Miami Equitable Distribution Attorney
The process of dividing marital property between divorcing spouses is known in Florida as equitable distribution. Since what is required is an “equitable” distribution, marital property is not necessarily divided equally, so long as the final division is fair. Key steps in this process include locating all assets, properly characterizing each one as marital or non-marital, accurately valuing each asset, and providing compelling evidence and persuasive arguments to the court regarding how to fairly divide marital assets and debts. The parties can also decide between themselves how to divide the property and create a property settlement agreement, subject to judicial review and approval.
At True North Law, P.A., attorney Daniel Umbert uses his many years of experience as a family law litigator to represent clients in divorce and guide them through a cost-effective approach to achieve their goals. Whether amicably resolving issues outside of court or going to trial on contested matters, we’ll tirelessly advocate for an outcome that suits your needs. Contact True North Law, P.A., today to speak with a skilled and knowledgeable Miami equitable distribution attorney.
Characterization of Property: Marital vs. Non-Marital
The first step of equitable distribution in a Florida divorce is determining whether property is properly classified as marital or non-marital. This distinction is crucial because only marital property is subject to division. Generally speaking, marital property includes assets and debts acquired by either spouse during the marriage, regardless of whose name is on the title. This encompasses a wide range of items, such as:
- Real estate purchased during the marriage
- Earnings and income accumulated during the marriage
- Retirement accounts and pensions earned during the marriage
- Personal property like cars, furniture, jewelry, and even pets (yes!) acquired during the marriage
- Business interests developed during the marriage
Non-marital or separate property, on the other hand, consists of assets and debts that belong to one spouse individually. This category typically includes:
- Property owned by either spouse before the marriage
- Inheritances and gifts received by one spouse during the marriage
- Assets acquired after the filing of a petition for dissolution of marriage
- Income from non-marital property, provided it is kept separate from marital funds
It’s important to note that non-marital property can become marital property if it is commingled with marital assets. For example, if one spouse inherits money and deposits it into a joint bank account used for household expenses during the marriage, it may be considered marital property.
Factors in Equitable Distribution
Once the court identifies and values the marital property, it considers several factors to ensure an equitable division. According to Florida law, the following must be considered:
- Length of the Marriage. The duration of the marriage can influence the division of property. Long-term marriages may result in a more equal division of assets, whereas short-term marriages might see a more distinct separation based on individual contributions.
- Economic Circumstances. The court examines each spouse’s economic situation, including their income, earning capacity, and financial needs. This consideration ensures that neither spouse is left in a significantly worse financial position post-divorce.
- Contributions to the Marriage. Contributions to the marriage, both financial and non-financial, are taken into account. This includes income earned, contributions as a homemaker, and efforts in raising children. The court recognizes the value of both monetary and non-monetary contributions.
- Interruptions in Career or Education. If one spouse interrupted their career or education to support the family or enhance the other spouse’s career, the court considers this factor. Compensation for such sacrifices might be reflected in the division of property.
- The Desirability of Retaining Assets. In some cases, it might be desirable for one spouse to retain certain assets, such as the family home, especially if minor children are involved. The court may grant ownership of such assets to ensure stability for the children.
- Intentional Dissipation of Assets. If one spouse has deliberately wasted or destroyed marital assets, the court can take this into account. Such actions can lead to an unequal division favoring the other spouse to compensate for the loss.
- Health and Age. The health and age of each spouse can impact the court’s decision. Older spouses or those with health issues might receive a larger share of the assets to ensure their well-being.
- Any Other Factor. The court has the discretion to consider any other factor it deems relevant to achieving a fair division of property. This broad criterion allows for flexibility in addressing unique circumstances.
Contact True North Law, P.A., for Help With Equitable Distribution in a Miami Divorce
Navigating the equitable distribution of property in Miami requires a thorough understanding of the distinction between marital and non-marital property and the various factors that influence the court’s decisions. If you are facing a divorce, it is crucial to seek the guidance of an experienced Miami equitable distribution attorney who can help you protect your interests and ensure a fair division of assets. At True North Law, P.A., we are committed to providing compassionate and knowledgeable legal support to help you through this challenging time. Contact us today to schedule a consultation and learn more about how we can assist you.
