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Division of Assets and Liabilities

Plant City Divorce Lawyer Discusses Property Division

Equitable Distribution is a fancy term for divvying up your stuff. Assets and debts. Florida statutes require that all marital property be distributed equally between the parties. But there are many ways to skin a cat.

What is marital property in Florida?

Quite simply, marital property is any property acquired during the marriage, with some exceptions. This means that if you have a bank account titled in your name only, and you deposit your paycheck in it every week, whatever is in that bank account is marital property. And for the most part, that is determined by the date of the filing of the Petition for Dissolution (although there are some exceptions to that as well).

Retirement accounts are marital property as well. Your spouse is entitled to one half of the retirement account from the date of marriage to the date of the filing of the Petition for Dissolution.

What is non-marital property?

Anything acquired prior to the marriage, with some exceptions. In addition, gifts and inheritance are non-marital property. But if you receive an inheritance, and place it in a joint account with your spouse, and use the money for marital expenses, then you have just made non-marital property marital property. The same goes if you had property you owned prior to the marriage, sell the property during the marriage, and place the proceeds in a joint bank account with your spouse. If it's your separate property you need to keep it separate, or you may be subjecting it to equitable distribution.

Looking for a property division lawyer in Plant City?

There are many factors to consider in equitable distribution, so it is best to contact a qualified attorney to review the specifics of your case to give you the best advice for your situation. Contact my office now to discuss your case and learn more about how I can help you.

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Law Office of Keith Will Wynne, Esq. - Plant City Bankruptcy Lawyer

Plant City Office - 1001 E. Baker Street, Suite 101, Plant City, FL 33563. Phone: (813) 567-5894 | Local Phone: (813) 752-3100.

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