Theodore Enfield Can Help Resolve the Division of Marital Property
Couples who divorce are sometimes faced with the challenge of dividing the assets and debts that accumulated during the marriage. A prenuptial agreement outlines how property in divorce should be divided in the event of a divorce or legal separation; however, many couples forego a prenuptial agreement. When this happens, divorce lawyers are needed to ensure that the property, assets and debts of the marriage are distributed equally.
What is Equitable Distribution?
Equitable distribution refers to the fair division of assets between spouses during and/or after a divorce. For the division of property, if there is no prenuptial agreement dictating how marital assets and liabilities should be separated, Florida courts will consider the contributions that each party made to the marriage. Those contributions include support of your spouse’s career or education, care for children, homemaking, and any interruption of career or educational opportunities.
The courts expect you to understand what can be considered a marital asset or debt and what should not be considered during this process. However, it can be overwhelming to try and collect this information alone. Miami’s divorce attorney Theodore H. Enfield has years of experience in the equitable distribution of marital assets and liabilities. He can help you identify assets and debts through financial records, bank statements, investments, trusts, pension plans, retirement savings, credit card debt, mortgages and many other sources.
Sometimes during a divorce, a spouse will try to hide assets from the other party. Our family law and divorce law firm in Miami, FL, can help you uncover assets and liabilities for equal distribution.
If you are going through a divorce in South Florida, contact the Law Offices of Theodore H. Enfield. He will help you resolve the distribution of marital assets and liabilities in a fair and equal fashion.
Process of Equitable Distribution in Florida
In Florida, the process of equitable distribution involves the following:
- Accounting for all debts and assets: The first step of the equitable distribution process in Florida involves identifying the debts and assets (i.e. house, cars, furniture, bank accounts, security deposits, pension/retirement plans, stocks, businesses, patents, life insurance, etc.) that will be distributed. In most divorces, property is classified as marital property and nonmarital property. Marital property refers to assets that were obtained during the marriage, and thus, these assets are subject to equitable distribution. Meanwhile, nonmarital property (or separate property) typically refers to property that was acquired before the marriage or that was inherited from family members. In such cases, nonmarital property will not be disbursed between both spouses during a divorce. Divisible property refers to property that will be distributed between both spouses during and/or after a divorce. Divisible property can often entail business assets that were acquired and/or developed during the marriage.
- Validating funds: One of the most important reasons for relying on a divorce attorney during the equitable distribution process in the state of Florida is that spouses can be certain that all assets and debts will be accounted for when determining the division of property. Sometimes, spouses attempt to hide bank accounts and/or other forms of assets to decrease the amount of funds assigned to the other spouse. An experienced divorce lawyer can undergo thorough research and investigation to ensure that all legitimate funds and assets are accounted for so that the divorce property division will be as fair as possible.
- Distributing funds: The final step in the Florida equitable distribution process involves the actual distribution of property.
Benefits of Equal Distribution
Equal and/or equitable distribution of assets and property after a marriage is beneficial because it allows both spouses to receive a fair share of property that accumulated throughout the marriage. The process allows spouses to leave a marriage with assets and property to transition into a new lifestyle and resettle.
Equal Distribution Lawyers in South Florida
At the Law Offices of Theodore H. Enfield, our experienced divorce lawyers have seen some of the most gruesome divorce cases in South Florida. We understand that divorces are never easy; however, the process of equal and/or equitable distribution of marital property often makes the concept of divorce (and the aftermath of a divorce) much more bearable. For experienced consultation, guidance and legal advocacy, contact our Miami firm today.