Division of property is a complicated issues capable of transforming a seemingly cooperative divorce into a huge courtroom mess. In addition to determining the value of the property that is to be divided, divorcing spouses must also decide whether this property is considered marital or non-marital. Whether this process is pursued with the help of a mediator or in a court of law, it is important to seek the assistance of a trusted divorce attorney such as Kinnear K. Smith.
What Is Equitable Distribution?
Florida is an equitable distribution state; this means that, when a couple divorces, all of the assets they have acquired while married must be divided in a fair manner. Assets acquired before or after the divorce are deemed the sole property of the spouse who originally obtained this property. A wide array of assets can be deemed ‘property’ in an equitable distribution divorce, including stock options, retirement accounts, real estate, cars and intellectual property. However, liabilities such as student loans, mortgages and credit card debt must also be divided fairly in an equitable distribution divorce.
A common misconception surrounding equitable divorce involves the confusing of the term “equitable” with equal. Assets are not necessarily divided in an equal manner during an equitable distribution divorce; instead, the court selects a means of property division that it deems fair to both parties. With such a big decision falling on the court, many divorcing spouses prefer to pursue the mediation approach.
How Does A Property Settlement Work?
A property settlement is an agreement for the appropriate division of property entered into by divorcing spouses. The property settlement process can vary wildly depending on the amount of property held by the spouses, how much of that property was acquired while these divorcing spouses were married and whether they are in agreement regarding the value and marital status of that property. Ideally, the divorcing spouses will cooperate enough to make mediation possible. In many situations, however, litigation may be required. If a court-based property settlement is deemed necessary, it is wise for each individual involved in the divorce to seek advice and representation from a trusted Clearwater divorce lawyer. This attorney can help ensure that any equitable distribution decisions are, in fact, equitable.
Kinnear Smith boasts an impressive record of success in property division and is eager to help you achieve your property settlement goals. Look to Kinnear Smith PA for the ultimate in divorce representation.