Dividing Marital Property In A Tampa Divorce
You and your spouse worked to accumulate property and assets during your marriage. During a Tampa divorce, it will need to be divided between you in a manner that is fair to both. Division of marital property is one of the most important divorce-related issues. The outcome of these proceedings can impact your financial security for years afterward. Our Tampa divorce lawyer shares more about the process and what to expect.
Creating An Inventory Of All Marital Property In Divorce
Marriages break up for a variety of reasons, but the legal process for getting a divorce is largely the same. When filing for a divorce through the Hillsborough County Family Court, one of the first things you will need to do is to create an inventory of all marital property and assets.
Marital property means anything earned, acquired, or otherwise accumulated since the day you first said, “I do.” It includes:
- Your family home, any rental properties, vacation homes, or timeshares you own;
- Your car, recreational vehicles, motorcycles, or other riding gear;
- Household furnishing, including all furniture, artwork, and other decor;
- Hobby and collectible items, which may be worth significant amounts of money;
- Personal items of value, such as furs or jewelry;
- Shares in businesses and online assets;
- Money in bank accounts and investments;
- Pension benefits, money in IRAs, and other retirement savings.
It is important to be thorough in creating this inventory, as overlooking items will result in a reduced settlement. Check online property records, past tax returns, and bank or credit card statements for anything you may have missed.
How Marital Property Is Divided In A Divorce
Division of marital property is a major issue when getting a Tampa divorce. Regardless of the length of your marriage or the amount of assets you and your spouse possess, you want to be sure you get your fair share in any divorce settlements and final court orders issued in your case.
Under the Florida Statutes, marital property in a Tampa divorce is divided on an equitable basis. This means that, rather than dividing it all evenly, the court encourages agreements that are fair to both people involved, based on the specific situation. Factors that could impact the amount you obtain in a settlement include:
- Individual, pre-marital assets owned by you or your spouse;
- Each of your current incomes;
- The amount of time and money you invested into accumulating and maintaining marital property;
- Any marital misconduct and dissipation of assets, such as spending money on affairs, gambling, or other addictions;
- The potential tax ramifications;
- Agreements made regarding other divorce-related matters, such as child custody and alimony payments.
Request A Consultation With Our Tampa Divorce Lawyer
You are entitled to a fair share of any property and assets accumulated during your marriage.
To ensure you get the maximum amount in your settlement, contact Bubley & Bubley, P.A. We provide the trusted legal guidance needed to protect your rights throughout the divorce process. Request a confidential consultation with our Tampa divorce lawyer today.