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Contact a Miami Division of Property Lawyer
Divorce and Family Law Topics
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Division of property is an important aspect of the divorce process. Whether the Division of Property in Miami is amicably handled outside or inside the courtroom, the help of a qualified divorce attorney is the best way to protect your assets during the Division of Property in Miami and maximize your legal interests.
A good place to begin when determining the Division of Property in Miami between you and your spouse is identifying what is marital property and what is separate property. Marital property constitutes any property or debt acquired during the course of your marriage, including any increase or decrease of that property’s value. Separate property is defined as any property or belonging owned prior to your marriage, in addition to any personal gifts or family inheritances that have been bestowed upon you as an individual. Separate property may also be spelled out in a prenuptial agreement.
The Division of Property in Miami upon divorce may include more than just physical property. Personal and joint assets may consist of businesses, vehicles [cars, boats, motorcycles etc.], cash, whole or universal life insurance, securities, pensions, retirement plans, and more. The debts accrued during the marriage, including mortgages, credit card debt, loans, and the like, are also considered marital property. An experienced divorce lawyer can help you determine what will be considered marital property in your divorce case.
State laws allow separating parties to negotiate the division of marital property upon divorce. So long as the two parties can agree and there are no children involved, the courts will uphold an agreement made by the spouses. If you and your partner are unable to negotiate the Division of Property in Miami, a judge will appropriately divide your assets. State laws vary regarding the process of Division of Property in Miami. A qualified divorce attorney can help you determine the laws applicable to your case.
Marital property is divided in two ways, by the principles of community property or equitable distribution, depending on your state’s laws.
Under community property laws, all marital property is divided 50/50 between both spouses, regardless of the specific circumstances of the divorce. There are currently only nine states which have community property laws governing the Division of Property in Miami upon divorce; Arizona. New Mexico, Idaho, California, Texas, Washington, Wisconsin, Nevada and Louisiana.
In equitable distribution property division states, property is divided between the two parties in a fair but not necessarily equal manner based on the specific circumstances of the marriage and divorce. Under equitable distribution laws, a judge may consider any of the following factors when determining the Division of Property in Miami:
· The length of the marriage
· The income and earning potential of each party
· The separate property of each partner
· Each partner’s efforts into accruing property
· The value of homemaking and non-income based contributions to the marriage
· The fault of one partner in squandering marital property and accruing debt
· The age and health of each party
· Responsibility of caring for children
· The cause of divorce, i.e. infidelity (in states that recognize fault-based divorce)
To learn more about the Division of Property in Miami in divorce, please contact us to speak with an experienced divorce lawyer. We can evaluate your case to determine what assets and debts are subject to division and determine the best way to protect and maximize your legal interests.
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