Fleming Island Property Division Attorneys

Helping You Divide Your Marital Assets

One of the most contentious aspects of a divorce is the division of property. In Florida, property is divided according to the principle of equitable distribution. This means that the court will divide property fairly, but not necessarily equally. The court will consider many factors when making a property division determination, including the length of the marriage, the financial situation of each spouse, and the contributions of each spouse to the marriage.

At Owenby Law, P.A., we understand how important it is to protect your financial interests during a divorce. Our Fleming Island property division lawyers can help you understand your rights and work to ensure that you receive a fair share of the marital property. We have helped thousands of clients navigate the divorce process and are prepared to assist you, too.

Call (904) 770-3141 or contact us online to discuss your case with our Fleming Island property division lawyers.

What is Marital Property?

In Florida, marital property refers to assets and debts acquired by either spouse during the course of the marriage. The state follows the principle of equitable distribution, which means that upon divorce, the marital property is typically divided fairly, although not necessarily equally, between the spouses.

Common types of marital property in Florida include:

• Real Estate: Any property, including houses, land, vacation homes, and rental properties acquired during the marriage is considered marital property, regardless of whose name is on the title.
• Personal Property: This includes items like furniture, cars, artwork, jewelry, appliances, and other personal belongings acquired during the marriage.
• Income and Earnings: Salaries, wages, bonuses, commissions, and any other income earned by either spouse during the marriage are usually considered marital property.
• Retirement Accounts and Benefits: Pensions, 401(k) plans, IRAs, and other retirement accounts accumulated during the marriage are subject to equitable distribution.
• Businesses and Professional Practices: If either spouse owns a business or professional practice that was established or grew during the marriage, its value may be considered marital property.
• Debts: Debts incurred by either spouse during the marriage, such as mortgages, loans, credit card debts, and other liabilities, are also considered marital property and may be divided during divorce proceedings.

It's important to note that certain assets may be considered separate property and not subject to division during a divorce. These typically include:

• Property acquired before the marriage: Assets owned by one spouse before the marriage generally remain their separate property unless they have been commingled with marital assets.
• Inheritances and gifts: Inheritances or gifts given to one spouse, provided they were kept separate from marital assets, are often considered separate property.

What is Equitable Distribution?

Florida follows the principle of equitable distribution, which means that marital property and debts are divided fairly but not necessarily equally between spouses upon divorce. The goal is to achieve a fair and just division considering various factors.

Family courts consider the following factors when determining how to distribute marital property equitably:

• Duration of the Marriage: The length of the marriage is a crucial factor. In general, longer marriages might result in a more even distribution of assets. Shorter marriages may see a different approach, considering the limited duration of shared financial contributions.
• Economic Circumstances of Each Spouse: Courts take into account the financial situation of each spouse at the time of divorce. This includes their income, assets, employability, and future earning potential. Disparities in financial standing can influence the distribution to ensure both spouses can maintain a reasonable standard of living post-divorce.
• Contributions to the Marriage (Financial and Non-Financial): Contributions made by each spouse to the marital partnership are considered. This goes beyond financial contributions and includes non-financial contributions such as homemaking, childcare, supporting the other spouse's career, or managing household responsibilities.
• Contributions to the Career or Education of the Other Spouse: If one spouse significantly contributed to the other's education, career advancement, or professional development during the marriage, this contribution might be weighed when determining equitable distribution.
• Interruption of Career or Educational Opportunities: If a spouse puts their career or educational pursuits on hold to support the family, such as staying at home to raise children or supporting the other spouse's career, the economic impact of this sacrifice is taken into account during property division.
• Health and Age: The health and age of each spouse can also be considered. For instance, if one spouse has health issues that impact their ability to earn income, this might affect the distribution of assets to ensure adequate financial support.
• Marital Misconduct: While Florida is a no-fault divorce state, meaning that fault is generally not a factor in property division, egregious misconduct that led to the dissipation of marital assets might be considered by the court.

The court doesn’t automatically split marital property 50/50. Instead, it evaluates what would constitute a fair and equitable distribution based on the circumstances of each case. This might result in an equal split, but it could also involve a different division depending on the factors considered.

Proper valuation of assets and debts is crucial in equitable distribution. The court assesses the value of assets like real estate, businesses, retirement accounts, investments, personal property, and debts to determine their worth at the time of divorce.

Why Choose Us?

Having a lawyer from Owenby Law, P.A. assist with property division during a divorce offers numerous benefits:

• Years of Experience: Our team brings extensive knowledge and experience in Florida family law, especially in matters of property division. Our expertise allows us to navigate the complexities of equitable distribution laws, ensuring our clients receive fair treatment in the division of assets and debts.
• Protection of Your Rights: We prioritize safeguarding our clients' rights throughout the divorce process. With our representation, you can trust that your interests are protected, and we work tirelessly to achieve the most favorable outcome possible.
• Thorough Evaluation of Assets and Debts: We conduct a comprehensive assessment of all marital assets and debts. This includes valuing properties, businesses, retirement accounts, and other assets to ensure accurate representation during negotiations or court proceedings.
• Strategic Negotiation Skills: Our firm excels in negotiation strategies. We strive to reach amicable settlements through negotiation whenever possible, aiming for a fair distribution of assets and liabilities without the need for lengthy court battles.
• Litigation Representation, When Necessary: In cases where negotiation fails or when litigation becomes inevitable, we provide strong representation in court. Our attorneys are skilled litigators who can effectively advocate for your rights and interests before a judge.
• Understanding Complex Financial Matters: Property division can involve intricate financial matters. We have the expertise to handle complexities like tracing commingled assets, assessing business valuations, or dealing with high-net-worth estates.
• Emotional Support and Guidance: Divorce can be emotionally taxing. We offer not just legal counsel but also emotional support during this challenging time. Our compassionate approach ensures our clients feel supported throughout the process.
• Compliance with Legal Procedures: Divorce proceedings involve various legal formalities and deadlines. We ensure that all necessary paperwork is filed accurately and on time, avoiding potential pitfalls that could delay the process.
• Customized Solutions: Every case is unique. We provide personalized strategies tailored to each client's specific situation and priorities, ensuring a solution that aligns with their goals.
• Post-Divorce Assistance: Our services extend beyond the divorce decree. We assist in enforcing court orders and ensuring the proper transfer of assets as outlined in the settlement.

With Owenby Law, P.A., our clients can expect dedicated and strategic advocacy, empowering them to navigate the complexities of property division with confidence and assurance.

Contact us today at (904) 770-3141 to schedule an initial consultation.