Boca Raton Property Division Lawyer

Boca Raton Property Division Attorney

The prospect of property division in a divorce case can be one of the most contentious issues to deal with. It determines how assets and debts will be split once the divorce is finalized, which can be a personal experience for spouses with financial and emotional ties to the assets they have acquired together during their marriage. A Boca Raton property division lawyer can step in to help speed the process up and keep it compliant with Florida law.

At Benzion Law, our team of property division attorneys takes pride in knowing that our contributions can help positively shape the financial future of our clients. We work hard to ensure that anyone seeking our help in the property division process will feel heard and well-represented in divorce court. We treat your collection of marital assets as if they were our own, working around the clock to help secure the outcome you are looking for.

What Assets Qualify for Property Division in Boca Raton, Florida?

Florida is an equitable distribution state, meaning that all assets accumulated during the tenure of marriage will be divided fairly rather than evenly split down the middle. Any items that someone had acquired when they were single before the marriage are considered separate property and will not be included in this process.

Some of the most common items that qualify for an asset valuation and division in Florida to reach a fair property settlement include:

Real Estate

Many couples are aware that the home they live in together will be a point of discussion in divorce court. However, this extends to any piece of property that the couple acquired during their marriage, like a vacation home or investment rental property. During the divorce, the Florida courts will determine the fair market value of the home and use that figure to help decide if one spouse will keep the home or if it needs to be sold for a profit that will be split.

Financial Accounts

Both spouse’s checking and savings accounts are up for property division consideration if they were opened during the time of their marriage. The court will log the current balance of each account during the divorce process and will use that figure to help finalize the divorce and split assets. To ensure neither party is acting in bad faith, the court will ensure that there are no funds hidden or moved to a different account in an attempt to manipulate the divorce process.

Retirement Accounts

It is common for any working spouse to be putting away a certain fraction of their income into a retirement account during their marriage. All of these funds are up for consideration. This includes an individual’s 401(k), IRA, pension, or any other private account they set up to put away money for the future. Because both parties may have been relying on these funds to feel secure in their later years, the court will carefully divide how much money is in these accounts.

Business Interests

If there is a shared business a couple created during their marriage, the Florida courts will need to calculate how much the business is worth and use that figure to help the property division process in their divorce. Aspects of a business like any intellectual property it owns or current profits will all be taken into consideration. Final decisions on how to split a business might require some creativity, like selling stocks to help split some of a company’s profits.

Debt

In addition to assets, any debt that was collected during a marriage must also be split before a divorce can be finalized. The court will take into consideration who was responsible for generating specific debt and what the purpose of doing so was. While it might seem natural to split debt down the middle or keep certain accounts with the spouse who opened them, the court may also put more debt on the higher-earning spouse to reach a fair final agreement.

FAQs

Q: Are Assets Always Split 50/50 in a Divorce in Florida?

A: No, assets are not split 50/50 in Florida unless the court determines that this type of split is the most fair arrangement possible. This is because Florida operates under the law of equitable distribution, which means that factors like financial need and capacity to earn an income could make a 50/50 split an unbalanced resolution. For example, sometimes a 70/30 split might be more fair, as it helps a lower-earning spouse maintain the standard of living they are used to.

Q: Is My Spouse Entitled to Half My House if It’s in My Name in Florida?

A: There is a possibility that your spouse will be entitled to a portion of your house in Florida, even if their name is not on the mortgage or deed. This is largely the case with homes that were acquired after a couple marries, as it automatically deems the house as marital property. Even if a spouse owns a portion, it doesn’t mean that the couple will physically split the house. For example, they may agree to sell it and split the profit.

Q: Can a Prenuptial Agreement Affect Property Division in Florida?

A: Yes, a valid prenuptial agreement can impact how property is divided in a Florida divorce, depending on the terms and conditions both spouses agreed to. For example, a prenup could override the state’s equitable distribution laws by stating that certain assets, like the home the couple purchased together, must be sold if a divorce were to occur for the couple to split the profit. As long as there is no evidence of coercion, the prenup will be valid and enforced.

Q: Can a Spouse Hide Assets During a Florida Divorce?

A: If anyone is found hiding assets during a Florida divorce, this is considered illegal behavior and will be met with consequences. Some bad faith actors engage in this behavior to underreport their income and reduce the amount of money they might owe the other spouse. If there is suspicion of this going on, the other spouse can hire a forensic accountant to investigate their finances. If evidence of hidden assets is discovered, the other spouse might be awarded a larger share of the marital assets.

Contact Benzion Law Today

If you are entering a Florida divorce and have concerns over the division of your property, no matter how complex it may seem, contact the family lawyers of Benzion Law today. We understand the sensitive nature of these cases and work hard to ensure no one takes more than their fair share of the assets you have accumulated together. Contact us today to begin.