Family Law Attorney Helps You Sort out Equitable Distribution of Marital Assets in Orlando
Property & Debt Division Lawyers help you work out a fair settlement
The state of Florida uses the equitable distribution, or marital assets model to help couples who are divorcing divide their property. Equitable means equal, however, equitable distribution does not necessarily mean that everything gets split down the middle, and fault is not a factor in deciding how assets get divided. Attorney David Scott Glicken has experience helping couples work out a fair property settlement.
If you are contemplating a high asset divorce, attorney David Glicken is a skilled property division lawyer who understands all of the issues involved in a complex divorce, he engages the top CPAs, appraisers and business valuation professionals who understand how to assess marital estates that include personal and business property.
How does the property division process work?
The first step in the process is to take an inventory of all the property and decide what is marital property and what is non-marital property. This is called discovery. Property division takes place before alimony (if it is applicable) is decided. Marital property and debts were acquired after the marriage and are co-mingled between the two parties. If you purchased something or borrowed money together as a couple, then that is considered marital assets and liabilities. Non-marital assets include:
- Inheritance and personal gifts received after the marriage
- Property or debts acquired after the marriage
- Assets protected in a premarital agreement
- Income received from non-marital assets unless it was co-mingled with marital assets
To ensure that the property is divided fairly, there are several factors that the court considers, such as:
- What has been the contribution of each spouse to the marriage (this includes both monetary and non-monetary contributions)
- The length of the marriage
- The contribution of one spouse to the others education or career
- The financial circumstances of each party
- The contribution of either party to maintaining, improving or disposing marital assets
These are just a few of the factors a judge might take into consideration when ruling on the fair and equitable distribution of the couple's assets and liabilities. If you and your spouse cannot come to an agreement on your own, then the judge will determine how your assets and liabilities will be divided between you.
Prenuptial agreements can simplify the division of assets in a divorce
A prenuptial agreement stipulates what assets you have prior to the marriage and how they will be distributed in the event of divorce or death. A carefully prepared prenuptial agreement can actually override equitable distribution laws, and they are often used to protect a pre-existing business asset. In a second marriage, a prenup can be used to protect certain assets on behalf of children from a previous marriage. These agreements can also be used to protect one party from liability for substantial debts the other party might have incurred before the marriage.
Dealing with retirement accounts and pensions with respect to equitable distribution
When a couple divorces, the share of the pension and retirement plans that accrued during the dates of the marriage are subject to equitable distribution.
Military pensions are also treated as marital property and can be divided in a divorce. Under the Uniformed Services Former Spouses Protection Act (USFSPA) if the dates of the marriage and the dates of military service overlap, the non-military spouse can get up to half of the marital portion of the pension.
Valuing and distributing pensions, retirement plans and military pensions can be a complicated process. When you work with a knowledgeable family law attorney such as David Scott Glicken, you can be confident that your case is being handled by someone who knows the law and has the experience to get the results you are seeking.
Contact an equitable distribution attorney today to discuss your case
The Glicken Law Firm knows how confusing the division of assets process can be for his clients, but because he has been through this process countless times, he knows all the ins and outs of divorce law. He will be a strong advocate for your interests in your divorce. Call us at (407) 648-5400 or contact us online to schedule a consultation today.