Dividing Assets During Divorce: Equitable Distribution
Florida law requires an equitable distribution of assets from the marriage. An equitable distribution means that the assets must be divided in a just and fair manner. It is important to also note that Florida is a no-fault divorce state, which means a divorce can be granted based on “irreconcilable differences” or because the marriage is “irretrievably broken” — rather than requiring grounds of fault to be alleged, such as adultery. However, during the division of assets process, grounds of fault may be considered.
What is the worst that can happen?
Most people worry that all of their assets will be considered marital property and become subject to the equitable distribution of assets process. Even with the laws pertaining to no-fault divorce in Florida, that’s the worst case scenario. To help protect your assets, a no-fault divorce lawyer in Fort Lauderdale will ask you about the following list of assets that tend to accumulate during a marriage:
- Personal item like works of art, valuable collections and jewelry
- Hard assets like real estate, antique furniture, cars and boats
- Investment accounts scattered among several different brokerage firms and money managers
- Pension plan accounts and retirement or deferred compensation packages
- Life insurance policies, especially those with large built-up cash values
- Professional practices, partnerships and ownership in closely held corporations
- Family-owned businesses
- Accounts at financial institutions
- Trust funds
Your Fort Lauderdale divorce attorney will likely argue for exclusion of some assets on this list from the marital estate. This starts the negotiation process. Regardless of the value of your assets, hiring experienced legal counsel is your best course of action.
Work with a skilled divorce attorney who can protect your hard-earned assets
For 15 years, Fort Lauderdale’s Vanessa L. Prieto Law Offices LLC has guided clients through divorce. Call our Fort Lauderdale office today at 954.687.9143 or contact us online to schedule your appointment.