Cape Coral Property Division Attorneys

Legal Guidance for Fair Property Division in Florida Divorces

When people marry, they often combine their financial accounts and resources and consider their property mutually owned. When couples decide to divorce, though, property division is one of the biggest points of contention. While Florida has laws about the distribution of assets in divorces, the courts have discretion in determining what is fair. Depending on how a court rules, these decisions can significantly impact a person’s wealth. If you wish to end your marriage or were recently served with divorce papers, meeting with a lawyer as soon as possible is critical to evaluate your options. The knowledgeable Cape Coral family law attorneys of Lusk, Drasites & Tolisano, P.A. are skilled at helping people fight to defend their rights in divorce matters, and if you hire us, we will zealously advocate on your behalf. We regularly help people with family law issues in Cape Coral and other cities throughout Florida.

Are you facing a divorce and concerned about property division? Call Lusk, Drasites & Tolisano today at (239) 908-4930 or contact us online to speak with an experienced Cape Coral property division attorney who will protect your financial interests! 

Understanding Marital vs. Nonmarital Property Under Florida Law

Under Florida law, spouse property is defined as either marital or nonmarital. Generally, marital assets include any property incurred by either spouse during the marriage, including income, real estate, and benefits in retirement funds or profit-sharing programs. It also includes the increase in value or appreciation of any nonmarital asset brought about by either party's efforts during the marriage or results from the expenditure of marital funds. Gifts given by one spouse to another and personal property that is jointly owned are considered marital property as well.

Nonmarital assets include those acquired before the marriage, income derived from a nonmarital asset unless treated like a marital asset, and property obtained via a gift from someone outside the marriage or a bequest or devise. Property can also be expressly defined as nonmarital via a prenuptial or postnuptial agreement entered into by the parties. In many divorce cases, the parties will dispute whether an asset is marital or nonmarital, but parties arguing that property presumed to be marital is separate property must prove their position via evidence that is convincing and clear. 

How Florida Courts Determine Fair and Just Property Division in Divorce

Florida is an equitable distribution state, which means that in divorce actions, a court will divide marital property in a manner that it deems fair and just. Nonmarital property remains the separate property of the spouse to whom it belongs. The law dictates that a court tasked with distributing marital assets must begin with the premise that the division should be equal. The courts have the discretion to distribute property unequally, though. They will consider numerous factors to determine whether one spouse should be granted a more significant share of the marital property.

Considerations a court may weigh in determining a fair distribution include the economic situation of the parties and what each person contributed to the marriage in terms of income, childcare, and household services. The court will also look at the length of the marriage, whether either party contributed to the career or educational advancement of his or her spouse or experienced an interruption in work or schooling. Additionally, courts will examine whether it is beneficial for either party to retain an asset, like a business or professional practice, and whether it is appropriate for either party to keep the marital home as a residence for any minor children the couple shares. Finally, the court will evaluate whether either person intentionally dissipated or depleted marital property within two years before the divorce or after the divorce action was filed and any other factor it deems relevant.

The Property Division Process in Florida

In Florida, the property division process in divorce aims to ensure a fair distribution of assets and liabilities. The court will first identify and categorize property as marital or nonmarital. Marital property is then divided equitably, though not necessarily equally, based on factors such as each spouse’s contributions to the marriage, their financial circumstances, and the duration of the marriage. Here’s a general overview of the process:

1. Disclosure of Assets and Debts: Both parties must fully disclose all assets and debts, including bank accounts, real estate, vehicles, retirement funds, and other valuables. Failure to disclose assets can lead to penalties.
2. Valuation of Assets: Once assets and debts are identified, they must be valued. This includes real estate appraisals, business valuations, and determining the current value of retirement accounts and other investments to ensure a fair division.
3. Debt Division: Marital debts, such as mortgages, car loans, and credit card debt, are divided between spouses. The court may assign responsibility based on each party’s financial situation and the specifics of the marriage.
4. Finalization of Property Settlement: The court will approve the settlement if both parties agree on the property division. If no agreement is reached, the court will issue its order for an equitable division.

The property division process may vary based on the complexity of assets and any disputes between the parties. Consulting with an experienced property division attorney can help ensure a fair outcome.

Contact Our Cape Coral Property Division Lawyers Today

Typically, a divorce not only changes peoples’ relationship status but also results in substantial changes to their property ownership. If you believe the end of your marriage is imminent, it is wise to speak to a lawyer about what measures you can take about property division. At Lusk, Drasites & Tolisano, P.A., our attorneys are proficient at helping people navigate the complexities of divorce matters, and we have the knowledge and resources to help you seek a just outcome. We regularly represent people in divorce cases in our offices in Cape Coral, Fort Myers, and Naples. 

Contact our Cape Coral property division lawyers at Lusk, Drasites & Tolisano, P.A. today to schedule a consultation and ensure your rights and assets are properly represented!