COMPLEX PROPERTY DIVISION OF ASSETS & DEBTS

Florida is known as an equitable distribution state. Florida Statute 61.075 defines how marital assets and debts shall be determined and distributed. Assets may include, but are not limited to, real and personal property, retirement accounts, business interests, insurance proceeds, bank accounts, stocks/bonds, jewelry, automobiles, boats, and appreciation in value of non-marital interests.

 

Debts may include, but are not limited to, mortgages, credit cards, car loans, medical bills, and unpaid taxes or tax liens. Generally, all assets and debts acquired during the marriage should be divided in an “equitable manner”. This, however, does not mean you and your spouse will each receive half of the marital property and assets or debts.Certain and specific factors in the equitable distribution statute may affect the distribution in favor of one party or another.

 

Ultimately, if the parties are unable to reach an agreement, the court will decide and determine the equitable distribution of your marital assets and liabilities. It is important you seek knowledgeable representation and advice during this process. Flaherty Law Firm provides personal attention to every case and client, ensuring each client is fully informed in order to make the soundest decisions during difficult times. Mark & Angela will evaluate each case personally to effectively protect each and every client’s interest and assets. They will discuss with you personally the cost and benefit of each legal decision and discuss realistic options that can save you both time and money.