Best Divorce Lawyers near Sunrise, FL

Divorce Asset Division Basics: A Guide for Florida Residents Divorce is a challenging and emotional process, and asset division can be one of the most contentious. In Florida, community property laws require an equitable distribution of assets between divorcing spouses. Dividing assets during a divorce is not merely a matter of splitting things. It is about identifying, valuing, and allocating assets according to the equitable distribution law. In this blog post, we will walk you through the basics of dividing assets in a divorce, laying out a clear path to follow during this tumultuous process. Identifying the assets The first fundamental step in dividing assets during a divorce is to establish what assets are uncontested and can be split. Typically, assets fall into two categories: community property and separate property. Community property generally includes all property obtained during the marriage, while separate property consists of property acquired before the marriage or gifted to one spouse individually. To begin the process, make a list of all assets and debts, dividing them into these two categories. Valuing the community assets The second step is to value the community assets. The value of an asset can differ from its purchase price; it could have appreciated or depreciated over time. In some cases, the worth of an asset may also be controversial.