Distribution of Assets/Liabilities
Distribution of Assets
Laws vary state-to-state in splitting up marital property in a divorce. Florida is an equitable distribution state, meaning that the division starts at a 50/50 split between the parties. However, the court then considers the facts in each individual case and may make changes to the distribution of assets to make things as fair, as equitable, as possible. This means one party might end up with a larger percentage of the assets than the other. A spouse that inherited property, brought significant assets into the marriage, or maintained complex estates or debts may be surprised at the outcome if not carefully represented. We can protect your rights and evaluate the assets of your estate to ensure that you collect the property you are entitled to receive.
Our goal at The Thorpe Law Firm, P.A., is to ensure you receive the fairest ruling when it comes to the distribution of your assets. Dividing marital assets involves a number of complicated issues as everything you own, from your home, vehicles, jewelry, pets, appliances, retirement benefit accounts, and more will be identified, categorized, and considered for division.
Distribution of Liabilities
As bad as a divorce can be, related legal issues like the distribution of assets and liabilities between the parties can make the process emotionally overwhelming. At first glance, most people consider how their assets will be divided, that is, who gets the house, the car, child custody, etc. An equally important matter, not always considered at first, is the distribution of liabilities between the parties. Determining who is responsible for what marital debts may have a serious impact on the client’s post-divorce life.
Just like in equitable division of assets between the parties, Florida is an equitable distribution state for liabilities as well. This means that, under the law, everything begins at a 50/50 split. However, as with assets, the court considers each case individually and will adjust the split to achieve what it sees as the fairest result possible. This means one party might receive a larger percentage of the liabilities. For example, the court is actually able to allocate debts to the party that incurred them during the marriage.
