Orlando Equitable Distribution Attorney
An Orlando attorney experienced in equitable distribution is essential in any dissolution of marriage action. Florida Statutes section 61.075 governs equitable distribution, which requires that the marital assets and debts of the divorcing couple must be identified and then divided in a fair way. Before that can be done though, the non-marital assets and debts of the divorcing party must be identified and separated from the marital assets and liabilities.
Determining whether the property is marital or nonmarital is a crucial first step in determining the equitable distribution of property. Marital assets are subject to distribution while non-marital assets remain the property of the individual spouse. Marital assets are those assets and liabilities acquired during the marriage, with some exceptions, and the appreciation in value of non-marital assets. Assets and liabilities acquired before the marriage are considered to be “nonmarital” and are not distributed. The party who acquired the nonmarital asset or liability will keep it free from the claims of the other spouse.
Factors in Unequal Distribution of Assets and Liabilities
Florida is an “equitable distribution” state. This means that, once the court determines the extent of the couple’s marital property and debts, they are then divided up in a fair way. A 50/50 distribution of marital debts and liabilities is the starting point required by section 61.075, but the court can vary from that initial starting point of distribution and do equity, meaning the court can grant an unequal share of the marital property to one party over the other, depending on the following factors:
- Each spouse’s contribution to the marriage, including time spent on the care and education of the children and services as a homemaker.
- The economic circumstances of the parties.
- The length of the marriage.
- Any interruption of a professional career or education by either party.
- One spouse’s contribution to the personal career or educational opportunity of the other spouse.
- The desirability of one spouse retaining any asset, including ownership of the business, free from any claim by the other party.
- The contribution of each spouse to the acquisition and production of income, or the incurring of liabilities to, the marital assets and nonmarital assets of the parties.
- The desirability of retaining the marital home for the use of the parties’ dependent children, when it would be equitable to do so.
- The intentional dissipation, waste, or depletion of marital assets after the filing of the petition or within two years before the filing of the petition.
- Any other factor that would do equity between the parties.
Knowledgeable Equitable Distribution Lawyer in Orlando
Call the Spence Law Firm at 407-910-2260 for a FREE consultation with a knowledgeable Orlando equitable distribution lawyer.