Property division equitable distributionUnder Florida Law, all "marital assets" and "marital liabilities" have to be equitably divided between the parties. Distribution of assets and liabilities is governed by Florida Statute 61.075. The Court must begin with the premise that the distribution should be equal and must consider the following factors in making a distribution:
- contribution to the marriage by each spouse (including care and education of the children and services as homemaker);
- economic circumstances of the parties;
- duration of the marriage;
- interruption of personal careers or educational opportunities of either party;
- contribution of one spouse to the personal career or educational opportunity of the other spouse;
- desirability of retaining any asset;
- contribution to the acquisition, enhancement, and production of income, improvement of, or the incurring of liabilities to, both the marital assets and the non - marital assets of the parties.
- 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;
- 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.
Oftentimes, however, distribution is not as easy as splitting a bank account in half. There are other issues such as business valuation, appraisals, forensic accounting and pension and retirement valuation. Having an attorney who understands how to value and split these complicated assets and liabilities is crucial to obtaining a fair result in your divorce.
High Asset / Net Worth
Divorce cases involving high net worth often require the assistance of industry experts in addition to a skilled family law attorney. In cases where significant assets are subject to equitable distribution, Pates Law Group may employ the efforts of a CPA, property and business valuation experts or other specialists to accurately determine the sum of a couple's assets and liabilities, including:
- Mutual funds, stocks and securities
- Retirement plans such as pensions, IRAs and 401(k) savings plans
- Delayed compensation executive-level income
- Life insurance policies
- Real estate holdings
- Business holdings
- Stock options
In a high net worth divorce, each piece of the financial puzzle has the ability to impact other financial awards by the Court, including alimony and attorney's fees. Contact Pates Law Group to review the facts of your case and determine options for your future income resources and property division.