Property and Debt

The Will Nelson Law FirmIn family law cases three categories of property (also called assets) exist: marital property, premarital property and separate property.  The debts (also called liabilities or obligations) of the parties may also be categorized as premarital, marital and separate.   The type of property subject to division is unique to the family and the parties involved in litigation but may include some, or all, of the following: bank accounts, investment accounts, furniture and home furnishings, real estate (including any marital home), vehicles, boats, collections (such as stamp, coin, art or other collectables) pension and retirement accounts, businesses and any other assets that were acquired, created or maintained by one or both parties during the marriage. The marital debts may be similarly diverse.

When a divorce case is filed, the Court is required to divide the marital property and the marital debts of the parties.  Florida law presumes that assets and liabilities should be divided evenly.  There may be times, however where an uneven division of assets and liabilities may be appropriate. Every family law case must be evaluated based on the specific assets and liabilities of the parties. Some cases present property and debts that are reasonably easy to divide.  However, in cases where the Court is required to divide pension or retirement accounts, to evaluate and divide business interests, to apportion and assign interests and liabilities for real estate and to address other financial or investment transactions, the division of assets and liabilities can be complex.

If you have questions regarding your interests as they relate to assets or liabilities, or have concerns regarding the process involved in dividing property or debts:

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