Asset And Debt Allocation/Alimony Lawyers

Pursuing Your Property Division Goals

Before your divorce can be finalized, the court will need to approve a settlement or issue a decree dividing your marital property and debts. Figuring out what will happen to your assets can be one of the most stressful parts of a divorce.

At the Kaylor Law Group in Lakeland, Florida, attorney Mark McMann and the rest of our team are dedicated to pursuing the results you deserve. For a free consultation with an aggressive, compassionate divorce lawyer, contact us today.

Understanding The Law Of Equitable Distribution

In Florida, the general rule is that any assets or debts acquired during the marriage are divided 50-50 in divorce. However, there are exceptions. Under the principle of equitable distribution, property and debt division can be adjusted to reflect overall fairness. Common examples include the following.

  • Retirement accounts: If you have acquired money in a 401(k), IRA or other retirement account during your marriage, your spouse may or may not be entitled to a portion of it depending on the circumstances.
  • Small businesses: If a business owned by one spouse prior to the marriage has increased in value during the marriage, the other spouse may be entitled to half of the amount by which the value has increased.
  • Debts: If one spouse acquired debts during the marriage and the other spouse had nothing to do with them, he or she may be able to avoid taking responsibility for half of the amount owed.

Even if your assets and debts are divided 50-50, that does not mean that each asset and each debt will be divided exactly in half. For instance, one spouse could be given sole ownership of the family home, and the other spouse could take other assets as compensation.

Will You End Up Paying Or Receiving Alimony?

In addition to property division, the courts also have the authority to grant alimony to one spouse who has become financially dependent on the other during the marriage. When a long-term marriage ends in divorce, alimony can be permanent.

For a shorter-term marriage, temporary alimony — also known as "bridge-the-gap" alimony — may be put in place during the divorce process, or one spouse may get a lump-sum alimony settlement.

Attorney Mark McMann is experienced at helping clients pursue their property division and alimony goals. Contact us today to discuss your options.