Experts in Pinellas Divorce Equitable Distribution
If you are planning to file divorce and seek separation from your spouse, you must look at it from a larger perspective. It doesn’t merely concern physical separation or securing child custody or settling on child support. There is an equally contentious issue that needs to be settled and it concerns your property. In fact this is the bone of contention and leads to breakdown of many marriages and hence you should settle it while separating from your spouse. As per the Family Laws in the State of Florida as elsewhere in the country it is termed as equitable distribution of property as experts in Pinellas divorce equitable distribution, we would ensure that your interests are protected.
What is Equitable Distribution of Property?
Most of our clients have vague knowledge aboutequitable distribution of property. In simple words it is a formula that is followed to divide all the assets and debts that the spouses have prior to their separation. You must note that the law doesn’t state ‘equal’ distribution but ‘equitable’ distribution as this should be fair to both the partners. However in most cases, equitable distribution would lead to equal distribution of property. It is bound by a Property Settlement Agreement under the Marital Separation Agreement that addresses other things such as Child Custody and Child Support. This agreement would clearly list and divide all the property and obligations. Under Family Law, property is categorized as Separate Property and Marital Property.
It is used to define any property that was owned by one of the spouse before marriage or acquired during marriage as a gift or inheritance. It can also include income from a separate property that wasn’t treated as marital property or any assets and income that are defined as separate property in a valid written agreement.
In the State of Florida any property (assets and debts) acquired by either spouse during marriage is termed as marital property. The property need not be jointly titled to be termed as marital property and would include all debts that one of the spouses owes to the creditor.
Settling Things Once And For All
There are couples who separate without settling disputes regarding their property. As Pinellas equitable distribution lawyers we make our clients aware of the flaws in this approach. To start with this leaves a lot of ambiguity and denies you the peace of mind that you need after a divorce. There are many couples who fight over property for years denying each other a chance to move on in life. The Property Settlement Agreement on the other hand lays clear path for the distribution of assets and debts between the partners and once it has been finalized both the parties need to abide by it in letter and spirit and any disputes can only be settled by the courts.
While separating you need to think about starting a new life and a Property Settlement Agreement helps you start afresh without leaving behind any issue that would give trouble in the future. At Pinellas Divorce we would ensure that you get the best deal out of separation. Contact us or come to us for a Free Consultation and we would offer you the best legal advice.