You will most likely have a lot of questions regarding how your assets and liabilities will be distributed. Florida law starts with the premise that the “marital assets” and “marital liabilities” acquired or incurred between the date of marriage and date of filing should be distributed equally, no matter how titled. However, there are instances where an unequal distribution is warranted, but that is a case by case and fact intensive assessment.
The first challenge is properly identifying and valuing marital assets and marital liabilities. While some cases are fairly straightforward, some become quite complicated, especially where there are significant non-marital elements or businesses are involved. It also becomes complicated when one party has dissipated and/or misused marital assets.
It is essential you have an attorney familiar with these issues and one that has the experience necessary to implement the discovery to be able to properly value the marital estate. The attorneys at Heskin Martinez Law Group have experience working with forensic accounting experts to resolve these issues.
Once the marital assets and liabilities are identified and valued, the Court will consider the following factors in effectuating an equitable distribution:
- The contribution to the marriage by each spouse, including services as caregiver or homemaker;
- The economic circumstances of each spouse;
- The length of the marriage;
- Any interruption of personal careers or educational opportunities of either spouse;
- The contribution of one spouse to the professional advancement of the other;
- The desirability of retaining any asset (particularly businesses) intact and free from any claim or interference by the other party;
- The contribution of each spouse to the enhancement (or indebtedness) of the marital estate, as well as the incomes generated by each spouse toward those ends;
- The desirability of retaining the marital home as a residence for a dependent child of the marriage (provided it is economically feasible);
- The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition (or within 2 years prior to the filing of the petition); and,
- Any other factors necessary to do equity and justice between the parties.
Complicating Factors
The valuation of marital businesses can be particularly difficult and it is essential that you have an attorney familiar with presenting the Court with a value that separates out the personal goodwill of the party (i.e. the value of their specific contribution) from the otherwise general value of the business (what is called “enterprise good will”).
A number of attorneys lack experience in this complicated area of practice, and mismanagement of this assessment can have profound impact on the value of the marital estate. The attorneys at Heskin Martinez Law Group have been successful in presenting the necessary information to the Court on this subject, and are familiar with the valuation methods necessary to address these issues.
Another area where things can get muddied is in separating out non-marital assets and liabilities from the marital estate, particularly where there has been commingling and/or contributions that have led to active appreciation in value of what otherwise would have been non-marital property.
When complex asset distribution is an issue, it is essential to have an attorney with demonstrated knowledge of the complexities of this area of divorce litigation. Heskin Martinez Law Group has 30 years of experience evaluating and presenting complex asset distribution issues.
Questions about Complex Asset Distribution? Call us at 407-403-5990 or contact us (below) to schedule your appointment.