Property Division During Divorce

 

If you have been considering seeking a divorce, or have already begun the process, you may be wondering what happens with your property and assets. In Orlando, the family law practice of Ilvento Law Firm is here to guide you through the entire process of property division during a divorce.

Understanding Equitable Distribution

In Orlando, all marital property is subject to equitable distribution. This means that all marital property must be divided equitably (fairly) between both spouses during a divorce. Marital property includes any real estate acquired by either spouse during marriage; money, stocks, bonds, and other investments acquired by either spouse during marriage; furniture; cars; pensions; and any other tangible personal property.

The court will consider several factors when determining who gets what in the division of marital property including:

• The length of the marriage
• Each spouse’s contributions to the acquisition of the marital assets
• The economic circumstances of each spouse at time of divorce
• Any alimony awarded between both spouses before or after filing for divorce
• The desirability of one spouse retaining an asset because it would yield more income than if it were sold and divided between both parties.
• Any tax consequences resulting from dividing assets between both spouses
• The value of non-marital assets owned by each party prior to the marriage or inherited during the marriage by either party or gifted to one or both parties during the marriage
• Any liabilities incurred by either spouse prior to or during the marriage which must be taken into account when dividing up marital assets
• Each spouse’s earning capacity in terms of education, job skills and work experience.

When facing a divorce in Orlando, it can be overwhelming trying to figure out how all your marital assets will be divided equitably between both parties. At Ilvento Law Firm, we are knowledgeable about Florida family law pertaining to equitable distribution and can provide you with sound legal advice throughout your entire case so that you can make informed decisions about your future financial security. Contact us today for more information about our services related to property division during a divorce in Orlando!