RD- an actual child support client
"My case was handled quickly and with ease."
01/10/2014
RD- an actual child support client
"My case was handled quickly and with ease."
01/10/2014
“Prospective clients may not obtain the same or similar results.”
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Property Distribution

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Gainesville Property Distribution Attorney

With over a decade of experience, Gainesville Property Distribution Attorney, Karen S. Yochim, has the experience and knowledge necessary to represent you throughout the process of dissolving your marriage. Ensuring that both property and assets are distributed properly following a divorce, is an important component to obtaining closure and finality following a divorce. The Law Office of Alba & Yochim P.A. makes great efforts to tailor our representation to suit your needs. Our practice recognizes the complexity of property division and focuses on retaining fair and equitable distribution among both parties.

Just a few of the types of Property Distribution cases are:

  • Distribution of closely held businesses
  • Distribution of high value marital estates
  • Distribution of intangible assets
  • Distribution of business assets

Marital Assets

During the dissolution of marriage, a couple’s marital assets are divided. Marital assets are defined as the total of all property acquired throughout the course of a marriage not inherited or given as a gift to one party by a third party. There are two subsections, assets and liabilities.

Examples of Assets include:

  • Real estate
  • Businesses
  • Automobiles
  • Stocks, bonds, pensions
  • Insurance
  • Cashing and savings accounts

Examples of Liabilities include:

  • Mortgages
  • Loans (school, car, private)
  • Unpaid bills (credit cards, medical bills, department stores)
  • Debts owed to family members

In Florida, property owned prior to marriage, by either spouse, is classified as separate or non-marital property and is exempt from division. As long as non-marital property is kept separate, not mixed with marital property, it is excluded during an equitable distribution or property division proceeding.

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What is an Equitable Distribution?

In an equitable distribution, a court divides marital property between spouses as it deems fair. Distribution is based on a set of considerations intended to measure the financial standing of each spouse following the divorce. For this reason, the division of property is not simply split in half. Judges weigh each consideration subjectively based on each case. Therefore, division outcomes can be difficult to predict from case to case.

Considerations for equitable distribution are:

  • Earning power of the spouses
  • Non-marital property of each spouse
  • Contributions to marital property
  • The value of a spouse who contributed as the family home-maker
  • Wasting or dissipation of marital property by a spouse
  • Duration of the marriage
  • Age and relative health of the spouses
  • The responsibility for providing for children of the marriage

Marital Debt

Essentially, marriage is an economic contract between two people. During marriage, spouses are linked by both resources and debts. Consequently, during a divorce, debts incurred are also divided. Loans, mortgages or credit cards taken out, are liabilities to be divided. To offset the obligation, the spouse responsible for repayment will receive aproperty distribution. Generally, debts incurred by one spouse, prior to marriage, remain the responsibility of that spouse. Considered a separate or non-marital liability it is not included with the remaining debt.

Consulting a Forensic Accountant

The Law Office of Alba & Yochim P.A. encourages our clients to be well informed and to have a sound understanding of their financial footing. In addition to consulting an experienced property distribution attorney, our practice recommends contacting aforensic accountant. Employed to aid in discovering all marital assets, forensic accountants specialize in analyzing and investigating all aspects of an individual’s financial history. The high level of accuracy associated with their reports is respected in various court systems. This makes forensic accountants essential for business owners engaged in divorce. Ultimately, full disclosure of both assets and liabilities will only benefit you during property litigation.

Property distribution is a complex process that requires the aid of a skilled and knowledgeable property distribution attorney. The Law Office of Alba & Yochim P.A. understands the delicate process of property distribution and is available to guide you each step of the way.