How To Divide Tampa Property When Divorcing
Property division is one of the most emotional and difficult areas of the divorce process. This is because it is common for couples to acquire property throughout their marriage and then both individuals feel they own the assets. Which they do, when it is marital property. But if the marriage ends, all marital property, including real estate, financial accounts, intellectual property and tangible property will need to be divided and distributed.
In Tampa, Florida, property division laws are governed by equitable distribution, meaning that marital property is divided fairly, not necessarily equally. Share your concerns and post-divorce goals with a Tampa family lawyer..
Understanding Tangible Personal Property and Other Assets
The first step in dividing property during a divorce is to identify marital and non-marital property. Marital property includes income, real estate, and investments, while non-marital property includes assets acquired before the marriage, through inheritance, or as a gift. Tangible assets, such as the following will also be reviewed.
Examples of tangible assets:
- Cars, trucks, and recreational vehicles
- Art, jewelry, and other valuables
- Pets, including dogs and cats
- Firearms and antiquities
Essentially, any piece of property with a high value, such as collectable art, or an intense emotional connection, such as a pet, should be included when negotiating the terms for a divorce.
It is also important to note that many assets that are initially non-marital assets could become marital assets during the course of the union. For instance, if you were given a house prior to getting married, it could be a non-marital asset. But, if the property was worth 100k and your spouse remodeled the property so it now carries a value of 300k, the home improvement value increase would be a marital asset.
A family attorney can help you determine which assets are marital properties and will guide you through the property valuation process. They can also help identify any hidden assets and ensure that you receive an equitable share of all marital property.
Reaching an Equitable Agreement
Once all martial property has been valued, a handful of factors will be taken into account in order for you and your spouse to reach an equitable agreement.
For instance, an array of questions will need to be considered.
- Are both spouses healthy and able to earn an income?
- When did the two individuals get married?
- How much does each person earn and what are their future income prospects?
- Are there pension plans in need of review beyond retirement accounts?
- Will there be financial obligations from one spouse to another post-divorce, such as child support or spousal maintenance payments?
In short, there are many issues to analyze, but Tampa family lawyers can help you navigate the legal system, identify and classify marital property, determine the value of assets, negotiate a property settlement agreement, and provide representation in court, if necessary.
Who will retain the marital home, jewelry, art, and financial accounts? If you are seeking advice on how to secure the assets that are important to you during a Florida divorce, talk to an experienced Tampa family law attorney. Reach out to the legal team at Blair H. Chan, III. Call 813-280-5301 to schedule a consultation.