Division of Marital Property
Orlando Divorce Attorney Joe Knape wants you to know what to expect during a divorce. Division of marital property can impact parties in emotional and financial ways. Clients will often ask, “Who gets what?” “What is going to happen to all of our possessions?” “Who will keep the house? The cars?” These are important questions to ask because they impact your financial future.
Keep in mind that divorce law differs on a state-by-state, jurisdiction-by-jurisdiction basis. The laws in each state differ, so it is important to be represented by a knowledgeable Florida Divorce Attorney such as Attorney Joe Knape.
Florida is a Community Property State
Florida is a community property state (also known as equal distribution). In Florida, marital property is divided up equally between the parties. The dispute between the parties will occur when deciding what constitutes marital property.
In theory, this process is supposed to be simple. First, the parties will create an inventory of all their property. Once the inventory is completed, property that was owned by one party or another before the marriage is removed from the inventory and assigned to the person that brought the item into the marriage. For example if Party A brought his/her grandmother’s antique bracelet into the marriage, they will retain possession of the bracelet. Once all those items brought into the marriage are removed from the inventory, what remains is considered to be marital property and is divided on a 50/50 basis as the parties or the court may determine.
Fifty-fifty division of marital property may sound simple enough, but issues always arise. For instance, suppose the husband owned the home the couple is living in prior to the marriage. At the time of the marriage, the house was worth $95,000 with a remaining mortgage of $60,000. After 10 years of marriage, with both parties working and making contributions to the payment of the mortgage, the mortgage principal has gone down to $45,000, and the value of the house has risen to $125,000. The parties or the court will need to decide on a fair and equitable division of the home, a process that may end with the sale of the home. Other common examples of marital property that may need to be divided and that may cause a legal dispute are: investments, pensions, automobiles, jewelry, etc.
Divorce and Marital Investigation
Divorce Attorney Joe Knape often needs to hire investigators on behalf of his clients to search for assets that a party may try to hide from the courts. In addition, there may be other intangibles such licenses for businesses, future earnings of a spouse supported while in college, sacrifices made for childcare, and returns from a business both partners funded and started. In each case, having an experienced attorney like Joe Knape at your side will protect your interests.
Divorce Property Settlement
The goal of every property settlement is to be fair to the needs and interests of both parties. In every divorce, property settlement is based on negotiation. While the property settlement is based on a formula, the figures put into that formula can be subject to interpretation. Parties in a settlement can end up with very little if they are not properly represented. Don’t let that happen to you. It is important to have an experienced attorney like Joe Knape on your side to make sure that you are fairly represented.
If you or someone you know is going through a divorce, explore the options by contacting Attorney Joe Knape. The first consultation is free, payment plans are available and all major credit cards are accepted.
Free Divorce Consultation
If you need a consultation regarding divorce in the Central Florida area, call dissolution of marriage Attorney Joe Knape at 850-225-5563 or 407-508-7774 or fill out the contact form here at http://www.850calljoe.com/contact
Joe Knape, Attorney at Law provides legal services to the cities of Orlando, Winter Park, Maitland, Ocoee, Winter Garden, Longwood, Sanford, Apopka, Altamonte Springs, Casselberry, Winter Springs, Windermere, Ocala, Lake Mary, College Park, Deland, Debary, Deltona, Daytona Beach, Leesburg, Tavares, Lady Lake, Winter Haven, Lakeland, Haines City and Tampa and to all of Marion County, to Volusia County, to Brevard County, to Polk County to Orange County, to Osceola and Seminole County, Florida, and to greater Central Florida.