The dissolution of a marriage involves numerous emotional and practical challenges, and one of the most significant aspects is the division of marital assets, including the marital home.
In Jacksonville Beach, Florida, property division is subject to specific legal principles and considerations. Our Jacksonville Beach divorce lawyer can help you understand the factors determining who will get the house in your Jacksonville Beach Divorce.
Understanding the Division of Assets in a Divorce
Divorces can be messy, especially when it comes to dividing assets. Understanding how this process works is crucial for both parties involved. In Jacksonville Beach, the division of assets follows Florida’s equitable distribution law.
Equitable distribution means that property and assets acquired during the marriage will be divided fairly, though not always equally. This means that spouses may not walk away with an equal share of everything they own.
Instead, a judge will consider various factors in determining how the assets should be split. Having a family law attorney in Jacksonville Beach argue can ensure you protect your right to keep your assets during your divorce proceedings.
Property Considered as Assets During Divorce
Equitable distribution does not just apply to physical property like houses and cars. It also includes other types of assets, such as:
- Financial investments
- Real property investments
- Retirement accounts
- Businesses
- Debts accumulated during the marriage
Both spouses must provide accurate information about their finances to ensure a fair division of assets according to Florida law. This includes disclosing all income sources and providing documentation regarding any properties owned or debts owed.
Understanding how Florida’s Equitable Distribution Law works can help divorcing couples navigate the process more clearly. Seeking legal advice from an experienced family attorney can further protect your rights and ensure a fair outcome when dealing with complex asset division cases.
Who Gets the House in a Jacksonville Beach Divorce?
The type of asset your home is will determine who gets the house during your Jacksonville Beach divorce. There are two types of property that your home may be.
Marital Property
Marital property includes assets acquired during the marriage, such as the family home, income, and other jointly acquired assets.
Non-Marital Property
Non-marital property encompasses assets owned individually before the marriage or acquired by gift or inheritance during the marriage.
If the home is non-martial property, the party who owned the home before the marriage will continue to own the house after the divorce is final. If your home is considered marital property, various factors will determine who keeps the home. Working with a family law attorney in Jacksonville Beach will ensure you have the best chance of being awarded the home during your divorce.
Factors that Influence Who Gets the Home
Courts will consider the following when determining who gets to keep the marital home after a divorce is final.
Contributions to the Marriage
The court evaluates each spouse’s contributions to the marriage, including financial contributions, homemaking, and childcare responsibilities.
Contributions that enhance the value of a spouse’s separate property may also be considered.
Duration of the Marriage
The length of the marriage is an essential factor. Longer marriages may lead to a more equal distribution of assets, including the marital home.
Economic Circumstances of Each Spouse
The financial situation of each spouse, including income, employability, and earning potential, is considered in determining a fair distribution.
Child Custody and Support
The court may prioritize the best interests of any children involved, potentially awarding the primary caregiver the family home to provide stability.
Spousal Support (Alimony)
The award of spousal support may impact property division, as the court considers the financial needs of the recipient spouse.
Agreements and Prenuptial Agreements
If the spouses have a prenuptial or postnuptial agreement specifying property division, the court generally upholds these agreements unless deemed unfair or unconscionable.
Waste or Dissipation of Assets
If one spouse has dissipated or wasted marital assets, it may be considered in the distribution process.
Our Jacksonville Beach divorce lawyer will present evidence supporting your entitlement to your marital home. We will argue your case and help you protect your assets.
Handling the Home During a Divorce
A court may assign ownership to a home following a divorce in several ways. Some of the most common include:
Sell the House and Divide the Profits
This is a standard solution where both spouses agree to sell the house and split the proceeds. It can provide a clean break and allow each party to move on with their lives independently.
One Spouse Keeps the House and Buys Out the Other’s Share
In some cases, one spouse may have a stronger emotional attachment or practical need for keeping the marital home. If they can afford it, they may buy out their ex-partner’s share by refinancing or using other financial means.
Co-ownership or Shared Custody of the House
For couples with an amicable relationship post-divorce, co-owning or sharing custody of the house might be an option worth considering. This arrangement allows both parties to maintain ownership rights while providing stability for any children involved.
Seeking legal advice from our Jacksonville Beach divorce lawyer will help you make informed decisions about your future living arrangements amidst divorce proceedings.
Let Our Jacksonville Beach Divorce Lawyer Help
Property division is a complex and often contentious aspect of the divorce process. At Griffin Family Law, we understand the intricacies involved in determining what constitutes marital vs non-marital property and how to value these assets accurately.
With our knowledge and experience in handling high-asset divorces, we are committed to protecting your rights and ensuring you receive a fair distribution of all marital property, assets, and debts. Contact us today to schedule a consultation with our skilled family law attorney in Jacksonville Beach. Let our team guide you through this crucial step in your divorce journey.
