Equitable Distribution and Property Division Attorney in Hillsborough County, FL
Property division, and similarly debt/liability division, is an issue in almost every divorce case and must be decided by the judge before the judge can address the issue of alimony.
Equitable distribution is the legal term used for dividing:
Before equitably distributing property and liabilities, the court must first set aside all non-marital assets and liabilities, which can be a complicated task.
There is a presumption in favor of an equal distribution of all marital assets and liabilities; however this presumption can be overcome by presenting relevant evidence to the court. For example, if one of the parties to a divorce case has wasted marital funds or divested himself/herself of marital assets, the other party may be entitled to an unequal distribution of assets.
It’s important to note that just because an asset or debt is in one person’s name alone does not mean that the asset or debt is non-marital.
For instance, if there is a bank account in one spouse’s name alone, that doesn’t mean that this bank account is non-marital. The bank account may still be subject to equitable distribution by the court.
Equitable distribution is a complicated aspect of divorce cases.
Contact Mindi Lasley, an experience Tampa divorce lawyer to guide you through the intricate process of asset and debt distribution.