Equitable Distribution of Marital Assets
Property division is more complex than “mine” and “yours.” It can be one of the most complicated parts of family law. In most situations, when a couple gets divorced, everything the couple owns gets divided between the two parties. Typically, everything that was acquired during the marriage is considered marital property and will be divided, regardless of whose name is on the title or the account.
There are a few exceptions to the “everything acquired during the marriage” rule in property division. Gifts or inheritances that are given specifically to one spouse are not always considered marital property, and they may not be subject to equitable division which is why it is important to consult with a Family Law attorney.
If you have questions about how your property will be divided, a Fort Myers distribution of marital assets attorney can help make sure you receive a fair amount of the property that is being divided. Even though the assets must be divided equitably, that does not mean taking a chain saw to the house and furniture. One spouse might receive the family car and the other spouse the family’s boat.
When you contact O'Halloran & Simmons, PLLC, we can work with you to ensure that your property is divided in the most equitable way possible.
What Can Be Divided?
In short, all property that was acquired during the marriage can be divided during the divorce. All assets must be identified and valued. This includes:
- 401(k), pension and other retirement plans: If one spouse stayed at home with the children and the other spouse was solely responsible for putting money into the retirement accounts, the finances may still be divided between the two parties.
- Property owned prior to the marriage: If one spouse owned a home before the marriage; but now both parties live in the house, and both have made improvements to maintain its value, a portion may be considered marital property and divided during the divorce.
- Family business: If one spouse runs his or her own business while the other spouse takes care of the house, the family business might be divided between the two parties.
Contact a Fort Myers Property Division Attorney
When you contact our firm, we can help make sure your marital property is fairly divided. We have expertly and objectively represented hundreds and hundreds of individuals in this stage of divorce. Schedule your initial consultation with an experienced lawyer by calling 239-603-6337.