Property Distribution and Division During Divorce
Even when a couple approaches it with the very best of intentions, the division of marital assets during divorce can be a huge chore. When assets are tied to emotions, a friendly discussion can become hostile.
At Cohen & DePaul, our Tampa property division lawyer will work with you to not only provide legal advice but will also act as a neutral point of view.
If you have been served with papers or wish to file for divorce, contact Cohen & DePaul today, or call 866-968-1924 or 813-915-6478 for a free initial consultation.
Florida Asset Division Attorney
It is important to realize that property or asset division during divorce is permanent. It is only in very rare instances, such as in the case of hidden assets, that the property division is modified once it is part of the divorce decree. It must be done right the first time.
It is also important to understand that the division is equitable, which does not have the same meaning as 50 percent. For example, one spouse may retain $250,000 in retirement assets, and the other spouse may retain $250,000 in home equity. That is an equitable arrangement, but it is not 50/50.
The types of assets that are subject to division include:
- Retirement plans and pensions
- Stocks and other investments
- Real estate including the family home
- Vacation property
- Value in cars, trucks or boats
- Business enterprises
Assets that are NOT subject to division include:
- Pre-marital assets
- Personal inheritance assets that have not been co-mingled or spent
- Third party gifts (jewelry from a relative or artwork from a friend, for example)
Shared Liabilities
Just as the assets are divided, so too are the liabilities. How you decide to share them may depend upon earning ability. If a spouse keeps the home, they would typically retain the mortgage, and the non-residential spouse would sign a quit claim agreement. We would be happy to help you with your divorce and any other family law matter.
When Experience Matters — Contact Cohen & DePaul
We provide you with the personal attention and care you deserve and always make sure you understand your rights and options. Although our main law office is in Tampa, we also serve clients from satellite offices in Lakeland and St. Petersburg. Call 866-968-1924, or contact our lawyers to schedule a free initial consultation.
