How to Ensure a Fair Divorce Settlement
Each year roughly, 80,000 couples go through a divorce in the state of Florida. When a marriage is on the brink of collapse, several things may begin to take place. In certain cases, one of the individuals may scramble to try to save the relationship; meanwhile, in other instances, one or both partners may take a step back and focus on protecting their assets. The latter is one of the main concerns of any individual going through a divorce, particularly in the case of individuals who do not predominately handle the family’s finances. It is common to be concerned about assets during a divorce, whether you are worried that your spouse may be hiding assets or you are worried that you might not get your fair share of the divorce settlement. Regardless of your fear, it is best to seek the counsel of an experienced divorce attorney who will be able to guide you through the divorce and ensure you are being treated properly.
The Division of Property
Across the country, almost every state has different laws governing the division of assets and property during a divorce. In Florida the law mandates that all assets and property are equitably divided among the spouses. However, a judge normally has the final say in exactly what “equitably” divided means. The judge may consider some of the following characteristics of the marriage when determining who gets what:
- The financial situation of each partner;
- The length of time the couple has been married;
- Each individual’s contributions to the marriage–this does not include only financial contributions;
- Sacrifices made to support the other spouse’s career or education;
- Asset contributions;
- Debts incurred by each spouse;
- Any misallocation of assets or hiding of assets within two years of the divorce filing.
During the divorce process, marital assets will be identified and then a value will be placed on each identified marital asset. In the state of Florida, anything an individual spouse or the couple collectively acquired during marriage is considered a marital asset. This means that retirement funds, insurance plans, and pensions are also considered marital assets. Alternatively, property is not considered a marital asset if one of the spouses owned the property prior to marriage. Assets that were gifted to one spouse–other than by inheritance–during the marriage are also not considered marital property.
Reach Out to Us for Help Today
The divorce process can be an emotional and trying time, it is often difficult to make objective decisions without letting emotions take over. This holds particularly true when attempting to divide assets between spouses during the divorce process. This is when the assistance of an experienced divorce attorney can prove to be invaluable. Fort Lauderdale family law attorney Sandra Bonfiglio is divorce attorney with a wealth of experience and the knowledge to stand up for your best interests during your divorce. Once your divorce is finalized it is nearly impossible to revise the agreement, do not get stuck in a situation you will struggle with later in life, call 954-945-7591 now for a free consultation.