Jacksonville Property Division Lawyers

How Property is Divided in a Florida Divorce

The process of dividing assets can be a major point of contention in any divorce. Unlike many other states, Florida recognizes that some assets can be owned by either the husband or wife, and are not necessarily considered community property that must be valued, tallied, and then divided in a divorce settlement.

Many times, it takes a divorce attorney to successfully argue that separate property be excluded from the equitable distribution of assets. Are you concerned about how your property will be divided? Owenby Law, P.A. is here to protect your best interests.

If you or your spouse is in the military, the circumstances may be different than what is mentioned below. However, the attorneys at Owenby Law, P.A. have experience handling cases involving military divorce and military spouse benefits as well.

What Does Florida Recognize to Be Separate Property?

In most cases, assets accumulated during the marriage are jointly owned. Whether a piece of property is jointly titled or in one spouse's name is immaterial. Some people assume that because they have purchased property with their own money and kept it in their name that they will be able to protect that asset from equitable distribution. Unless that item was purchased using separate property funds, this would not be true.

How Equitable Distribution Works in a Florida Divorce

Anything that is not determined to be separate property is considered marital property and is subject to equitable distribution. However, this does not mean that all assets must be divided 50/50, nor does it means that all of the property must be sold for cash to distribute the assets equitably. The parties can agree to divide their property any way they see fit. For instance, consider a husband who is in the military and owns a house.

The wife would be entitled to a portion of his military pension and he and she would each be entitled to 50% of the equity in the home. The wife might waive her claim to the pension in exchange for the equity in the house. It is not necessary for the value of the two items in question to be equal. Most equity bargaining of this nature is negotiated through the spouses' respective divorce lawyers, or it is decided by the court.

Thinking About Divorce? File with Owenby Law, P.A. at Your Side.

Equitable distribution of property has been known to create difficulties during even the most amicable of divorces. If you are seeking a divorce in Jacksonville or anywhere else in Duval County, don’t wait to retain our firm’s high-caliber family law services. Owenby Law, P.A. has helped thousands of families throughout the local community, so you can trust that your case will be handled with the level of professionalism it deserves.

Orange Park Property Division Lawyers

Let Our Firm Protect Your Assets & Interests

Property division can be one of the most contentious and stressful aspects of divorce proceedings. In the state of Florida, property division is governed by equitable distribution laws, which aim to divide marital assets and liabilities fairly between the divorcing spouses. This means that the division may not always be exactly equal but should be equitable, taking into consideration various factors such as the duration of the marriage, each spouse's financial and non-financial contributions, and more.

At Owenby Law, P.A., our Orange Park property division lawyers are well-versed in the intricacies of Florida's property division laws. We understand that every divorce case is unique, and we work closely with our clients to develop a personalized strategy that ensures their interests are protected throughout the process.

Contact us at (904) 770-3141 to speak with our Orange Park property division attorneys about your situation.

What is Property Division?

Property division, often referred to as property or asset distribution, is a legal process that occurs during divorce or separation proceedings. It involves the fair and equitable allocation of assets and liabilities that were acquired during the course of a marriage or partnership. The primary goal of property division is to ensure that both parties receive a fair share of the marital assets and debts

Common types of assets involved in property division include:

• Real Estate: Marital homes, vacation properties, rental properties, and any other real estate assets are typically subject to division. The valuation and distribution of real estate can be a complex process.
• Financial Assets: These include various types of financial accounts and investments, such as:
  • Bank Accounts: Checking and savings accounts, certificates of deposit (CDs), and money market accounts.
  • Retirement Accounts: 401(k)s, IRAs (Individual Retirement Accounts), pensions, and other retirement savings.
  • Stocks and Bonds: Ownership of shares in publicly traded companies and bonds or other investment instruments.
  • Mutual Funds: Pooled investments in stocks, bonds, or other assets.
  • Savings and Investment Accounts: Brokerage accounts, investment portfolios, and other investment vehicles.
• Personal Property: Personal property assets can encompass a wide range of items, including:
  • Vehicles: Cars, motorcycles, boats, and recreational vehicles.
  • Household Items: Furniture, appliances, electronics, and other household belongings.
  • Jewelry: Valuables like wedding rings, necklaces, and watches.
  • Art and Collectibles: Paintings, sculptures, antiques, and collectible items.
• Business Assets: If one or both spouses own a business, the business's value and assets may be subject to division. This can be a complex and contentious aspect of property division, and it often involves business valuation.
• Debts and Liabilities: In addition to assets, debts and liabilities acquired during the marriage are also divided. Common types of marital debts include:
  • Mortgages: Outstanding home loans and property-related debts.
  • Credit Card Debt: Balances on credit cards used for marital expenses.
  • Auto Loans: Outstanding car loans.
  • Student Loans: Educational debts acquired during the marriage.
  • Personal Loans: Loans taken for various purposes during the marriage.
• Retirement Benefits: Pensions and other retirement benefits that were accrued during the marriage are subject to division. This may require a Qualified Domestic Relations Order (QDRO) to facilitate the distribution of retirement assets.
• Inheritance and Gifts: The treatment of inheritance and gifts can vary depending on the jurisdiction and the circumstances. In some cases, inheritances or gifts received by one spouse may be considered separate property and not subject to division. However, if they have been commingled with marital assets or used for the benefit of the marriage, they might be subject to division.
• Patents, Copyrights, and Intellectual Property: Intellectual property rights, such as patents, copyrights, and trademarks, may be considered marital assets if they were developed or enhanced during the marriage.

Marital Assets vs. Separate Property

In Florida, marital assets primarily include those acquired during the course of the marriage. This can encompass a wide range of assets such as income, real estate, financial assets, personal property, and more. Whether an asset was purchased, earned, or obtained during the marriage is a key factor in its classification as marital property.

Additionally, if one spouse brought separate property into the marriage (e.g., a home or investments) and that property increased in value during the marriage, the increase in value is typically considered a marital asset subject to division. When separate property is mixed or commingled with marital assets, it can become challenging to distinguish which portion is marital and which is separate. In such cases, the commingled property may be considered marital property unless the contributing spouse can trace the source of funds.

On the other hand, property that one spouse owned prior to the marriage is typically considered separate property. This includes real estate, financial accounts, personal property, and other assets that were owned individually before the marriage.

Florida law also considers the following types of assets as separate property:

• Inheritances and Gifts: Inheritances or gifts received by one spouse during the marriage are generally treated as separate property unless they've been commingled with marital assets or used for the benefit of the marriage. It's important to keep them separate and properly documented.
• Property Designated as Separate in Agreements: Spouses may choose to identify specific property as separate in prenuptial or postnuptial agreements. If these agreements are valid and enforceable, the property designated as separate in the agreement remains separate property.
• Property Acquired After Legal Separation: Assets acquired after a legal separation or the filing of a divorce petition may be considered separate property if the separation is legally recognized.

Look no further than Owenby Law, P.A., your trusted partner for expert legal guidance in property division matters. Our experienced Orange Park property division lawyers are here to ensure that your assets and interests are protected during the often complex and emotionally charged process of property division.

Contact us today at (904) 770-3141 to discuss your case with our team.

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.

St. Augustine Property Division Lawyer

Helping Clients Navigate Complex Property Division in Divorce

Property division is a critical part of the divorce process. The outcome of your property division case can have a significant impact on your financial future. That is why you need to work with a qualified divorce attorney who understands the property division laws of Florida. At Owenby Law, P.A., we have been helping clients through the divorce process for over a decade. Our St. Augustine property division attorneys are ready to put our skills and experience to work for you.

Contact us online or call (904) 770-3141 to schedule a consultation with our property division lawyers in St. Augustine.

How is Property Divided in a St. Augustine Divorce?

Florida is an equitable distribution state. This means that all marital property is divided “fairly” but not necessarily “equally”. In practice, this means that the court will divide all marital property in a way that it deems to be fair to both parties.

Marital property may include:

• Real estate
• Bank accounts
• Retirement accounts
• Stocks and bonds
• Businesses
• Household items
• And more

Marital property does not include:

• Property that was owned by one spouse before the marriage and was kept separate
• Property that was inherited by one spouse
• Property that was gifted to one spouse
• Other types of separate property

As part of the property division process, all marital property must be valued. This is a complex process that often requires the assistance of financial professionals. Once all the property has been valued, it must be divided.

When dividing property, the court will consider:

• The length of the marriage
• The economic circumstances of each party
• Each party’s contribution to the marriage
• Each party’s contribution to the family
• Each party’s contribution to the education and career of the other party
• Each party’s earning capacity, employability, and educational history
• Each party’s desire to remain in the marital home
• Each party’s ability to acquire assets and liabilities in the future
• And more

Property division is a complex process that can be greatly affected by several different factors. That is why it is so important to work with an experienced property division lawyer in St. Augustine who can help you navigate the process.

What is a Property Settlement Agreement?

In Florida, the court will generally approve a property settlement agreement that has been reached by both parties. A property settlement agreement is a binding legal contract that outlines how all of the marital property will be divided. This agreement must be reached during the divorce process and before the court has entered the final judgment.

Property settlement agreements must address:

• How the marital home will be divided
• How other real estate will be divided
• How bank accounts will be divided
• How retirement accounts will be divided
• How stocks and bonds will be divided
• How businesses will be divided
• How other property will be divided
• How debts will be divided
• And more

Property settlement agreements are preferred by most couples because they give the couple a great deal of control over how the property will be divided. By reaching an agreement, the couple can avoid having the court make the decision for them. This can help to reduce the amount of time that it takes to finalize the divorce and can help to reduce the amount of money that the couple will have to spend on legal fees.

What Happens When You Can’t Agree on Property Division in St. Augustine?

When a couple cannot agree on property division, the court will have to step in and make the decision for them. The court will consider a number of different factors when making its decision. It is important to remember that the court will not consider any fault that led to the divorce when making its decision. The court is only required to consider the length of the marriage and the financial circumstances of each party.

If you are unable to agree on property division with your spouse, it is important to work with a property division lawyer in St. Augustine. A lawyer can help you present your case in a way that is most likely to be persuasive to the court. At Owenby Law, P.A., our St. Augustine property division lawyers are not afraid to go to court to protect your interests.

How Our St. Augustine Property Division Lawyers Can Help You

At Owenby Law, P.A., our St. Augustine property division lawyers know how important the property division process is to our clients. That is why we will work with you to help you determine your goals and then do everything we can to help you achieve them.

Our property division lawyers in St. Augustine will conduct a thorough asset valuation to ensure that all of the property is accounted for. We will then help you determine the best way to divide the property.

If you and your spouse are unable to agree on a property settlement agreement, our lawyers can help you mediate your case. Mediation is a process in which a neutral third party helps you and your spouse reach an agreement on property division. Mediation is a preferred method of property division because it allows the couple to maintain control over the process. It is generally less expensive and less time-consuming than going to court.

If you and your spouse are unable to reach an agreement through mediation, our lawyers can help you litigate your case. We have extensive experience litigating property division cases in St. Augustine and know how to present your case in a way that is most likely to be persuasive to the court.

Contact us today at (904) 770-3141 to speak with our St. Augustine property division attorneys.