The Three Biggest Property Division Mistakes, and How to Avoid Them
Of all the terms of divorce you will have to resolve, those involving the division of property are some of the most contentious. Florida is an equitable distribution state, meaning marital assets are divided fairly, which does not necessarily mean equally. Marital assets include any property that was accumulated during the marriage. The property division process during divorce is a legal one and as such, there is a lot of room for mistakes to be made. Below, our Brandon property division attorney outlines the three biggest mistakes to avoid.
Listening to Your Heart Instead of Your Head
There are numerous divorce stories about one spouse that fought for certain property, even when it did not have a lot of value, simply to spite their partner, not because they were particularly attached to the asset. Allowing emotions to take over in this manner can cause property division disputes to take much longer to resolve. This also means that resolving them will cost more than necessary.
To avoid this mistake, identify goals for yourself early on in the process. Determine what property is important to you because it is valuable to you, not just because you want to keep it from your spouse.
Failing to Understand the Actual Value of Assets
It seems logical that if one marital asset has a certain value, it is equal to property of a similar value. This is untrue. Just because two assets may have the same value, it does not mean they are of equal worth. This concept is particularly important to remember when dividing retirement accounts.
For example, you may have to divide a Roth IRA and a traditional IRA during divorce proceedings. If each is valued at $100,000, you and your spouse may agree to each keep one account. However, if you agree to retain the traditional IRA, you will face significant tax implications and have less funds for your retirement while your spouse will have more. When dividing any property, it is critical to consider all factors associated with it.
Failing to Remove Your Name from Debt
All marital property is divided during divorce, which includes assets as well as debt. You can reach an agreement with your spouse about how to divide debt, or a judge can make the final decision. Regardless of how the decision is made, if your spouse is liable for marital debt after your divorce, it is critical that you remove your name from the account. Creditors are not bound by divorce decrees and so, if your name is still on the account, they have the legal right to still pursue you for payment.
Our Property Division Attorney in Brandon Can Help You Avoid These Mistakes
While there are many mistakes people can make during the divorce process, our Brandon property division attorney at Koether Law, P.A. can help you avoid them. Our seasoned attorney can provide the sound legal counsel you need so your case is finalized as quickly and as smoothly as possible. Call us now at 813-347-8193 or contact us online to schedule a consultation and to learn more.