Deerfield Beach Complex Marital Property Division Lawyer

Deerfield Beach, FL Complex Marital Property Division Attorney

The distribution of marital property is part of nearly every divorce. Divorces limit the income and resources of both parties, and the worries about financial security can make property division a potentially contentious process. In a divorce with complex or high-value assets, the division of property can take much longer and be harder for both parties. Fortunately, this can be made easier with a Deerfield Beach complex marital property division lawyer.

Experienced Complex Marital Property Division Attorneys

There are several additional complications when you and your spouse have complex marital assets, including:

• Valuing marital and separate property accurately
• Determining who gets what property
• Ensuring that certain assets, like real estate and business interests, are divided without dismantling them

Spouses with complex assets and who have a high net worth are more likely to hide marital or separate property to impact the division of property in or out of court.

In these cases, you need to work with skilled family law attorneys who know how to navigate the unique complexities of a complex property division divorce. At Fairway Law Group, we give you the tools and information you need to navigate your divorce, and our team can also help you do so efficiently.

We understand how important it is for you to retain the assets you worked for. We use our resources to value marital and separate property, enabling us to help spouses negotiate property division. With more than 20 years of combined legal experience, our attorneys can help you find creative solutions that can protect your financial interests.

What Is the Property Division Law in Florida?

Florida only requires divorcing spouses to separate their marital assets. Separate assets are not up for division, though they can affect how marital assets are split. Before the division of property begins, spouses must value their property and determine which is separate and marital property.

Marital property is typically all property gained throughout the duration of the couple’s marriage, with some exceptions, such as gifts and inheritance given to one spouse. Once it is determined which assets are marital assets, these can be split between spouses.

If the couple is willing to negotiate, they may be able to determine property distribution in a settlement agreement outside of court. For many couples with complex marital assets, this is the ideal method to distribute assets, as you have more say in the outcome and are not required to follow state property division laws. This is often beneficial for couples who own a business and want control over what happens to the business after divorce.

If the settlement creates a division of property that is not unconscionable to either spouse, the court will approve it. An attorney can help you create a fair agreement that meets your needs and is likely to be approved through divorce mediation. Alternately, each spouse may be represented by an attorney in collaborative divorce or negotiation, further protecting each spouse’s rights.

Equitable Distribution Law

Unfortunately, it is not always possible for couples to create an agreement outside of court. When couples must navigate the division of property through the legal system, the court will divide marital assets according to equitable distribution laws. Under these laws, the court assumes that each spouse has an equal claim to assets and then alters this assumption based on specific factors. Although the split may still end up being equal, it frequently is not. Some of the factors involved are:

• Each spouse’s contributions to the marriage, whether financially, through the care of the home, or the education of any children
• The length of the marriage
• Each spouse’s economic circumstances
• Whether either party gave up career or educational opportunities to support the marriage, spouse, or children
• Each spouse’s contributions to the career or education of the other spouse
• Whether it is ideal that an asset, like a business or professional practice, remains intact without the claim of the other spouse
• Any intentional wasting of marital assets by either spouse in the past two years or after filing the divorce petition

The court will also look at any other relevant factors to determine what is equitable. Although you can request that the court divide marital property a certain way, the decision is ultimately up to the court’s discretion. An attorney can advise you and help you make informed decisions about dividing property in or out of court.

What Makes a Complex Marital Property Divorce Different?

There are several complications that are more common in complex marital property divisions than other divorces. Some issues include:

Property That Is Hard to Divide or Value

Complex marital assets may include commingled assets, which may be both marital and separate, or it might even be both party’s separate property commingled. Each spouse must be able to prove their separate portion of assets to avoid dividing those assets, and this can be complicated.

Assets must also be valued before they can be split fairly. Certain marital assets can also be difficult to value, such as:

• A company
• Intellectual property
• Investments
• High-value art
• Antiques
• Vehicles

These can require financial professionals or asset-specific evaluators to determine their fair and accurate value, which makes the division take longer and cost more.

Business Ownership and Interests

If a business or business interest is marital property, both spouses have some claim to its value. Determining whether a business is a marital property is very complicated. Even if a business was created or invested in prior to the marriage, the use of marital assets, contributions of a spouse, or increase in value may result in a portion of the business being marital property.

Spouses may want to consider a competitive salary, co-ownership, a buy-out, or the sale of the business to split the profits. There are more options when spouses negotiate their division of property outside of court. Working with attorneys can help couples arrive at informed decisions, work with the right professionals, and protect each party’s rights.

High-Value Assets

Complex property division occurs when couples own other high-value or difficult-to-value assets, including real estate properties, retirement accounts, and stock options. Past contributions and future earnings from these assets must be considered when categorizing and valuing them.

Hidden Assets

It is more common for spouses to hide assets in high-value and complex property divorces. If you are concerned that your spouse is hiding assets before or during the divorce process, discuss this with your attorney. A seasoned divorce lawyer can help you navigate the formal discovery process to find potential hidden assets.

Find Effective Deerfield Beach Legal Support

Contact Fairway Law Group for diligent and detailed representation during your complex property division divorce.