In Florida, the property is divided between the parties as part of the final resolution in a divorce case. The Florida courts divide the property according to the criteria contained in the equitable distribution statute. If the parties can agree to a division of assets this would generally be accepted by the court. However, if the parties cannot agree the court will decide the issue. The law offices of West Palm Beach divorce attorney, Jessica Mishali have over four decades of experience in representing clients concerning property division and asset valuation.
The court considers the following factors concerning an equitable distribution property award:
Florida defines property for purposes of a divorce as either marital or non-marital property, which is also called separate property. Marital property is defined as property acquired during the marriage or acquired prior to the marriage if paid for by both parties during the marriage. Non-marital property includes, but is not limited to property acquired prior to the marriage and property inherited by a spouse and property acquired after the filing of the petition for dissolution of marriage. If non-marital property is co-mingled with marital property it becomes marital. If property is determined to be non-marital property is retained and not distributed between the parties. Separate property also includes gifts and inheritance.
Property ValuationParties are free to agree as to the value of a marital asset. When the spouses agree, courts will generally accept what the parties have agreed to as the value of the asset. Depending upon the type of asset, it may be necessary to retain forensic experts to determine the value of an asset. Various types of experts may include accountants, real estate or business appraisers or pension valuators.The Marital HomeIn a divorce case, the marital is often one of the parties biggest assets to be divided by the court. Unfortunately, because of the recent economy the value of the marital home is often upside down, the parties owing more on the mortgage than the value of the home. If the parties cannot agree as to the value a real estate appraisal can be obtained. There are generally three options to divide the equity in the marital home:
Pension and Retirement Benefits
Pursuant to Florida law the marital portion of pension and retirement benefits are deemed marital property. The pension vests when all the requirements to receive the pension have been met. Unvested pensions are also marital property. Until the pension has vested, the person for which the pension is maintained is only an expectancy of interest in the pension. Valuation of retirement benefits is fact-intensive and varies depending upon the plan. In general, pension and retirement benefits are distributed like any other marital asset. It is within the court's discretion to choose the method of distribution. A tax-qualified pension can be distributed through a qualified domestic relations order (QDRO). An IRA is not subject to a QDRO.
Military Benefits
Voluntary separation benefits and military retirement benefits are subject to equitable distribution. Disability benefits and involuntary separation benefits are not.
Business or Professional Practice
A business acquired during the marriage is marital property and should not be awarded solely to one party. Usually, the court will divide the value of the business or professional practice for equitable distribution purposes but not leave both parties running the business together. The valuation of business or professional practices is highly technical and often requires the retention of an expert.
Contact a West Palm Beach divorce attorneyAt the law offices of West Palm Beach divorce attorney, Jessica Mishali, we handle the full range of divorce and family law matters. We are dedicated to representing you with professional excellence. Please contact West Palm Beach divorce attorney Stephen J Press at (561) 833-2772 or contact us online for a consultation.