Mara Law, P.A.
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Mara Law, P.A.
Mara Law, P.A.

Dividing Marital Assets

Wed, Feb 06, 2019 at 10:26AM

Dividing Marital Assets

Going through a divorce takes a lasting toll in many ways. It can be trying emotionally, mentally, physically, and financially. Your family members will also be impacted. Maintaining a clear mind and keeping it all together during this time can be difficult. That’s why it’s best to have reliable Daytona Beach family law attorney on your side.

One aspect of divorce that requires special attention is the equitable distribution of marital assets. Many people think that there is always a “50/50 split” when it comes to divorce. This isn’t necessarily true. Instead, different outcomes arise from various scenarios. Here’s how you can protect yourself and loved ones during divorce proceedings:

Understand the Process

In order to appropriately divide marital assets, you’ll first have to take an inventory. This list will include everything you’ve purchased or acquired (including inherited items) during your legal marriage. It also includes money stored in joint accounts.

It’s paramount that you maintain utmost honesty during this process. Don’t try to “hide” any finances or property. In addition, strive to keep your list comprehensive. While it’s easy to overlook seemingly insignificant items, all property should be included during this process.

Examples of shared assets include:

  • real property (including primary and vacation homes)
  • vehicles (including boats, campers, and ATVs)
  • business property and undeveloped land
  • home furnishings, antiques/collectibles, artwork
  • electronics and other personal property
  • financial accounts (including retirement, savings, and trusts)

It’s important to note that this is not a comprehensive list. There will be other eligible assets unique to your specific situation.

Protect All Parties Involved

As mentioned, emotions often run high during separation discussions. That’s why mediation is often the best way to settle issues.  When you schedule a mediation, it’s essential to hire an impartial mediator who can help you find a pathway through tense or complicated situations. These professionals can also prevent the process from getting hung up on heated debates over certain items that hold special or sentimental value.

Some states, including Florida, require mediation before you have a trial. It’s important to understand that judges make decisions based solely on appropriate property division.  Emotional attachment does not usually factor into final decisions. Take comfort in knowing that your Daytona Beach divorce attorney is available to help you reach a resolution that satisfies the needs and desires of everyone involved.

Investigate Every Option

Just as not every marriage is the same, divorce doesn’t have to be cookie-cutter. Instead, it’s helpful to know the many options available to you. By scheduling a consultation with an experienced DeLand family law attorney, you’ll have a better understanding of how best to proceed.

For instance, collaborative divorce focuses on settlement outside of court. This option enables you to have more control over important decisions affecting your loved ones. Speak with a trusted and reputable attorney to learn more about this process.

In addition, if you have pre or post-nuptial agreements in place.  The terms of these documents will affect asset distribution in your divorce. Settlement agreements, temporary orders, and other scenarios will also be considered.

Partner with a Dynamic Advocate

For many people, just the idea of divorce is confusing, stressful, emotionally-charged, and even overwhelming, but it doesn’t have to be that way. Instead, when you team with seasoned a divorce attorney in Daytona Beach, you have the peace of mind that your case is handled in a clear and straight-forward manner that keeps your best interests in mind.

We’re proud to serve clients across Volusia and Flagler Counties. Specializing in estate planning and family law matters (including divorce), we’ve exceeded the expectations of people across Central Florida. Contact us today to begin a discussion about your unique legal needs.

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Content Sources

  1. Landers, Jeff. “Understanding How Assets Get Divided in a Divorce”. Forbes. 12 Apr 2011. accessed 5 Feb 2019
  2. Backman, Maurie. “How to Split These Assets During a Divorce”. The Motley Fool. 7 Dec 2017. accessed 5 Feb 2019
  3. Collaborative Divorce”. Mara Law, P.A. accessed 5 Feb 2019

 


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