Tampa Property & Asset Division Lawyer: Helping You Secure Your Financial Future
It is more expensive to live as two single people than as a married couple. For this and other reasons, divorce can jeopardize the financial security of even the most responsible individuals. Needless to say, it is imperative to work with a family law attorney who will fight to secure your fair share of marital assets.
In Tampa and throughout northern Florida, you can find the help you are looking for at the Law Offices of J. Anthony Franco, PLLC. Mr. Franco has earned a reputation for his litigation skills as well as his commitment to serving clients. When you hire him as your attorney, you can expect personalized attention, knowledgeable representation and tireless advocacy throughout the divorce process.
How Are Marital Assets Divided In A Florida Divorce?
Like most other states, Florida relies on the “equitable distribution” model. Courts must divide a couple’s marital assets and debts equitably (fairly). Florida’s model is distinct from other states in that courts are required to start with the assumption that the assets will be split 50-50. From there, however, judges can choose to deviate and award one spouse a greater share if doing so is warranted and would achieve a fair result.
There would be many reasons a judge might deviate from a 50-50 split, but common reasons include:
- Evidence that one spouse interrupted their own career to support the other’s advancement and/or to be a stay-at-home parent
- The relative economic circumstances of each spouse following the divorce
- Evidence that one spouse significantly depleted or wasted marital assets in the two years leading up to divorce
Some of the “big-ticket” items to be divided in a typical divorce include the marital residence, retirement accounts, vehicles, stocks/bonds and bank accounts.
It’s important to note that Florida’s equitable distribution model only applies to marital assets and debts. Generally, this is any asset or debt acquired by either spouse during the marriage. Most assets obtained prior to marriage are considered separate and are therefore not subject to division.
Who Gets To Keep The House In A Tampa Divorce?
The marital home is often the most significant asset. When determining who gets the house in a Tampa divorce, the court typically considers several paths:
- A marital property sale: Selling the property and dividing the net proceeds according to the equitable distribution agreement.
- An equity buyout: Allowing one spouse to keep the home by refinancing the mortgage in their own name and paying the other spouse their share of the equity.
- A deferred sale: Granting the primary parent exclusive use of the home until the children graduate to maintain stability in their school district.
The right housing strategy is essential for your future, especially when balancing a mortgage alongside alimony payments.
When Does Separate Property Become Marital Property?
Generally, assets obtained prior to marriage are considered separate. However, separate property can be converted into a marital asset through a process known as commingling. This happens when separate and marital funds are mixed to the point that they can no longer be easily distinguished.
Common ways that once-separate property can become subject to division include:
- Commingling separate funds: Depositing separate inheritance money into a joint checking account used to pay for marital expenses or mortgages.
- Improving separate assets: Using marital funds or labor to renovate a premarital property, which may make the increase in value a marital asset.
Distinguishing between these asset classes is vital for a fair division of wealth. This process also involves verifying if prior agreement exists to protect your specific interests.
How Is A Family Business Valued During A Florida Divorce?
If a business was started or significantly grew during the marriage, it is generally treated as a marital asset. Dividing a professional practice or a family company is rarely as simple as splitting a bank account, as the valuation process is often complex.
To protect your interests, Mr. Franco works closely with forensic accountants and professional business valuation experts. These specialists look beyond the tax returns to determine the true worth of the company, including goodwill and future earning potential. Whether the goal is a fair buyout of one spouse’s interest or a structured division of the entity, Mr. Franco provides the high-level advocacy required to handle these high-stakes negotiations.
Work With A Tampa Hidden Assets Attorney To Uncover A Spouse’s Finances
A fair division of assets can only be achieved if both spouses are thorough and completely honest regarding asset disclosure. Unfortunately, it is somewhat common for one spouse to attempt to hide assets that must be disclosed.
If you are worried that your spouse is hiding assets or plans to do so, it is especially critical to hire an experienced, detail-oriented and determined attorney like J. Anthony Franco. As your division of assets lawyer, he will meticulously examine your spouse’s disclosures and use the discovery process to compel them to produce official paperwork and records of anything that seems suspicious or incomplete.
He can also demand an inspection of certain assets and question your spouse during a deposition, which comes with the threat of sanctions and other penalties for lying under oath. When needed, Mr. Franco also works with third-party financial professionals to perform an in-depth investigation into marital assets. In short, he will do everything in his power to fully account for marital assets and ensure you receive your fair share.
Learn More During An Initial Consultation
The Law Offices of J. Anthony Franco, PLLC, serves the family law needs of clients throughout Hillsborough county and northern Florida . To schedule an initial consultation about your legal options, call the firm’s Tampa property & asset division law office at 813-608-4024 or reach out online.