If there is one thing that is imminent of all divorce, it is the question of property division. Whether laid out clearly in a marital agreement, or left to state procedural adjudication, the conversation regarding the future ownership of all shared properties is something that must be addressed before a divorce is finalized. Although it differs from state to state, there are some congruent standards in which the law uses to make such decisions regarding property allocation.
Continue reading to learn the most common factors that might influence property division following a divorce.
Consider a Collaborative Divorce
It is encouraged for divorcing couples to collaborate on dividing their marital property, rather than leaving in the hands of the law. Not only would a collaborative divorce approach give couples more control, it allows them to apply their personal preferences and considerations that are unique to their situation, and that a presiding judge wouldn’t have any notion of. See our blog, “How to Determine if Collaborative Divorce Right For You” to learn more about this progressive approach to ending a marriage. In the case that couples cannot come to an agreement by means of collaboration or mediation, it would be necessary for the courts to make marital property division verdicts.
Influential Factors of Asset Division
Marital property is any shared assets and debts attained during the marriage. Separate property is any assets or debts attained by a spouse prior to the marriage. Courts use a variety of factors to decide how to distribute marital property in a divorce. Here are some of the most influential factors they rely on:
⚖ Written Marital Agreements
⚖ Length of Marriage
⚖ Spousal Incomes
⚖ Property Procurement During the Marriage
⚖ Spousal Age and Health Status
⚖ Tax Consequences of Property
⚖ Spousal Debts and Liabilities
⚖ Spousal Income Capacity
How to Protect Your Assets During a Divorce
Whether you are preparing to marry, already married, or considering a divorce, there are steps you can take to protect yourself from unfair or unexpected marital property and asset division. For those who are preparing to marry, it is wise to consider a marital contract, such as a prenuptial agreement. For those who are already married, you can implement a post-nuptial agreement. For those who are thinking about getting a divorce, it is strongly advised to contact a seasoned divorce lawyer for helpful advice and legal support.
Get Trusted Marital Legal Advice in Florida
Contact the Law Office of Shane T. Herbert at 407-236-4852 to speak with a seasoned family lawyer about marriage legal assistance in Orlando, Florida. Our office is conveniently located in the Metro West area, within The Offices of Veranda Park, with ample free parking. And for your added convenience, office visits are not required for initial consultations, as we are happy to provide them over the phone or even video conference, if needed.