Divorce can be an emotionally challenging and stressful experience, and one of the most difficult aspects of the process is the division of property and assets. At Florida Law Advisers, P.A., our Tampa divorce lawyers are ready to help you navigate the asset division process in accordance with Florida law. We will work toward a fair and equitable outcome while minimizing stress and conflict as much as possible.
Our experienced attorneys recognize that each divorce is unique, with its circumstances and assets to consider. We take a personalized approach to each case, allowing us to address each client’s specific needs, whether it involves complex financial portfolios, real estate holdings, business interests, or retirement accounts. Our goal is to reach a fair resolution that allows you to move forward with your life.
We understand that dividing assets can be overwhelming and emotionally charged at times. Our attorneys are not only skilled in the legal aspects of asset division, but we also are sensitive to the emotional challenges our clients face. With us by your side, you can expect compassionate support, clear communication, and skilled representation every step of the way.
Don’t let the challenge of property and asset division add unnecessary stress to an already difficult time in your life. Trust the experienced attorneys at Florida Law Advisers, P.A., to provide the guidance you need to protect your interests and future. Contact us by phone or online for a confidential consultation with a Tampa property division lawyer.
How are Property and Assets Divided During a Divorce?
In Florida, two types of property must be considered: marital and non-marital property. The distinction between marital and non-marital property plays a critical role in the asset division process during a divorce, so knowing how your assets might be classified is important. These assets including the following:
Marital property, also known as marital assets, refers to all assets and debts acquired by either spouse during the marriage, regardless of whose name is on the title or account. In Florida, marital property is subject to equitable distribution, meaning that the court will divide these assets and debts fairly between the spouses based on various factors. Some examples of marital property include:
- Real estate acquired during the marriage
- Vehicles purchased during the marriage
- Joint bank accounts and investments
- Retirement accounts and pensions accrued during the marriage
- Businesses started or acquired during the marriage
- Debts incurred during the marriage, such as credit card debts or loans
Non-marital property, also known as separate property, refers to assets and debts that belong solely to one spouse and are not subject to equitable distribution during a divorce. Non-marital property typically includes:
- Assets acquired before the marriage
- Inheritances received by one spouse, either before or during the marriage
- Gifts specifically given to one spouse, either by the other spouse or a third party
- Personal injury settlements awarded to one spouse (excluding compensation for lost wages or medical expenses)
- Property acquired in exchange for separate property, as long as it remains separate from marital assets
It’s important to note that non-marital property could become marital property if it is commingled with marital assets during the marriage. For example, depositing an inheritance into a joint bank account or using a pre-marital home as collateral for a joint mortgage could become subject to equitable distribution.
Types of Assets Divided in a Florida Divorce
In a divorce, the court could classify various assets as marital property. Some examples of potential martial assets are:
- Real Estate – Any real property owned by you and your spouse, such as your primary residence, vacation home, or investment property, are all subject to the division of assets. This asset class can include the property itself and any associated mortgages, liens, or debts.
- Bank Accounts – This includes your checking, savings, or money market accounts, as well as joint accounts and individual accounts held by either person.
- Retirement Accounts – Any retirement accounts such as 401(k)s, IRAs, pensions, and annuities are subject to equitable division in Florida. The value of retirement accounts is usually divided equitably based on the duration of your marriage.
- Brokerage Accounts – Accounts such as stocks, bonds, and mutual funds are subject to division in divorce. Like retirement accounts, the court will consider the length of marriage when dividing your brokerage accounts.
- Vehicles – Any vehicles you each acquired during the marriage are subject to division. Additionally, if both of you contributed to maintaining a vehicle purchased before your marriage, it could still be subject to equitable division. These vehicles could include cars, trucks, motorcycles, boats, or any other vehicle you own.
- Personal Property – This includes furniture, appliances, electronics, and artwork. Determining how to divide your personal assets can lead to heated disagreements. If you and your spouse cannot decide on the division of your personal property, the court may consider both the actual and sentimental value when dividing this property.
- Business Interests – Sometimes, business interests are classified as marital property if you or your spouse started a business or contributed to the other’s business during the marriage. This interest could include the business or any associated assets, such as inventory or intellectual property.