Splitting Assets in Divorce
In Florida, when a divorce is contested, it is subject to Florida’s equitable distribution laws, which means the courts start with the premise that distribution of marital assets are equal. When dividing property, the judge considers the date the asset was acquired. If the asset was acquired before marriage, the asset may be non marital. If the asset was acquired during the marriage, the asset is likely a marital as set, subject to equitable distribution.
Splitting Liabilities in Divorce
When devising divorce agreements, most people do not think to divide up liabilities. However, liabilities are just as important to consider as are assets. Florida courts determine who takes responsibility for debts and other liabilities in much the same way that they determine who gets what assets—by considering the date the liability was incurred.
Using Income to Determine Alimony
Florida allows for an award of alimony upon divorce. To determine how much alimony should be awarded in a divorce, the judge will consider the incomes of both parties. He or she will also take into consideration the education and earning capacity of both parties, child care expenses (if applicable), and the duration of the marriage. With each of these factors in mind, the judge will award one of six types of alimony, or a combination thereof:
- Temporary;
- Bridge the Gap;
- Lump Sum;
- Rehabilitative;
- Durational; or
- Permanent Periodic.
Obtain the Fairest Possible Outcome – Work With a Boca Raton Divorce Lawyer
When you work with an experienced Boca Raton divorce lawyer, you can better understand how the courts divide assets and liabilities and therefore, take proactive measures to protect your financial interests. To learn more about how a skilled attorney can help you keep divorce costs to a minimum, contact WiseLieberman, PLLC at 561-488-7788 or online to schedule your initial consultation today.
