Dividing Property During a Divorce
When it comes to the division of property in a divorce, Florida is among the states where marital property is divided in a fair manner. This can be a daunting process and it is up to both spouses to ensure that they disclose all of the marital property that is in their possession, which extends beyond vehicles, the family home, or furniture.
There are several items that are important to mention when dividing properties but tend to get overlooked. These include any high-value art, income tax refunds, any possible lottery winnings, and intellectual properties like royalties or patents. It’s also worth noting that if one spouse allowed a third party to borrow money or property during the marriage, the other spouse may be entitled to receive half once the borrowed money has been repaid.
Other items that may also be divisible during a property division settlement include stock options, term life insurance policies, and 401K plans. It is vital that couples keep these items in mind when a divorce settlement is being created so that both people receive everything they are entitled to after the marriage has been dissolved.
This update is provided by the firm Rafool, LLC. We have a strong reputation throughout Florida and we have numerous years of experience representing clients involved in complex divorce cases as well as other family law matters. Should you have any domestic or family issue, we are here to assist you by providing educated advice and skilled, professional advocacy. Call 305-567-9400 to speak with one of our Miami family law lawyers.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.