Coconut Creek Equitable Distribution Attorney

When you find yourself in the middle of a divorce, there are likely many different concerns on your mind. Financial issues and matters relating to your property can be very stressful, especially if you are unwilling to let go of certain assets.

With the help of a Coconut Creek equitable distribution attorney, you may be able to navigate this matter more easily. At The Law Offices of Jonny Kousa, P.L., we are highly experienced in the field of property division.

Call (954) 626-8071 or contact us online to get started on your case with a free consultation.

How Are Assets & Liabilities Divided in Divorce?

The division of your property is an important and complex part of your divorce proceedings. There are many factors to account for, such as the length of your marriage, the contribution each spouse had to the marriage, and the amount of debt or the number of assets are involved.

In Florida, the court divides the parties' marital assets and liabilities based on what it deems fair, a concept known as "equitable distribution.” Our firm is prepared to handle all the complexities involved with the equitable distribution in your divorce.

Marital Property vs. Non-Marital Property in Florida

You and your spouse’s property will either be labeled as marital property or non-marital property. This will help determine how certain assets can be distributed.

Marital property is anything that was acquired by you or your spouse during the marriage, including:

• Real estate 
• Financial assets and debts
• Income earned by either spouse
• Retirement accounts and pensions that were accumulated
• Vehicles, furniture, and household items
• Joint bank accounts or investment accounts

Separate property is anything that was owned by you or your spouse before the marriage, or anything that was acquired by you or your spouse during the marriage as a gift or inheritance.

How is Equitable Distribution Determined in Florida?

Florida law allows the court to consider several factors when determining how to divide marital property fairly. These factors include:

• The Contribution of Each Spouse: This includes both financial and non-financial contributions to the marriage. For example, if one spouse stayed home to care for children or supported the other spouse’s career, those contributions can be taken into account in dividing property.
• The Economic Circumstances of Each Spouse: The court will consider each spouse’s financial situation, including their earning capacity, health, and other factors that might impact their ability to support themselves post-divorce.
• The Duration of the Marriage: Longer marriages may result in a more equal division of assets, while shorter marriages might lead to more disproportionate divisions.
• The Age and Health of Each Spouse: A spouse who is older or in poor health may receive a larger portion of the marital assets to support their long-term financial stability. This could include retirement accounts, real estate, or other assets that provide future income or security.
• The Likelihood of Each Spouse’s Future Financial Situation: The court may also consider the future needs of each spouse, including their ability to generate income or acquire new assets after the divorce. This can be important in cases where one spouse may be entitled to spousal support or alimony.
• The Care of Minor Children: If there are children involved, the court may consider who will have primary custody of the children when dividing assets. The parent who will be responsible for the children's care may be entitled to a larger share of the marital property, especially if they are responsible for a greater share of the household expenses.
• The Contribution to the Acquisition of Marital Assets: The court will examine how the assets were acquired, whether through both spouses’ efforts or the contribution of only one spouse. This includes contributions made toward purchasing a home, acquiring retirement accounts, or other significant investments during the marriage.

Who Gets the House in a Florida Divorce?

A judge cannot compel a couple to split their assets, but he or she should grant one partner the house in exchange for the purchase of the other's share. A judge may even order the couple to sell their home and share the proceeds. A judge can award one partner the right to reside in the marital home temporarily if this seems to be the most equitable solution.

The judge will determine whether this decision will favor those children who are already in kindergarten. Since it offers a secure living environment for the children, a custodial parent (the parent who generally lives with the couple's children) is more likely to be offered a home in a divorce.

How Much is a Wife Entitled to in a Divorce?

The division of assets and entitlements for a wife in a divorce varies significantly depending on the jurisdiction, the couple's specific circumstances, and applicable laws. In many jurisdictions, including the United States, divorce laws generally aim for equitable distribution of marital property rather than an automatic entitlement based on being a wife.

Courts consider various factors when determining the division of assets in a divorce. Alimony, also known as spousal support, is another consideration. It involves payments from one spouse to the other to help maintain the recipient's financial well-being, especially if there's a significant income disparity or if one spouse sacrificed career opportunities during the marriage. 

It's important to consult a family law attorney who can provide advice tailored to your specific situation and jurisdiction. Divorce proceedings involve complex legal and financial considerations, and professional guidance from a property division attorney in Coconut Creek can help ensure a fair and equitable resolution for both spouses involved.

What if my Spouse is Hidding Assets?

Unfortunately, it’s a common practice for spouses to hide assets prior to going through the divorce process. This involves a spouse taking some sort of asset that would be deemed marital property and hiding it so it does not have to be split equally.

Below are four common ways that your spouse may be hiding money or property.

• Friends and Family: Your spouse may start creating debt to friends and family members. These people can then hold onto the cash until the divorce process is over. They could also do this by transferring stocks or other assets into the names of friends or family members and then transfer them back after the divorce.
• New Accounts: Any accounts with your spouse’s name on them will be considered marital property. Your spouse may try to hide new accounts by putting them under a different person’s name, such as a new girlfriend or boyfriend or even a different relative.
• New Property: Another way to cover up money is to convert it into real property, such as using it to buy jewelry, vehicles, boats, tools, or arts. They may do this to hide the value of the assets so you may overlook it during the divorce process.
• The Family Business: Hiding assets in a family business is a common scheme. Your spouse may hire fake employees or contractors and, on paper, it looks like these people are being paid a salary. In reality, the checks may be voided after they are written to these fake employees.

How Our Property Division Attorneys Can Help?

Whether you're facing a simple division of assets or dealing with complex financial matters, we offer personalized legal representation tailored to your unique situation.

Our Coconut Creek equitable distribution attorneys will work closely with you to understand your goals and protect your interests. We assist in identifying and valuing marital property, negotiating fair settlements, and ensuring that your financial future is secure. In cases involving business interests, real estate, or hidden assets, we collaborate with financial experts and appraisers to ensure a fair and accurate division. Additionally, we are prepared to advocate for you in court if necessary, ensuring that your rights are fully protected. With our knowledge and experience, you can feel confident knowing that your case is in capable hands.

Call our Coconut Creek equitable distribution attorneys at (954) 626-8071 or reach out online today to learn more about how we can help.

Commonly Asked Questions

Are assets always split 50/50 in a divorce in Florida? 

No, Florida follows equitable distribution, meaning assets are divided fairly but not necessarily equally. The division depends on factors such as the contributions of each spouse, the length of the marriage, and financial needs.

Can you modify equitable distribution in Florida? 

Yes, equitable distribution can be modified after a divorce if there is a significant change in circumstances, such as the discovery of hidden assets or a substantial change in financial status.

Does the wife automatically get half in a divorce in Florida? 

No, the wife does not automatically get half. Florida law requires an equitable distribution based on various factors, and the division may not be equal but should be fair.

How to protect your assets from divorce in Florida? 

To protect assets in Florida, consider a prenuptial or postnuptial agreement, keep separate property separate, and maintain clear documentation of assets acquired before the marriage. Consulting with an attorney can help establish protective measures.