Equitable Distribution attorney in West Palm Beach
When it comes to the distribution of assets and debts during a divorce, states follow either a community property rule or an equitable distribution rule. In community property states, a judge divides a couple’s assets and debts in half, regardless of whether this division is fair to either party.
In states – including Florida – that use equitable distribution, marital assets and marital debts that are acquired during a marriage are divided “fairly and justly” between both parties in a divorce. But that does not always mean that both parties will receive an equal distribution of property, which is why an experienced family law attorney best handles these types of cases.
Florida Property Division Laws
What Factors Determine Equitable Distribution in Florida?
In Florida, Statute 61.075 directs family court judges to make a final decision that distributes marital assets and marital debt equally between both parties, unless a judge finds reasons that justify unequal distribution.
But prior to making a decision, a family court judge will take into account a number of significant factors, which include:
- Economic status of each claimant.
- The contribution each spouse made to the marriage, which can include childcare and educational achievement.
- Length of the marriage.
- Sacrifices each person made in career and educational opportunities. For example, did one spouse leave a job to accommodate relocation for another spouse?
- The contribution each spouse made to the income, assets and debts during the marriage.
- Whether either spouse intentionally wasted, depleted or destroyed marital assets after the divorce petition was filed, or within two years prior to filing for divorce.
- Whether selling the marital home would be contrary to the best interests of any child involved in the divorce proceedings.
- Any other factors that a judge deems important for equity and justice between both parties.
If a judge decides to award property to one spouse instead of ordering that it be sold and the proceeds divided equally, Florida law requires that the judge base that decision on “competent and substantial evidence” that the spouse who was awarded the property has a right to the property based on evidence presented by a lawyer. The judge must also document why the non-equitable distribution was made.
What Our Clients Have to Say
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"You can too trust him!"I am using Eric for the second time, he saved this child the first time when she needed it the most. I know God’s will placed him in my life and when an incident came up again I didn’t hesitate to call Eric Cheshire. He is a Godly Man that gets at the truth to help in the best way he can with the will of God. I trust him with the most precious gift God gave me, you can too trust him.- Former Client
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"A true gentleman and professional!"As a woman of God, I would never have dreamt I needed Eric and his firm’s services. Fortunately, it was one of my better decisions. For his professionalism and kind heart made me feel that I was not in this alone. He was walking with me during the entire ordeal and I am very blessed to have a Christian man such as himself to guide me and explain everything to me. A true gentleman and professional! Thanks Eric!- Former Client
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"He genuinely cares!"Mr. Cheshire is one of the good guys. He genuinely cares about his clients and what is important to them.- Former Client
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"I am so thankful to have found someone who was so knowledgeable and considerate."As you might imagine this was a difficult time in my life. I am so thankful to have found someone who was so knowledgeable and considerate to help me through my divorce.- Former Client
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"Will hire him again if I ever need an attorney for my legal needs"I’ve used Eric Cheshire, PA over the years for my divorce and he handled it in an understanding but prompt manner. I’ve recommended him to other family and friends and they’ve been elated with his representation also. Will hire him again if I ever need an attorney for my legal needs.- Former Client
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"Great Service!"Great Service! He was kind, understanding and easy to work with.- Former Client
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"Eric fought for our family to be together."Very nice and helpful. Give my husband his legal rights as a father to be able to see his son. Eric fought for our family to be together and he always checked in with us to see how things were going. I couldn’t have asked for a better lawyer and family man. He loves his family and he loves his clients too.- Former Client
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"Very grateful!"Atty Cheshire reviewed the case carefully with my daughter and communicated with other lawyers in Missouri where she lives. We spoke with him to give other pertinent info and he kept us posted. He spent we suppose several hours on her case which helped prevent some financial pitfalls on her part. My daughter and us parents are very grateful for his foresight and timely advice. We highly recommend Atty Cheshire. (Reviewed from a potential client who consulted with Attorney Cheshire).- Former Client
How Are ‘Marital Assets’ Defined?
Marital assets are defined as property that was acquired during a marriage, whether by purchase or through other means.
Some common types of marital assets include:
- Real estate
- Personal property, such as jewelry or antiques
- Gifts that one spouse gave to the other spouse
- Bank accounts
- Retirement accounts
- Patents, trademarks and copyrights
- Any benefits obtained from insurance, pensions, social security and workers’ compensation
- Stock options
How Is ‘Marital Debt’ Defined?
Marital debt is defined as any liability that a couple incurred during their marriage.
Some common types of debt include:
- Mortgage
- Credit card debt
- Student loans
- Car loans
- Tax liens
- Medical expenses
Why You Need a Family Lawyer for Your Divorce
If you have filed a petition for divorce, you should strongly consider hiring a marital and family lawyer to ensure that all your rights are protected. For more than 30 years, The Law Office of Eric C. Cheshire P.A. has helped clients navigate through this often difficult process.
Please call us at (561) 677-8090 to schedule your legal consultation.