Property Division Lawyer In Daytona Beach
Many people believe that property division is a simple matter of splitting assets in half. While a 50/50 division of property is the starting point according to Florida family law, this aspect of divorce can get very complex. At the law firm of Gerard V. Muriello, Attorney at Law, we have the experience to guide you through the property division process.
Marital and Non-Marital Property
Not all of assets are subject to property division. Everything you had prior to the marriage is yours to keep. You can also keep inheritances or money from an accident settlement. However, if these assets have been commingled with marital assets, our Daytona Beach property division lawyer will have to determine if the assets can be traced and separated.
Marital assets are assets obtained during the marriage. Marital Liabilities are debts incurred during the marriage. The combined marital assets and marital liabilities make up the marital estate. In the property division phase of a divorce, the marital estate is divided, regardless of whose name is on the title or the account. Some people are surprised that assets such as retirement accounts are subject to property division.
How Much Is The Property Worth?
After we pull out the separate property from the community property, we must determine the value of the property that will be divided. It is important to know that assets will be divided based on their fair market value, not their purchase price. Not every asset will be divided. The goal is to get the bottom lines to be equal.
In some cases, such as when one spouse has a higher earning capacity, the other spouse may get a larger portion of the assets to help ensure that he or she retains a standard of living that is as close as possible to the marital standard of living.
Asset Division Attorney Serving Ormond Beach
To discuss divorce with an experienced lawyer in Daytona Beach, Florida, call 386-872-4909 or fill out our contact form today.