Division of Property and Assets After Divorce

Dividing a married couple’s property and assets is often a difficult task when it comes to divorce (dissolution of marriage). All too often, each party has specific ideas of who should get what. Unless the couple is able to reach an agreement during mediation and both sign a marital agreement, a judge will, in the end, decide the "who gets what." Each state has its policy deciding how this division will take place. Some states, including Wyoming, Oregon, Nevada, New Mexico, Arizona, Texas, Wisconsin, California, and Louisiana, are termed common property states. In these states, marital property and assets are divided equally, 50/50. In all other states (except Alaska, where a couple can choose which method of division they want), a couple’s marital assets and property are divided equitably. When division is equitable, it is meant to be fair rather than equal though equality is sometimes a factor. For example, one party may receive the washer the other the dryer. Though not exactly equal in value, their use is equitable.

However, before the division of any kind can be done, all assets and property must be determined to be either marital or nonmarital. Nonmarital property and assets are those which belonged solely to an individual before the marriage and were not used to purchase an asset or property after the marriage. For example, furniture, art, collections, jewelry, high-end electronic equipment, books, vehicles, and real property could qualify for nonmarital if they were purchased and entirely paid for with money prior to the marriage and were kept in the owner’s name only. Nonmarital property does not change hands following a divorce but stays with its owner.

Marital property and assets will, in the state of Florida, be divided equitably. As mentioned earlier, this means fair but not necessarily equal. This is one reason that legal professionals highly recommend a couple be willing to compromise and come to an agreement during mediation. And, in Florida, mediation is required in almost all jurisdictions before a court date can be set. No party will get all the spoils of war they hope for, but at least in mediation, the parties can decide for themselves who gets what. A judge will read over the marital agreement to be sure it is fair but rarely does a judge ask for changes. Having power over one’s future helps diminish the pain. If the couple cannot agree during mediation, the case will then go to court, where a judge will decide the outcome of marital property and asset division. Judges are human, have biases, and have good and bad days. Rarely are parties as pleased with a judge’s decision as they are with their own.

When seeking an attorney to handle your divorce be sure to choose one in a Family Law practice. It is important for an attorney to know how to help you identify the marital and nonmarital property properly. You will also be required to have proof of purchase or acquisition of items, and an attorney can help determine what is needed here as well. For example, you purchased a valuable piece o art before your marriage, but you have no proof of when it was purchased or how much you paid for it. A knowledgeable attorney may be able to help find ways to verify the art is nonmarital. As with most divorces, unless there is no marital real property or minor children, it is wise to seek the advice and representation of a legal professional.

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The Law offices of Grant J. Gisondo. P.A. is a family law firm in Palm Beach Gardens, FL specialized in divorce, child and spousal support, custody and more. For more details contact us on -561-530-4568 or http://gisondolaw.com/