Marital Asset & Debt Division
Florida law requires divorcing couples to identify and divide the property, assets and debts that have accumulated during the marriage. This is known as equitable distribution. It is necessary to determine the parties' marital assets and debts in order to figure out each party's proper equitable distribution share f the assets and debts. Sometimes this may require the use of an expert accountant, known as a forensic accountant, to properly determine the actual value of the assets, and to assist with the determination of the appropriate distribution of debt to each party.
There are times that a divorcing couple may jointly decide about how to divide their property and debts themselves, rather than leaving it to the judge. But if a couple cannot agree, they must submit their property dispute to the court, which will use state law to divide the property and debts.
When contemplating divorce, it is important to consider the financial history of the entire marriage, beginning with what each spouse brought into the marriage. If separate funds were contributed to the purchase of homes and property, settlement statements, closing documents, deeds, bank statements, cancelled checks and other documents may be needed to trace the separate assets.
Call us at (305) 444-5554 or fill the form in the contact page to schedule a consultation.