Understanding Equitable Distribution in Florida

 

Equitable distribution, also known as division of property, is one of the primary focuses in any divorce. When two people decide that it’s in their best interest to part ways, splitting up assets is often at the top of the priority list during negotiations. People who have been married for decades can have a laundry list of assets including homes, cars, investments and more. Splitting these assets equally can be an easy process or a complete nightmare depending on the situation surrounding a divorce. A helpful course of action when it comes to equitable distribution is working with attorneys in Coral Springs, FL who understand the process and have ample experience at the mediation table. Brodzki Jacobs & Associates is one such firm with years of experience assisting the people in and around Coral Springs, FL with their divorce proceedings.

Some assets are easy to split, such as he keeps car #1 and she keeps car #2. Other assets, such as savings accounts, investments (stocks/bonds) or pension plans are far less black and white. If the couple owned and operated a business then that adds a whole new challenge to negotiate around. You wouldn’t want to send a rookie to the plate in Game 7 of the World Series, so why would you send an inexperienced attorney to represent you when your livelihood is at stake?

Assets are often divided into two categories; separate and marital. Separate assets are those which an individual had in their possession prior to marriage. Any inheritance, gifts or personal injury payments also qualify as separate assets under the law. However, separate assets can become marital, such as if one spouse owned a house then added their husband or wife to the title and deed. The same applies to bank accounts, vehicles and anything else considered co-owned.

Marital property, then, is anything acquired or purchased during the tenure of the marriage. It’s interesting to note that martial assets are still classified as such even if it is only in one spouse’s name. For example if a husband starts a 401K during the marriage, it is considered co-owned even though it is only in the husband’s name. Some separate assets can even evolve into marital assets if they increase in value over the course of a marriage.

If it looks like your marriage may be headed towards a separation or divorce, the best thing you can do is call the professionals at Brodzki Jacobs & Associates as soon as possible. With decades of experience serving the people of South Florida, Brodzki Jacobs & Associates is one of the most trusted names in family law!

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