Tampa Asset & Debt Division Attorney
Going through a divorce in Florida means that your marital property will be divided according to the theory of equitable distribution. In other words, all of the assets and debts that are the property of the marriage will be divided between the spouses in a way that the court decides is equitable to both parties. Depending upon your circumstances, it may be possible to reach an agreement about how your assets and debts will be divided. Otherwise, the court will look at a variety of factors to make that determination. Contact our experienced Tampa asset & debt division attorney today to learn more about the equitable distribution of assets and debts in a Florida divorce.
How Does the Process of Asset and Debt Division Work in Tampa?
The process of asset and debt division occurs in divorces in Florida, and the court uses the theory of equitable distribution to divide that property. Under Florida law, this process is known as the “equitable distribution of marital assets and liabilities.” In general, you should know that all assets and debts are divided into two categories in a divorce in Tampa: marital property and separate property (or “nonmarital property”). It is important to know that the court will only divide marital property, meaning marital assets and debts.
How does the court determine which assets and debts should be classified as marital property and which should be classified as separate property? In most circumstances, assets and debts at the time of the divorce will be considered marital property unless one of the following is true of the particular asset or debt:
- Excluded from marital property and the division of assets and debts through a prenuptial agreement or a postnuptial agreement;
- Acquired by one of the spouses prior to the date of the marriage;
- Acquired by one of the spouses during the marriage as an inheritance or a gift from a third party.
Factors in Tampa Asset and Debt Division
According to the Florida statutes, in the process of asset and debt division in a Tampa divorce, “the court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors.” Those factors include the following, which are cited in Section 61.075 of the Florida Statutes:
- The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as homemaker;
- The economic circumstances of the parties;
- The duration of the marriage;
- Any interruption of personal careers or educational opportunities of either party;
- The contribution of one spouse to the personal career or educational opportunity of the other spouse;
- The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party;
- The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the nonmarital assets of the parties;
- The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, when it would be equitable to do so, it is in the best interest of the child or that party, and it is financially feasible for the parties to maintain the residence until the child is emancipated or until exclusive possession is otherwise terminated by a court of competent jurisdiction;
- The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition; and
- Any other factors necessary to do equity and justice between the parties.
Contact The Law Office of Laura A. Olson, P.A. Today
When you have questions about the division of marital assets and debts, you should seek advice from a lawyer. Contact our experienced Tampa asset and debt division attorney today.