Gainesville, Florida Divorce Lawyers
Is it true that I'm entitled to half of everything when I get divorced?
When dividing marital assets and liabilities during a divorce, courts in Florida use the concept of equitable distribution. Equitable distribution starts with the presumption that all marital assets and martial liabilities should be split equally between the spouses. However, the split may be adjusted by the Court to award more or less of the assets and liabilities to one spouse.
What are some reasons why the split wouldn't be equal?
Factors which may justify a division of assets or liabilities which is not equal may include:
- the contribution of each spouse to the marriage, including contributions to raising the children, or as a homemaker;
- the economic circumstances of the parties;
- the duration of the marriage;
- any interruption in career or education by either spouse;
- the contribution of one spouse to the career or education of the other spouse;
- the desire to retain an assets (such as a business or professional practice) intact and free from interference by the other spouse;
- the contribution of each spouse to the acquisition, enhancement, production of income from, improvement of, or incurring liabilities for, any marital or non-marital asset;
- the desirability of maintaining the marital home for as the residence of the children;
- the intentional waste, depletion, or destruction of marital assets at or near the time of the divorce;
- any other factors necessary to do justice.
What are marital assets and liabilities?
Generally speaking, marital assets and liabilities are those assets and liabilities acquired or incurred during the marriage. There are quite a few qualifications and exceptions to this general rule, however. The exact determination of which assets and liabilities are marital, and which are non-marital, depends on the specific facts of each case.
Is my retirement account an asset to be distribution during a marriage?
Generally, the marital portion of any retirement asset, including a pension fund and 401K plan, is a marital asset and is subject to distribution during a divorce.
My spouse had his/her own credit card during the marriage. I didn't use it, and I don't know what he/she bought with it. Am I responsible for any of this credit card debt?
Generally, yes. As a debt incurred during the marriage, it is a marital liability and subject to distribution during a divorce. It doesn't necessarily matter that you didn't use the card, or know about the debt. However, the Court still has the power to do equity between the parties, and this may include finding that you are not responsible for your spouse's debt.
When do assets and liabilities stop being marital, and start being non-marital?
The date on which the initial petition for dissolution of marriage is filed is usually the cut-off date for determining which assets and liabilities are marital.
My retirement account was worth a lot more when I filed for divorce. Now that the stock market has gone down quite a bit, my account is worth a lot less. How does the Court value the account during the divorce?
The Court has discretion to use different methods and dates for valuing assets and liabilities.
How can I be sure I know about all of my spouse's assets and liabilities?
During a divorce, both spouses are required to participate in mandatory disclosure. Mandatory disclosure is the exchange of certain basic financial information, including pay stubs, tax returns, bank statements, retirement account statements, etc. There are also many provisions available under Florida law for one spouse to use legal process to obtain financial information from the other spouse, or even from other people or businesses (such as banks, employers, etc.).
For a free consultation with one of the experienced family law attorneys at The Law Office of Silverman and Vorhis, call 352-240-1973 today.
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