Skilled, Strategic Legal Guidance In Florida Asset Division
Properly dividing assets, property and debts in a divorce is more important than many people realize. It’s not about being greedy or trying to “win” the divorce. Instead, it’s about ensuring that you have the resources you need to live comfortably and care for your children as a single person. For these reasons and more, it is critical to seek help from an experienced attorney.
In Brevard County, the firm to contact is Lesley Turmelle Abbott, P.A.. Our attorney brings more than 17 years of experience to each case, along with a detailed knowledge of Florida’s property division laws and sharp attention to detail. When you work with Ms. Abbott, you can rest assured that your case is in good hands.
Florida’s Equitable Distribution Laws
Most states, including Florida, use the equitable distribution model of property division in divorce. This means that marital assets must be divided equitably, which may not be a 50-50 split.
Courts can choose to deviate from a perfectly equal split to account for unique circumstances and to ensure that each spouse leaves the marriage with a fair portion of assets. While the process might start with the presumption of a 50-50 split, it may be necessary to deviate for a number of reasons.
When you work with our firm, Ms. Abbott will create a comprehensive list of assets to be divided, ensure they are properly valued and work diligently to prioritize those which are most important to you and your long-term financial needs.
What Determines Marital Property Vs. Separate Property?
During the asset division process, only those deemed “marital property” will be subject to division. For most couples, however, the majority of their assets are considered marital property.
As a general rule, any assets, debts and other property acquired by either spouse during the marriage is considered jointly owned. It likely does not matter if only one spouse’s name is on the title. This could include complex and high-value assets like retirement accounts and a small business (even if only one spouse operates it).
By contrast, anything obtained by either spouse prior to marriage is considered separate property. Certain assets acquired during the marriage may also be considered separate, such as gifts or inheritances given to only one spouse.
An important thing to keep in mind is that there are perhaps hundreds of rules governing certain kinds of assets including some mentioned above. Therefore, some assets that may normally be classified as separate could be reclassified as marital, and vice versa.
Contact Us To Discuss Your Property Division Needs
Based in Satellite Beach, Florida, Lesley Turmelle Abbott, P.A., serves clients throughout Brevard County and surrounding areas. To learn more about how our experienced attorney can help you, give us a call at 321-253-2275 or reach out online.