Florida disunion Law - asset group

Florida Divorce Lawyers - Florida disunion Law - asset group

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Representing yourself in a Florida separation is inherent if you have strict information about your rights, the law and court procedures. You need to get it right the first time. Changing a Final Judgment is not all the time possible. If you make a mistake it can cost thousands of dollars for attorney's fees to fix it. This narrative will furnish you with information about your asset rights in a Florida divorce.

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Florida Divorce Lawyers

If you don't educate yourself about your rights, you could agree to accept much less than what you are entitled to. One modern separation forum had this posting:

When I got divorced I didn't fight for his business. He makes 0k/yr and I've been a stay at home mom. I had a premarital Ira but I cashed it in when his firm needed money. Now I get 2k/mo alimony but I want to buy a house and don't have sufficient money. Person told me that if I have my boyfriend move it, I'll lose my alimony. Help!

By not together with the value of the marital firm in Equitable Distribution, this woman shortchanged herself and her children. Now she's in distress. Don't let that happen to you.

Is There a formula for Equitable Distribution?

"Equitable Distribution," Florida's asset department process, starts with a 50/50 split of marital assets and debts, but in some situations an equal split may not be fair or equitable. There is no set formula for unequal splits. For example, one of you may rule to take more of the assets along with the loans on those assets because you can afford to do so. Unequal splits are unusual when cases go to trial.

Florida courts have ordered unequal splits when

One spouse is disabled and the other is employed One spouse is needed to care for a disabled child One spouse spoke tiny English, had no formal education and never worked One spouse hasn't worked for years, the other is nearing retirement
As you can see, the situations for unequal distribution are not typical situations. Since Florida law starts with a 50/50 split of "marital assets and marital debts" and unequal splits are unusual, most couples will use the 50/50 formula.

What is "Marital?"

"Marital property" or "marital assets" consist of anyone you spent money on during the marriage and still have - things like houses, cars, boats, televisions, dishes. Your "stuff" is called personal property. If you own property/house/dirt, it is called "real property."

"Marital debts" or "marital liabilities," like marital assets, are the loans you signed for during the marriage - things like mortgages, learner loans, prestige cards. With a few exceptions, all things you get or borrow is "marital" from the time you said "I do," until you sign a Marital community business transaction or file the request for retrial for Dissolution of Marriage, whichever comes first.

If asset is titled only in one spouse's name, it may still be marital asset if purchased with marital money. For example, some couples each have a car in private names. If those cars were bought/leased during the marriage, they are "marital assets." Even some non-marital assets can come to be marital as discussed below. The forum writer missed this opportunity in her case.

Action Tips:

Your first step is to list all your marital asset on a chart. Show its current value, what and who you owe for it. Make a column to show who is on the title or deed and someone else to show which of you will receive each one in the divorce. This is time fascinating but it will give you all the information you need for the Financial Affidavit and your trial or your Marital community Agreement.

When manufacture your chart, if you own real property, have prestige card debt or other recorded loans, have any joint property, you need to list all your asset (include all the owners) and all your debts with some identifying information for them. With concerns over identity theft, show only the last 4 digits of your loan and inventory numbers in the Financial Affidavit or Marital community Agreement. For the real property, give the address and the perfect legal narrative from your deed on a sheet labeled with your name and case number, if you have one already.

Non-Marital Means It's Mine, Right?

Well, maybe. Non-marital assets and liabilities belong only to one of you and aren't divided in the Equitable Distribution process. There are five categories of non-marital assets/liabilities under Florida law:

Assets or liabilities you had before the marriage. Inheritances and other gifts, even during the marriage. Any income received from non-marital gifts unless you relied on or used that income as a marital asset. Assets defined as non-marital in a written business transaction (pre nuptial or post nuptial agreement) A liability obtained by forgery of one spouse's name by the other spouse. The forging spouse is responsible for that liability.
In deciding Equitable Distribution, a court will only think "marital" assets and liabilities. Non-marital assets come into play primarily with alimony determinations.

Be careful. "Non-marital" can come to be "marital." When you have non-marital assets/liabilities but mix them with marital assets, by depositing your inheritance check into a joint marital inventory for example, you may have "co-mingled" these assets so that they aren't determined non-marital anymore. The forum writer changed her non-marital retirement inventory into a marital asset when she used it in the house business.

Another non-marital/marital problem can arise when you have used your non-marital asset to originate money during the marriage. For example, you owned a house with a mortgage before you got married. While married, you used you paycheck to pay the taxes and some of the mortgage. When you rented the house after your marriage, you deposited the rent payments into a joint marital account. There is a extra formula for giving you prestige for your traditional investment. This area can be a minefield and you will want some expert guidance if the two of you can't rule on a fair way to divide co-mingled property.

It is inherent to record yourself in a Florida divorce. To be sure that the marital asset and debt are divided fairly, you need to know what asset is "marital" and what its value is. manufacture a chart of all your asset will help you in the Florida separation process and will make calculating the equitable distribution or asset department easier.

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