A Fort Lauderdale Divorce Attorney Explains Division of Assets and Debts in a Divorce
The dissolution of a marriage is emotionally stressful and involves complex legal issues. How the division of assets and debts are handled can have a significant effect on your long-term financial well-being. Therefore, it is imperative to choose a Fort Lauderdale divorce attorney who will protect your interests and help you reach the best possible settlement.
Division of Personal Property and other Assets
A Fort Lauderdale divorce attorney will be able to determine if the assets between the spouses are classified as marital property or separate property. Marital property is comprised of assets owned by the spouses. Separate property is any property a spouse owned before the marriage or a gift and inheritance acquired during the marriage. If a spouse solely owned an asset before the marriage, he or she usually will be able to keep that asset after the divorce. In some cases, the separate property may need to be divided amongst both spouses in order to reach a fair resolution.
An experienced Fort Lauderdale divorce attorney often needs to litigate a wide range of property issues. Dividing assets can become quite complicated if the parties own a business, one of the spouses is hiding assets, a prenuptial agreement is being contested, or if any of the marital funds were used to improve or maintain a spouse’s separate property. Sometimes a married couple may need to sell the property that they own or sell their interest in a business venture so that they can each receive a fair share of the property’s value. When the parties are not able to reach a settlement agreement on their own, the court determines what constitutes an equitable division of assets.
Fort Lauderdale Divorce Lawyer Discusses Allocation of Debts
Debts accumulated during the marriage are divided between the spouses. Typically, if a spouse acquired a debt before the marriage started, he or she will be responsible for paying it off. A Fort Lauderdale divorce attorney helps couples divide shared debts such as delinquent taxes, mortgages, car loans, credit cards, home equity loans, and medical bills.
Consult a Fort Lauderdale Divorce Lawyer
If you are considering filing for divorce, a Fort Lauderdale divorce attorney can assist you. Call Addicott & Addicott, P.A. at 954-454-2605 to schedule a confidential consultation. Our dedicated team will focus on your needs and explain the legal process.