Fort Lauderdale Division Of Marital
Assets Attorneys

Creative Problem Solvers You Can Trust

A divorce settlement deals with the distribution of all marital assets, including cars, houses, retirement plans, and bank accounts. Liabilities like mortgages and credit card bills are also subject to distribution. When people go through a divorce, they often worry about how it will impact them financially. But if you are not careful, your divorce can end up being costly and you can lose out in the property division.

Couples who have been married for a substantial period of time might have considerable assets that they will need to divide, including potentially the marital home. This can be a very difficult issue, and the more prepared the couple is, the easier it can be to properly evaluate the value of the couple’s assets.

Property Division Laws in Florida

Once a divorce petition has been filed, there are several different ways in which a resolution can be sought. If the husband and wife are civil and can make decisions on their own, they can work together (with or without the assistance of attorneys) to create their own property settlement. This method is both the quickest and the least expensive, but it comes with risks: it is very easy for one party to lie about finances or property value, resulting in that party getting a windfall and the other party not getting a fair share of marital property. Under state law, any property is distributed equitably, meaning assets and liabilities are divided fairly, but not necessarily equally.

This allows the court to take various factors into consideration when making its determination, including:

• The length of the marriage
• Whether one member supported the other’s advancement in their career or educational opportunities
• Any intentional waste after the filing for divorce or two years before filing

Property division determinations can also address issues of alimony payments, child support, and child custody agreements. If both members of the marriage can agree on property distribution issues, they can put together a written agreement and present it to the court.

Have You Considered Mediation?

Those who have minor disagreements on how the property should be split might want to consider mediation. Mediation is a process that allows the couple to meet with a neutral third party to assist in developing a divorce settlement without the use of a trial. Couples that are unable to reach an agreement are involved in a contested divorce. In these cases, a trial might be needed to reach a final decision.

Educate Yourself About Finances

One of the most important things people need to do when preparing to divorce is to educate themselves about their family’s finances. People need to know the family’s financial situation in order to be in a position to negotiate a fair property division.

People should have a clear understanding of all of the family’s assets, such as:

• Real estate
• Bank accounts
• Investment accounts
• Stocks and bonds
• Mutual funds
• Vehicles
• Similar property
• Any debts the family owes