Asset and Property Division in a Divorce

If you are getting a divorce, you may have questions about what happens to your assets and debts. The process of dividing your marital property can be complicated, so it’s important to seek help from an experienced attorney who understands how to protect your interests in a property division case.

Assets Are Divided in Equitable Ways

In a divorce, a judge will consider your property and debts to determine how to split them up. This is referred to as equitable distribution and will be based on several factors, such as the income of each spouse, the needs of any children, and any other relevant circumstances.

The first step in determining how to split your marital property is identifying all of the assets and debts that you have. This includes property, investments, cars, savings accounts, credit cards and other assets that you own as a couple.

Once your assets and debts are identified, they are then classified into two different categories: marital property and separate property. Marital property is all property acquired during the marriage or in a premarital relationship, and is usually subject to equitable distribution in a divorce.

Separate property is also known as non-marital property and is defined as any property that a spouse owned before the marriage, received as a gift or inheritance, or inherited from someone other than the party who married them. Oftentimes, these types of properties are considered to be separate property because the parties agreed to exclude them from marital property in a valid agreement or through an estate plan.

High-Value Assets Need Special Care During Divorce

If you have any assets that are highly valued, such as a home or a business, you should hire an expert to assist you in determining how to divide them fairly in your divorce case. These types of assets are often highly contested and require a qualified property division lawyer to ensure that your share is divided in a way that will be fair for both you and your spouse.

When dividing your marital and divisible property, it is crucial to do so in an equitable manner that will allow both you and your spouse to maintain the same standard of living as before the divorce. A skilled Miami divorce attorney can assist you in preparing an affidavit of equitable distribution that will detail all of your marital and divisible property, its value and the debts associated with it.

Your Residential Home is One of the Largest Assets for Most People

The value of a residential home can be hundreds of thousands of dollars, and determining what happens to it during a divorce can be a big concern for many couples. This is especially true if the house was bought during the marriage or was used for primary residence.

A home is often considered to be the largest asset of a marriage, so it’s important to divide it in an equitable way. Some people prefer to keep the family home until their children finish school, while others would like to sell it and split the proceeds.