Addressing Your Concerns For Equitable Distribution And Alimony
Money and assets remain a big concern in any marriage as well as any divorce. When couples separate and take the steps toward divorce, these issues come to the forefront. What assets are now up for grabs? In addition, the lower-earning or nonearning spouse will have concerns about alimony.
If you are going through a divorce in the Delray Beach or Boynton Beach area and have questions about the equitable distribution of assets as well as alimony/spousal support, you need to retain an aggressive, seasoned and understanding family law attorney. From our law offices in Boynton Beach, Florida, we are prepared to help you protect your assets and secure what is rightfully yours.
Negotiating And Litigating
Divorce attorneys Jennifer Reisler and Cynthia M. Pyfrom, have been practicing law since 2015 and 2013, respectively, and have spent years in the legal field. We understand family law and the concerns you have. Cynthia Pyfrom has gone through the pain of a divorce. When it comes to asset division and alimony, she will explain to you the legal options that will best protect you.
Florida is among many states that follow the laws of equitable distribution. In this context, “equitable” means what the court considers to be fair. It is crucial to understand that with asset division and alimony, parting spouses can negotiate and settle out of court, but litigate when necessary.
Marital property is accumulated during the marriage. This property – which may include home, real estate, investments, retirement accounts and businesses – is subject to being divided through the courts or by mediators.
Addressing Your Alimony Concerns
Palm Beach County courts may deem alimony necessary by reviewing the following details:
- The income and earnings of both spouses
- The length of the marriage
- Each spouse’s needs, including physical and mental states as well as financial ability
- The financial investments that each person brought to the marriage
We will guide you in securing the best results possible, whether in alimony or equitable distribution of assets.
Frequently-Asked Questions About Florida Marital Property Division
You already know how challenging divorce can be, but complexities often increase when addressing marital property. To help you stay informed about the legal side of property distribution, here are some common questions and answers.
What is the difference between equitable distribution and equal distribution in a divorce?
In Florida, equitable distribution is the legal framework used to divide marital assets and liabilities during a divorce. Unlike community property states that strive to split assets 50/50, Florida aims for a fair, though not necessarily equal, division of marital property.
The court considers factors such as each spouse’s financial situation, marital contributions and marriage duration to determine what is equitable.
How does the court determine what is considered marital property?
Marital property includes assets a couple acquired during their marriage, regardless of whose name is on the title. The court evaluates several elements when determining marital property.
For instance, they assess whether the asset was purchased with marital funds to determine its status. They may also determine that separate assets which rose in value due to joint efforts during the marriage are marital property.
Nonmarital assets, such as those acquired before the marriage or through inheritance or gift, are generally not part of the marital pot.
Can I keep my inheritance separate from marital property during a divorce?
Yes, inheritances are generally considered nonmarital property and are not subject to equitable distribution. However, if the inheritance is commingled with your marital assets, such as by depositing it into a joint account or using it to support the marriage, it may lose its separate status and become marital property.
How is the value of assets such as real estate or businesses determined in a divorce?
The court uses several methods to value such assets, including the market or sales comparison approach, the income approach and the cost approach. These methods help determine the fair market value of the property, which is the price it would bring in a competitive and open market.
What steps should I take to protect my assets before filing for divorce?
Keeping detailed records of all financial transactions and maintaining a separate account for nonmarital assets are two effective ways to safeguard your personal assets.
A family law attorney can explain your marital property rights under Florida law and develop a strategy to safeguard your financial interests.
Gain Insight From Skilled Family Law Attorneys
With divorce, financial matters become a major part of the discussion and settlement. This includes the equitable distribution of assets and alimony. Jennifer Reisler and Cynthia M. Pyfrom, in Boynton Beach, Florida, have a keen understanding of family law. They are experienced, compassionate and assertive. Please contact us online or call 561-354-0403.