Property Division Attorneys in Orlando, FL

Divorcing couples have a lot of emotions to worry about, and one of the most difficult concerns is property division. It can be deeply emotional to divide up all the assets and properties that have been accrued over a lifetime together.

Our attorneys at the Law Office of Erin Morse can help make this process easier for divorcing couples. Our job is to ensure that both parties are treated fairly and equally throughout divorce proceedings. We will review all financial documents and statements to determine an equitable outcome in terms of asset distribution.

Having an attorney’s know-how ensures no detail goes overlooked or undervalued. Our team can also provide guidance on complex financial issues, such as retirement accounts, investments, and business ownership. An experienced property division attorney at the Law Office of Erin Morse is ready to help; call us today at 407-743-6059 to schedule your initial consultation.

How is Property Divided in a Marriage in Florida?

Marital property is defined as any asset or liability acquired during the course of a marriage, regardless of which spouse purchased or obtained it. Marital property includes, but is not limited to, real estate, investments, retirement plans, personal property such as furniture and vehicles, bank accounts, and debt.

While separate property acquired prior to marriage is typically awarded to the owning spouse by default, separate property acquired during the marriage that has been commingled with marital assets can become difficult to untangle without assistance from a qualified Orlando property division lawyer.

In order to ensure that both spouses have their fair share of the marital assets when getting divorced in Florida, assets will usually be divided according to “equitable and equal distribution only,” a legal framework intended to provide a fair outcome for both parties involved in a divorce.

Factors taken into consideration when dividing assets under equitable distribution may include each spouse’s income level or earning capacity, contributions made by each spouse toward improving or acquiring an asset, length of the marriage, the standard of living established during the marriage, non-economic contributions (such as child care or homemaking), financial obligations accrued before and after separation, and any other relevant factors deemed appropriate by the court.

If you find yourself facing a divorce in Florida, our Orlando property division lawyer at the Law Office of Erin Morse can help you navigate through the complex process of distributing your marital assets.

Dividing Retirement Assets: QDROs and Florida Pension Plans

For many couples undergoing the divorce process in Orlando, FL, the most significant assets acquired during the marriage are their retirement funds. These assets, which can include 401(k) plans, IRAs, pensions, and military retirements, are considered marital property to the extent they were accrued between the date of marriage and the date of separation, regardless of which spouse holds the account in their name. Our Orlando property division attorneys specialize in handling these complex family law matters to ensure these marital assets are divided fairly and equitably.

The legal mechanism for dividing marital property held in a qualified retirement plan is the Qualified Domestic Relations Order (QDRO). A QDRO is a special type of court order that grants an exception to federal anti-alienation laws (like ERISA), which normally prevent retirement funds from being assigned to another person. Without a properly drafted QDRO, the transfer of funds to the other spouse would be treated as an early withdrawal, resulting in immediate tax penalties and income tax liability for one spouse. An Orlando property division lawyer is crucial because:

1. Marital Portion Calculation: We use the coverture fraction to accurately determine which portion of the total fund value is considered marital assets (and thus subject to equitable distribution) and which portion is separate property (nonmarital assets) acquired before the marriage.
2. QDRO Drafting: The QDRO itself is a complex, technical document that must be submitted to and approved by the plan administrator after the final divorce judgment. Our experienced family law attorneys work diligently to draft a legally binding QDRO that is accepted by the specific plan administrator, preventing costly errors or delays.

Dividing these marital assets incorrectly can result in substantial financial penalties. We represent clients throughout Central Florida to divide property such as pensions and 401(k)s, protecting your right to your share of the marital estate as you begin your post-divorce life.

The Marital Home: Options for Division, Buyouts, and Exclusive Use

The marital home is often the single most important and emotional asset in any Florida divorce. Under Florida law, the marital home is considered marital property if it was purchased during the marriage, and even if it was owned by one spouse beforehand, any appreciation in value or payments made using marital funds during the marriage are considered marital assets. Navigating the division of this property requires careful strategy from Orlando property division lawyers.

When divorcing couples cannot agree on what to do with the marital home, the family court typically has three options for dividing assets under the principle of equitable distribution:

1. Sale and Distribution: The home is sold, and the net proceeds (equity) are split between the spouses. This provides a clear, fair outcome and often occurs when neither spouse can afford to keep the property or when they both wish to move on.
2. Refinance and Buyout: One spouse retains the home and refinances the mortgage in their name only. They use the cash proceeds from the refinance to pay the other spouse their equitable distribution share of the equity. This is only possible if the purchasing spouse’s financial resources and income support the new mortgage and the required cash payout.
3. Exclusive Use and Deferred Sale (Nest-Sharing): In cases involving child custody and minor children, the court may grant the custodial parent the temporary right to exclusive use of the marital home for a set period. While this delays the final property division, it provides stability for the children.

Our Orlando family law attorneys review the spouse’s income, bank statements, and debts acquired during the marriage to advise on the most financially sound option. We ensure the valuation is accurate and that any necessary deeds and closing documents are legally binding, protecting the future financial support and security of our clients in Orlando.

Dealing with Marital Debt: Assigning Responsibility for Mortgages, Credit Cards, and Loans

The process of equitable distribution in a Florida divorce requires the court to divide property and liabilities fairly. Marital property includes all assets and debts acquired during the marriage, regardless of whose name the debt is in. This means that if one spouse racked up credit card debt or secured a personal loan during the marriage, it is generally considered marital property subject to division, just like a bank account or retirement fund.

Our Orlando property division attorneys approach the division of assets and debts with the goal of achieving a fair outcome for our clients. The debts acquired are not necessarily equally divided; rather, they are divided equitably based on several factors, including:

• Who Benefited: Did the debt benefit the marriage, or was it the result of reckless spending by one spouse (known as marital waste)?
• Future Earning Capacity: The court may assign a debt to the spouse with the higher income or earning capacity.
• Asset Assignment: Debts are typically assigned along with the corresponding asset (e.g., the mortgage is assigned to the spouse who receives the marital home, and the car loan is assigned to the spouse who receives the vehicle).

We provide our clients with comprehensive legal help, reviewing tax records and bank accounts to trace the origins of the debts acquired. For nonmarital assets and debts acquired before the marriage, we work diligently to prove their non-marital character, ensuring you are not held responsible for the other spouse’s pre-marital liabilities. Whether you are dealing with a simple uncontested divorce or a complex contested divorce involving significant business debt, having our experienced family law attorneys from our law firm on your side ensures your spouse’s financial obligations do not unfairly impact your financial future.

How Do Prenuptial Agreements Play a Role in Property Division?

When it comes to property division, prenuptial agreements can be incredibly important. These agreements are contractual documents that couples enter into before marriage, and they outline the details of how assets will be divided should the couple divorce in the future. Prenuptial agreements are enforceable in court and can be beneficial for both parties involved, especially when it comes to property and the division of marital property.

A properly drafted prenuptial agreement may help protect either party from financial hardship or risk upon the dissolution of the marriage. These types of agreements can also simplify and speed up the process of divorce, as certain matters have already been addressed prior to the legal proceedings.

What If There’s a Disagreement in Who Gets What?

Dividing property during a divorce can often cause a lot of conflict between the couple. In some cases, one spouse may feel entitled to more marital assets than the other. If couples are unable to come to an agreement on how things should be divided, they may need to turn to their legal representatives for help.

If you find yourself in this situation, our marital property division attorneys, who are highly experienced, can offer you valuable assistance. We can review any relevant documents and assess the situation objectively, and may conduct interviews with both parties and collect evidence that could be pertinent to the dispute. We will also ensure that any agreement reached is fair and equitable for both sides based on current laws.

Parties may choose between collaborative law or litigation when it comes to settling disputes over property division. In collaborative law, couples agree to work together with their attorneys in an amicable way toward reaching a fair distribution that works best for them both. On the other hand, if they decide on litigation, they will attend court proceedings and have a judge determine how marital property should be split between them.

Ultimately, an attorney experienced in marital property division matters can provide invaluable guidance throughout this often complex process and ensure that all parties’ rights are respected and upheld under the law.

Why Should I Hire an Orlando Property Division Lawyer?

When a marriage breaks down, one of the most stressful parts of the process is dividing up assets and property. Although it may seem like a simple task, couples must be aware of their rights in such cases if they are to ensure that they are receiving everything that they are entitled to. This is where hiring one of our experienced Orlando property division lawyers can make a world of difference.

Our attorneys have extensive knowledge of state laws and how the court handles these matters. We understand how critical it is for each spouse to get what is rightfully theirs so that families can start anew with financial security. We work diligently to negotiate settlements fairly and handle matters through litigation if needed.

Contact Our Central Florida Law Office Today

The attorneys at the Law Office of Erin Morse not only provide guidance throughout this entire process of dividing marital property, but we also protect our clients’ rights. We handle a wealth of complex paperwork associated with asset splitting, such as titles, deeds, or other documents related to estates. Let us guide you to a favorable outcome. Call our team at 407-743-6059 to schedule your consultation today.