of assets and liabilities so both parties can move on with confidence and peace of mind.

If you’re facing divorce, and need assistance determining equitable distribution of your marital assets and liabilities, don’t hesitate to seek the guidance of the best divorce lawyer in Tampa who can protect your financial interests and advocate for a fair resolution.