What You Need to Know About Property Division
If you are going through a divorce, you likely have several questions about how your divorce is going to affect your life. Inevitably a divorce is going to force you and your spouse to decide who keeps what property.
If a couple is able to agree on how to divide their property, it is not necessary to involve the court in this part of the divorce. If, however, an agreement cannot be reached, the property will be divided by court ruling based on state law. A Florida divorce lawyer can provide sound legal advice on the details of property division and help you fight for your property in the event that you and your spouse cannot reach a resolution alone. The Schlegel Law Group is an experienced Orlando divorce law firm whose lawyers can help you through all legal aspects of your divorce. Contact us today at 407-648-0280.
What Counts as Property in a Divorce?
Legally, property is anything that an individual may own, including but not limited to:
- Land, houses, and other owned buildings
- Vehicles
- Material possessions (furniture, art, jewelry, clothes, etc.)
- Assets and earnings
- Bank accounts
- Debts
- Patents, copyrights, trademarks
During a divorce it is illegal to withhold any property that is legally owned by both spouses to safeguard against property division. All property, including assets and earnings, must be reported.
How is Property Divided?
The legal procedure for property division varies by state. In Florida, all property that is jointly owned by both spouses is divided through equitable distribution. This means that property is divided fairly, which does not necessarily mean that it is divided equally. In the event that one spouse clearly earns higher wages than the other, all property including assets, earnings, and debts may be subject to a two-thirds/one-third division, so that the spouse earning higher wages gets two-thirds of all jointly owned property.
If you are seeking a divorce and anticipate that you and your spouse cannot reach an agreement on property division, you should contact a family law firm that specializes in divorce to assist with your case. A divorce lawyer can help to clarify any questions you have regarding property division and will fight to defend the property to which you may be entitled.
Contact Us
The lawyers of the Schlegel Law Group understand that going through a divorce is an emotionally trying and confusing time. Our aggressive, compassionate legal team will represent your divorce case with professionalism and discretion. Contact our Orlando divorce lawyers today at 407-648-0280 for more information about how we can help you.