6 Things You Need to Know About Asset & Debt Division
Posted on Oct 19, 2015 4:46pm PDT
If you and your spouse are considering divorce or are already going through
the divorce process, you may have a few questions about asset and debt
division. To help you understand what will happen to shared debts and
assets, we have answered a few commonly asked questions.
1. What are Assets?
Assets include anything of monetary value, such as the following:
- Retirement benefits
- Bank accounts
- Business investments/interests
2. What are Debts?
Debts, often referred to as liabilities, are any amounts of money that
you and your spouse may owe. Debts can include the following:
- Vehicle loans
- Credit card accounts
3. What is the Difference Between Marital and Non-Marital Assets/Debts?
Marital debts/assets are the debts and assets a couple acquires during
the marriage. Any assets or debts attained outside of the marriage are
awarded to only the party who acquired the assets or debts before marriage.
4. What is Equitable Distribution?
This occurs when divorce courts distribute the debt and asset obligations
during divorce proceedings.
5. How are these Debts and Assets Divided During Equitable Distribution?
In many cases, martial assets and debts will be divided equally, generally
50%. However, some courts may distribute the assets and debts fairly,
rather than equally, depending on both spouses’ financial circumstances.
6. What Factors are Considered Before Equitable Distribution Amounts are
A court will consider a number of factors before deciding on equitable
distribution amounts. Some of these factors are the following:
- Duration of marriage
- Economic circumstances of each party
- Contributions from each spouse during the marriage
Worried About What Will Happen To Your Assets After Divorce? Hager, Schwartz
& Ross, P.A. Can Help You!
Divorce can be an extremely taxing part of your life, making it easy to
forget the most important factors. That is why it is crucial to retain
an experienced and knowledgeable family lawyer if you are considering divorce.
Our South Florida divorce attorneys at Hager, Schwartz & Ross, P.A. can take the time to understand your
case and formulate a strategy that will safeguard your future. Don’t
hesitate. Get the representation you need today. At our firm, we are not
just passionate about helping you through this process; we are dedicated
to helping you achieve a brighter, simpler, and happier future.
For your free consultation,
contact our team today!