In a divorce, marital property must be divided and distributed between both parties. However, depending on the state a couple resides in, their marital property may be divided equitably or in whatever way the court deems is fair. Depending on the jurisdiction, courts may adhere to community property or equitable distribution. All assets acquired by each party during the marriage are considered marital property. Any assets acquired before marriage are considered separate property and are not up for division. If you want to ensure your hard-earned marital property is protected in the event of a divorce, contact an experienced Pensacola Property Division Lawyer who can help you receive a fair portion of your marital property.
What’s the difference between community property and equitable distribution?
When it comes to marital property division, depending on the state, it may fall under community property or equitable distribution. Essentially, one divides marital property equitably while the other divides it fairly between both parties. In a community property state, marital property is split equally between both parties. This means it is split 50/50 between both spouses. However, this division only applies to assets acquired during the marriage. Any assets acquired before marriage are considered separate property. Separate property is not up for division in either community property or equitable distribution. In an equitable distribution state, marital property is not split equally between both parties. Instead, it is split fairly. This means the court will evaluate the couple’s circumstances and determine what they deem as a fair division for both parties. Equitable distribution does not typically result in a 50/50 split, however, it is possible as the court may deem it is reasonable after evaluating the couple’s situation. The court will consider the following factors when determining the division of marital property in a divorce:
- Each party’s income
- Each party’s earning potential
- Each party’s financial contribution
- Each party’s debts
- Each party’s assets
- Each party’s physical and mental health
- The duration of the marriage
- The number of children the couple has
- The value of the property
- Any other pertinent factors
Should I consult a lawyer?
It is imperative for individuals seeking a divorce to obtain the right legal assistance to ensure their hard-earned assets are protected. To ensure you receive an appropriate and fair portion of your marital property in a divorce, acquire a skilled attorney who can help show the contributions you made during the marriage regardless of whether it was financial or not. In some marriages, one parent stays home to raise the children. This type of career sacrifice is noted and plays a huge role in the determination of the division of assets in a divorce.
If divorce is imminent, acquiring the right legal representation can help you protect your marital property. Allow our knowledgeable and experienced team members to advocate on your behalf to ensure you receive reasonable funds when it comes to the division of your marital assets.