One of the major concerns when going through the divorce process is the distribution of assets. This regularly addressed aspect of dissolution of marriage cases can, at times, be resolved amicably while, at other times, is only resolved after an exhaustive fight for assets. At Mosaic Law Firm, we assist our clients in looking beyond the immediate issues and consider the long-term effects of distributing assets, debts, and liabilities. Our attorneys strive to fight aggressively for the rights, needs and wants of our clients in this process while doing our best to get matters resolved amicably and in a timely manner.
Whether you are divorcing after a long-term marriage or a short-term marriage, it is important to hire a knowledgeable attorney who can demonstrate the assets that you are entitled to. Most common issues involve:
- Identifying martial and non-martial property
- Identifying and dividing debts
- Interpreting prenuptial and postnuptial agreements
- Sale of the family home
- Sale of a closely held business or professional practice
- Identifying and dividing retirement benefits, pensions, and investments
Dividing marital property can be contentious. Absent an amicable agreement, the Courts have wide discretion to divide marital assets in a manner of their choosing. This often presents an issue as the Court is not privy to the emotional attachments the parties have to their assets. The attorneys at Mosaic Law Firm look to alternative methods, such as mediation or arbitration, to avoid this outcome.
Frequently Asked Questions Regarding Distribution of Assets
Q: What assets are considered marital assets?
A: In Florida, marital assets typically consist of the following:
- Assets and liabilities incurred during the marriage, individually or jointly
- Enhancement in value and appreciation of nonmarital assets
- Interspousal gifts
- Vested and non-vested benefits, rights and funds accrued during the marriage in retirement, pension, profit-sharing, annuity deferred compensation and insurance plans and programs
- Real property and personal property held by tenants by entirety, whether acquired prior to or during the marriage is presumed as a marital asset
- Income from nonmarital assets that was treated, used or relied upon by the parties as a marital asset
Q: Who gets to keep the family pet(s)?
A: Florida typically treats pets acquired during the marriage as personal property and a marital asset. In other words, the Courts limit arguments surrounding the best interest of the pet and treat the pet as another item of value held in the marriage and calculates it as part of the equitable distribution of marital assets. As such, it is unclear at the outset who will receive the family pet. This will have to be agreed upon by the parties or disputed in court.
Mosaic Law Firm is conveniently located in Downtown Orlando, Florida and Downtown Washington, D.C. Statutory requirements, court rules, and administrative orders must be strictly followed or you may lose certain rights forever. Contact us now to inquire further and learn how our firm can help you with your family legal issues.