Property division is frequently one of the greatest challenges involved when parties file for divorce. Divorcing couples must manage their emotions as they untangle complex financial and family law issues. Having a qualified Florida divorce lawyer can help parties repurpose their energy on the outcome of their case.
If you are a party in a Coral Springs divorce, it is important to hire an experienced family law attorney like Stuart N. House as soon as possible. The attorney will be there to guide you through the property division process. As in all other states, the divorce process in Broward County is governed by Florida state law.
Florida is an Equal Distribution state. Therefore, property acquired during the marriage by leveraging marital resources, funds, or labor is equally divided between the divorcing partners. This type of property is known as marital property. In some circumstances, the court orders an unequal division of assets, debts, and so on. Non-marital property describes assets and liabilities each partner acquired before the marriage. During a divorce, the court generally considers this type of property to be the sole, separate property of the party who originally acquired it.
Property typically includes income, assets, and liabilities of the parties:
In Florida, assets and liabilities acquired prior to marriage are typically considered non-marital property. Unless the party takes steps to change value or title of property during the marriage, the following are usually classified as non-marital assets:
Florida law notes instances in which non-marital property converts to marital property. For example, when non-marital property changes title from one party’s name to both spouses’ names, it is converted to marital property. Conversion of non-marital property also occurs when marital and non-marital assets are combined. The act of commingling converts non-marital assets to marital assets. Another type of conversion happens when the non-marital asset value is enhanced by the labor or financial contribution of the other spouse. If one spouse owns a house and holds the title solely in his name throughout the marriage, the house remains a non-marital asset. However, if the couple adds a recreation room onto the house during the marriage, the joint home improvement project converts the house to a marital asset even if the other spouse is never added to the title.
In general, marital property is acquired during the parties’ marriage with marital funds, resources, or labor. If one of the parties earns a professional degree during the marriage, the degree is not considered marital property. However, the professional practice developed by the spouse who earn the degree is considered a marital asset. The value of the professional practice may be factored into property division and in spousal support determinations.
Property division in Florida is extremely complex. If you are facing a divorce, your divorce attorney will help you understand the process. A qualified Coral Springs divorce attorney can help you protect your property and your rights.