Panama City, Florida Property Division and Equitable Distribution Lawyers

 

The Florida Statutes and case law provide for an equitable division of marital property  and debts in divorce cases. Equitable distribution is how a court determines a division of assets and liabilities during a divorce case. Under Florida law a court begins the proceeding with a presumption of an equal division of marital debts and assets between the parties. However, this presumption can be overcome and the court may choose not to divide equally based on the facts of the divorce case. Remember, equitable division of property does not necessarily mean you get half the marital property in a Florida divorce case. Various factors may affect the Court’s division of property, such as the length of the marriage, each spouse's contribution to the marriage, who is awarded custody of the children and any award of alimony to one of the spouses and other factors the court deems appropriate. 

Common examples of Marital property may include:

 

• Real estate
• Businesses
• Deposit accounts, such as savings and checking
• Insurance policies
• Securities
• Pensions
• 401K, 503B, IRAs and other retirement accounts
• Intellectual property (patents, copyrights)
• Vehicles
• Jewelry, art or other collections
• Household furnishings
• Pets

 

Common examples of Marital debts may include: mortgages, car loans, credit card accounts and other debts. Most assets or debts acquired during the marriage are considered marital and are subject to equitable distribution.

 

Complex Issues Raised By Equitable Distribution
 

While the concept of equitable distribution may sound simple, the division of assets and liabilities can be complex, especially when the couple has substantial assets, real property, a business, a pension plan, or if either spouse owns non-marital property.  Cases such as these raise a host of issues that our lawyers are standing by to assist you with.

 

At Virga Law Offices, P.A.  in some of our cases we employ forensic accountants, business valuators, and real estate appraisers along with other professionals to assist our clients with the valuation of assets, such as businesses, real estate, retirement and investment accounts and other financial holdings.  These experts may also be called to Court as expert witnesses to explain the value of the assets and debts and to offer an equitable means to split the assets and debts among the divorcing couple.

 

How Can Virga Law Offices, P.A. Help Me?

 

At Virga Law Offices, P.A. our experienced divorce lawyers can assist you in calculating an approach to the property division and debt allocation in your divorce case. Our divorce lawyers will work to ensure you receive a distribution that works to your advantage and provides you with the best possible financial benefit.  Contact Virga Law Offices, P.A. today for your free initial consultation so you can get back to focusing on what’s important to you.

 

The Panama City, Florida Property Division and Equitable Distribution Lawyers at Virga Law Offices, P.A. proudly serve Northwest Florida including the following cities and counties:    Apalachicola, Blountstown, Bonifay, Chipley, Lynn Haven, Marianna, Mexico Beach, Panama City, Panama City Beach, Port St. Joe, Springfield and Tyndall Air Force Base; Bay County, Calhoun County, Franklin County ,Gulf County, Holmes County, Jackson County , and Washington County.