Sarasota Property Division Lawyer
Equitably dividing marital property is no easy task.
Florida, like most other jurisdictions, is an equitable property division state. Upon divorce, marital property must be divided equitably. That is usually, but not always, the same as equally. A complex set of factors apply, and these factors may result in an unequal distribution of marital property. For this reason, property division is usually the most time-consuming part of a divorce.
However, if the parties have a prenuptial agreement, property division is often the shortest segment of a divorce case. For this reason alone, most couples should at least consider a prenup. Long, drawn-out divorce proceedings hurt everyone. Additionally, these pacts address money issues, inheritance issues, and other sources of marital strife in advance, putting the marriage on a stronger foundation.
Regardless of the circumstances, the Sarasota property division lawyers at Carman, Bevington & Finegan, P.A. work hard to find cost-effective, long-term solutions that benefit your family now and in the future. This approach is especially important in property division matters. Generally, these divisions are not subject to modification. A Sarasota property division lawyer only has one chance to get it right.
Classifying Property
When two people marry, the distinction between marital and nonmarital property is clear. Assets or debts acquired before the marriage or by gift are nonmarital property. All other debts or assets are part of the marital estate and subject to equitable division.
Over time, this distinction blurs and, in many cases, becomes almost unrecognizable. Debt/asset interchange is a good example.
Assume Husband uses funds from his paychecks (marital property, since it’s an asset acquired during the marriage) to pay his $50,000 student loan (nonmarital debt, since he borrowed the money before the marriage). If he and Wife divorce, she may be entitled to $25,000, maybe more or maybe less, to reimburse her for the lost marital asset.
Asset commingling is common as well, usually when one spouse uses a financial gift or personal skill to increase the value of the other spouse’s asset (e.g., Wife uses a wedding gift from her parents to fix up Husband’s dilapidated rental house).
Asset commingling is also more complex. Depending on the additional facts, the house in the above example, as well as all future rents and liabilities, could be Husband’s nonmarital property, Wife’s nonmarital property, or marital property subject to equitable division.
Dividing Property
Classifying property is only part of the job for a Sarasota property division lawyer. Next, the divorce judgment or settlement must equitably divide marital property. Some factors to consider include:
- Length of the marriage,
- Award of nonmarital property to each spouse,
- Standard of living during the marriage,
- Spouses’ proportional earning power, and
- Custody of minor children.
Frequently, a setoff is part of a divorce settlement. For example, Husband might agree to pay more spousal support if Wife relinquishes her right to an equitable share of his retirement account.
As mentioned, a prenuptial agreement streamlines this process. Generally, the financial provisions in a prenuptial agreement are enforceable unless one spouse lied about a material fact or the division is blatantly one-sided.
Count on a Sarasota County Property Division Attorney
Divorce and family law matters involve emotional and financial issues. For a confidential consultation with an experienced property division lawyer in Sarasota, contact Carman, Bevington & Finegan, P.A. Convenient payment plans are available.