Miami Property Division Lawyers Working Toward Equitable Distribution
Divorce is stressful for everyone involved, for a number of reasons. You may not have had any knowledge of your spouse's plans for divorce, or perhaps you have been putting off the decision for longer than you would have liked. You may have children to think of.
When it comes to the division of marital property in a divorce, the state of Florida requires that it be done in an equitable distribution manner. This means that if they have to get involved, the court will divide the marital assets fairly, taking into account the contributions of both spouses during the marriage. To avoid this, or to ensure that this is done in a way that best suits your individual needs, it is important to have a Miami property division lawyer from Miami Family Law Group, PLLC on your side.
At Miami Family Law Group, PLLC, we have experienced and knowledgeable family lawyer in Miami who is dedicated to representing your best interests. We understand that the division of marital property is an extremely personal and complex process, and we strive to provide our clients with the highest quality legal advice and representation.
Arrange a consultation with one of our Miami divorce lawyers today at 305-520-7874.
Community Property vs. Equitable Distribution
Community property is a method of property distribution in which assets acquired during a marriage are divided equally between spouses. Equitable distribution is a method of property distribution in which assets are divided based on the individual circumstances of the couple. A family law attorney can help the parties decide which method of property distribution is best for their situation, provide advice on how to divide their assets fairly, and represent their clients in court if necessary.
Equitable Distribution of Marital Property in Your Divorce
It can be really easy to let emotions get the better of you when you are trying to come to an amicable agreement during your divorce, but unfortunately, this usually results in the breakdown of communications.
The best way to avoid this and to avoid court involvement which will cost you both money and time, and may result in a decision neither of you is happy with, is to seek legal representation from a family law firm. They will be able to employ negotiation and mediation tactics that create a space for a productive discussion between you and your ex-spouse.
Marital Property vs. Non-Marital Property
Florida is an equitable distribution state, meaning that if your case is seen by a Judge in family court, they will divide the marital estate in a way that they see to be fair and reasonable. This does not always mean a 50/50 split.
Before this division can happen the courts will expect both parties to disclose their assets, finances, debts, and income. These assets will then be divided into the marital and non-marital property. Nonmarital property includes any assets acquired before the marriage and will remain in possession of the owner.
Marital property will include any assets acquired during the course of the marriage, with several exceptions such as compensation, inheritance, and gifts.
All marital property is subject to equitable distribution and includes any property that was bought during the marriage, all savings accrued during the marriage, and any investments made during the marriage. The marital property also includes any debts from the marriage.
Typically all marital property is equitably divided upon the end of the marriage. However, the courts will listen to appeals and will consider numerous factors when they decide upon an equitable split that is not 50/50.
Those factors include:
- How much each individual has contributed to the marriage. This includes sacrifices to look after children and the home, such as leaving a job or deciding against further education.
- The total income of each party and the total income of the house.
- How long the spouses were married to each other.
- Whether or not one party should be allowed to keep a business, they have built by themselves separate from the division.
- Whether or not one party will gain custody of the child and need to retain the marital home in order to reduce displacement in their lives.
- Whether it has been proven that one party has hidden assets from the court during the disclosure.
Assets That are Counted as Both Marital & Non-Marital
In certain situations, marital assets may fall under both marital property and nonmarital property rules. When this happens, it becomes much more difficult to divide the assets.
An example of this would be if one spouse owned a house before the marriage, but both parties have lived in the house for a number of years and have both contributed to the upkeep or renovation of the house.
In this case, if a non-marital asset has increased in value, it will need to be decided if the increase was passive or active. A passive increase would be if the house increased in market value naturally. An active increase would be if the house is worth more because the two parties have added an extension or decorated the house.
Any enhancement in the value of a nonmarital asset that has occurred during the marriage due to efforts from either party or increases funded by marital funds will count as marital property.
My Spouse is Hiding Assets, What Should I Do?
When property division is dealt with by the court, each party owes a fiduciary duty to the other. This means that during the time the case is running, neither party is allowed to move, sell or tamper any of the marital community property or the separate property until the decision on the equitable distribution of the assets has been decided.
This duty is there for a reason and is designed to ensure that both parties inform the court of their true financial status as it stands. It means that the court must be presented with a full list of all of the assets both parties own separately and together.
If it is found that one party has decided to mishandle or hide assets on purpose to avoid the court from finding them or dividing them, then there may be serious legal penalties for that individual.
However, even with these legal penalties, our property division lawyer often deals with cases where one party is hiding assets. Some of the most common ways people try to hide assets are:
- Giving money to friends that they will later pay back to the individual.
- Buying of goods of high value that can be sold after the divorce is over.
- Sending income and savings to offshore accounts.
- Under-reporting how much income a business, or individual makes.
- Failing to report on an asset.
Investigation of Hidden Assets with a Property Division Attorney
Making sure that all of the assets of both parties are included in any calculations made by the courts is crucial if you want a fair and reasonable split and is important for child support, and alimony calculations.
One common and complicated asset that people have begun to obtain in recent years is cryptocurrency. Many people believe that due to the decentralized nature of cryptocurrency, we cannot investigate their holdings. This is not true.
With a skilled investigator, our Miami property division attorney can uncover cryptocurrency holdings so that they can be included in any calculations made.
Other Areas Our Miami Property Division Attorneys Cover
- Divorce - Divorce is a difficult and emotional experience for everyone involved. A family law attorney can provide advice and guidance throughout the entire process. They can help the couple agree on issues such as child custody and visitation, property division, spousal support, and other divorce-related matters.
- Child Support - Child support is a payment from one parent to the other for the care and maintenance of the children. A family law attorney can help the parents come to an agreement on child support payments and ensure the amount is fair and in the best interests of the children. An attorney can also help in enforcing court orders or modifying existing child support arrangements.
- Child Custody - Child custody is a legal arrangement that determines which parent has primary responsibility for the care and well-being of the children. A family lawyer can help the parents come to an agreement on custody arrangements, or in the event of a dispute, represent their client in court. They can also provide advice on visitation rights and other related issues.
- Spousal Support - Spousal support, also known as alimony, is a payment from one spouse to the other in order to provide financial support. A family attorney in Miami from Miami Family Law Group, PLLC can help the parties come to an agreement on the amount and duration of the spousal support payments. They can also provide legal representation in court hearings and assist in enforcing or modifying existing spousal support orders.
Miami Divorce FAQ
What is Property Division in Divorce in Miami?
Property Division in Miami is the process of dividing all property owned by the parties between them at the time of the dissolution of their marriage.
How is Property Divided in a Divorce in Miami?
Equitable Distribution of Property in a Divorce in Miami is a system of distributing marital property between spouses that is fair, considering all relevant factors such as each spouse's contribution to the acquisition and maintenance of the marital property and each spouse's financial resources.
What are the Rules for Dividing Assets During a Divorce in Miami?
Property is divided in a divorce in Miami based on what is just and equitable under Florida law, which takes into account any contributions made by either party to the acquisition, preservation, or appreciation of the marital assets.
What Are the Exceptions to Equitable Distribution of Property During a Divorce in Miami?
The rules for dividing assets during a divorce in Miami include considering all relevant factors such as each spouse's contributions to the marriage, age, health, occupation, earning capacity, source and amount of income, duration of the marriage, and any other factors deemed relevant by the court.
How Can I Protect My Assets During a Divorce in Miami?
Protecting your assets during a divorce in Miami can be done through equitable distribution, where each spouse keeps their own separate assets as well as utilizing legal advice from an experienced property division attorney who can help you develop strategies for protecting your financial interests during your divorce proceedings.
Is my Marital Asset Subject to Division in Miami?
Yes, marital assets in Florida are subject to equitable distribution during a divorce. Florida is an equitable distribution state, meaning the court will divide marital property equitably based on the circumstances of each case. This means each party may not necessarily receive an equal share of the marital property. Factors such as each party's economic circumstances, contribution to the marriage, and conduct during the marriage will be taken into consideration when dividing marital assets.
What Factors Does the Court Consider When Dividing Property During a Divorce in Miami?
Factors that the court may consider when dividing property during a divorce in Miami include contributions made by either party to the acquisition and maintenance of the marital property; financial resources; age; health; occupation; earning capacity; length of the marriage; sources and amounts of income; future needs for support; tax implications; retirement plans; any premarital agreement between parties; and any other factor deemed relevant by the court.
Contact Miami Family Law Group, PLLC
Your property settlement will have a big impact on your financial future, so it is important that you have guidance from an experienced property division lawyer who has your best interests at heart.
The equitable distribution process can be highly contentious. We will fight to protect certain assets that are important to you and will ensure that the outcome is in line with your rights and interests.
Speak to an experienced Miami property division lawyer today at 305-520-7874.