Attorneys Stephen Korshak and Lee Karina Dani

Orlando Area Asset And Debt Division Attorneys

One of the most critical issues in any divorce is property division. The outcome of a divorce can have a significant impact on your financial security. With so much at stake, it is important that you have an experienced divorce lawyer on your side who is committed to protecting your rights.

Florida Is An Equitable Division State

Florida is an equitable division state, meaning that marital assets and debts are divided equitably between spouses. Property acquired during a marriage is typically classified as marital property, with very few exceptions. Non-marital property is defined as property acquired by a spouse prior to a marriage and limited property acquired during a marriage, including property acquired by gift or inheritance.

The term equitable means fair or just. While a court may divide marital property on an equal 50-50 basis, equitable division does not require an equal 50-50 split. Courts will also divide the marital debts of the parties in an equitable fashion. Given that courts have significant discretion to determine the equitable interests of the parties, it is critical that parties subject to a divorce have highly qualified legal counsel to ensure the protection of their rights.

Marital And Nonmarital Property

At Korshak & Associates, P.A., we meticulously evaluate these assets, distinguishing between what constitutes marital and nonmarital property. Marital property includes all assets and debts acquired during the marriage, regardless of whose name is on the title. Nonmarital assets, such as those acquired before the marriage or as personal gifts or inheritances, are generally not subject to division unless commingled with marital assets.

It is important to establish clear documentation that traces the origin and nature of the debt to ensure a fair division. You can find the quality legal representation you require at Korshak & Associates, P.A. With more than 60 years of combined legal experience, our family law attorneys can provide the sound advice and skilled representation you require. We are prepared to handle any property division issue that may arise in your case, including:

  • Property characterization disputes (marital vs. non-marital)
  • Division of retirement and investment accounts
  • Division of personal property
  • Valuation of the marital home
  • Business valuations and divisions
  • Responsibility for marital debts

Divorce Asset And Debt Division FAQ

It makes sense to understand some common points regarding asset and debt division when you go through a divorce in Florida. The experienced attorneys at Korshak & Associates can draw from more than four decades’ worth of combined experience to help you understand the process of dividing assets and debts in divorce.

Here are some commonly asked questions that we often encounter from our family law clients:

How do the courts decide who receives what property?

In Florida, the courts will require the parties to submit the documentation of all of their assets, including real estate, personal property, bank accounts, retirement accounts, investment accounts and more. Anything that can be considered property must be reviewed by the courts. A judge will then apply the equitable distribution principle and divide the assets fairly. Debts are also divided.

If Florida is an equitable division state, shouldn’t my spouse and I get exactly half the assets and half the debts each?

It is true that Florida has adopted the equitable division principle, but “equitable” in this case does not mean “equal.” Legally speaking, equitable means fair or just – so an exactly even split isn’t required, and it might be very difficult to achieve depending on the types of assets and debts involved.

It’s up to the courts to divide both the assets and the debts in an equitable fashion, so there is a fair amount of discretion involved at this stage. This makes it all the more important to have an experienced family law lawyer on your side during the process. Our Orlando attorneys will work with you to make sure your rights are protected.

If my spouse and I can’t agree to a settlement, does that mean we have to have a trial?

No, not necessarily. Litigation might be the answer at that point, but it is not your only option. Many Florida couples choose mediation, in which a neutral third party – the mediator – helps you work through the points that you can’t agree on. It’s often faster and less expensive than going to court. Your attorney can help guide you to determine what the best option for you and your family is.

What are some things I should avoid doing or saying that may negatively impact my case?

It is best to keep the details of your case between yourself and your attorney. You should not:

  • Discuss anything about the case with your spouse or your spouse’s attorney without your lawyer present
  • Involve children in any discussions regarding child support or child custody
  • Speak harshly about your spouse in front of anyone, especially your children
  • Post anything on social media that shows assets, vacations, property or other items/activities that have value as it can call into question what you are entitled to
  • Post anything demeaning, rude or negative about your spouse on social media

Are there certain types of assets or properties that are exempt from property division?

In general, anything that was obtained on or after the date of the marriage is subject to division during a divorce. However, there may be property or assets that are exempt, depending on when they were obtained. For example, any assets you brought into the marriage remain separate; if marital funds were used to maintain those assets, they then may be subject to division. Also, anything that was inherited by a solely named member of the couple stays with that person. It is not subject to division. There may be other instances, which are best discussed directly with your lawyer.

To speak with a family law attorney at Korshak & Associates, call 888-681-4389. You may also contact us by email.

Legal Services Tailored To Meet Your Needs

We understand that each of our clients has different needs. For some clients, receiving an award of the marital home is critical. For others, having access to liquid assets, such as investment accounts or savings accounts, is more important. By identifying your objectives, we can negotiate on your behalf to seek an equitable division of marital property that best suits your needs.

Given our vast experience in family law, we understand that property disputes can often be resolved through negotiation or mediation to avoid protracted litigation, thus minimizing the financial and emotional costs of divorce. When necessary, we have skilled and experienced trial lawyers who will vigorously protect your rights and interests in the courtroom. As a client of Korshak & Associates, you will have a strong advocate on your side.

Get Experienced Help Protecting Your Financial Interests In Your Divorce

We work closely with you and your professional advisors to safeguard your financial stability after your divorce. To speak with a family law attorney at Korshak & Associates, call 888-681-4389. You may also contact us by email.