Tampa Property Division Lawyer

We Help Our Clients Get What They Deserve

Property division is an essential part of the divorce proceedings. These cases become more complex, generally, the longer the marriage is and the more assets and debts are involved. The Tampa property division lawyers at Robert Sparks Attorneys are prepared to handle even the most complex asset division cases.

Moreover, we understand the emotional challenges of divorce and are dedicated to making sure you’re treated fairly. Facing property division in a divorce is challenging, but it’s vital to grasp how it works in Tampa to protect your assets.

Contact us today at (813) 606-5050 to discuss your case with a lawyer.

What is Equitable Distribution?

In Florida, divorce law operates on the principle of “equitable distribution” when dividing property in divorce. This means that marital property is divided in a manner that’s deemed: Fair, but not necessarily equal. Separate property will go to its respective owner.

Factors Considered When Dividing Marital Property

In practical terms, this means that marital property is not a strict 50/50 split. In fact, there are several factors that influence how assets are divided. Usually, this decision is made by a judge, where they take the following into account:

• The age of both spouses plays a role in asset division. It can be a determining factor in understanding financial needs, health considerations, and potential future earning capacity.
• The duration of the marriage is almost always a significant factor. Longer marriages often involve more complex financial intertwining, shared assets, and deeper emotional connections, influencing how the court approaches asset division.
• Evaluating the current and future earning potential of each spouse is crucial. This assessment considers education, skills, career advancements, and potential income, helping the court determine a fair distribution of assets.
• The nature and extent of owned properties, including real estate, vehicles, investments, and personal belongings, are considered during asset division. This includes both marital and individual property.
• Understanding how assets were acquired is vital. Assets acquired before or during the marriage, whether through inheritance, gift, or joint efforts, can influence how they are divided.
• If either spouse has recklessly spent or depleted marital assets, this can impact the court’s decision. Responsible financial behavior is generally taken into account during the asset division process.
• Family connections and obligations, such as child support or alimony from previous marriages, can influence the court’s decision on asset distribution. These factors contribute to the overall financial responsibilities of each spouse.
• Considering the tax implications of asset division is essential. Certain assets may have tax consequences upon transfer, and the court aims to minimize adverse tax impacts on both parties.
• Courts have the discretion to consider any additional factors they find relevant to the specific case. This can include health conditions, contributions to the marriage, or any other unique circumstances that may impact the equitable distribution of assets.

As you can see, every divorce is going to have significant issues to work out when it comes to how the marital assets are divided. With that said, because every marriage is unique, the assets that are available are going to change from one case to the other.

To learn more about equitable distribution of marital assets and liabilities, see § 61.075 of the Florida Statutes.

What Assets Are Available to be Divided in a Tampa Divorce?

A key distinction in any Tampa divorce involves what specific assets are subject to distribution.

To that end, assets are classified as either marital or separate. To more clearly understand the process, it’s helpful to understand what constitutes marital property and what constitutes separate property:

Marital Property

This category of property is made up of any assets, property, or other debts accumulated by you and your spouse during the period of your marriage.

This usually includes things like:

• Marital home
• Income
• Motor vehicles
• Second homes
• Bank accounts
• Royalties
• Business interests
• Retirement accounts
• Stocks
• 401k accounts
• Credit card charges
• Any other property acquired or debts incurred while they were married

Separate Property

This category of property refers to property owned by either spouse before the marriage. In the vast majority of divorces, separate property is awarded to the party it originally belonged to. Sometimes, it can become marital property when it involves things like investments or business interests. In these cases, the property will be considered marital property at the time of the divorce.

Common examples of non-marital property include:

• Separate bank accounts
• Inheritances acquired during the marriage, if held separately
• Gifts to either spouse
• Personal injury proceeds
• Any property acquired after the divorce 

Typically, the non-marital property remains with the original owner, but it can become marital property if it becomes intertwined with marital assets. Understanding the available assets in a Florida divorce helps in protecting your interests, but the final decision on asset division rests with the court.

Knowing what assets you have in a Tampa divorce makes it easier to protect and safeguard them. However, the division of assets is not up to you. That’s why it’s crucial to have the guidance of our experienced Tampa property division lawyers.

How Retirement Savings Are Divided in a Divorce

No matter what type of retirement plan you have, it’s considered community property under the Florida Family Code. The court can divide retirement plans such as:

• Simple IRA
• Traditional IRA
• Roth IRA
• SEP-IRA
• SAR-SEP

The family court will decide how to divide your federally-controlled retirement plans on a qualified domestic relations order (QDRO), but certain things like requiring the retirement plan to pay extended benefits not offered specifically by said plan or providing benefits that exceed its interest value are unaffected by a QDRO. In many cases, the court will hire an expert to determine the exact current value of a defined benefit plan. An experienced attorney can help you understand the process by giving you the information you need so the court’s final ruling doesn’t catch you by surprise.

Are Pensions Subject to Equitable Distribution?

Just like other types of property, pensions are subject to equitable distribution under Florida law. However, dividing a pension isn’t quite as simple as dividing a fixed amount of money like in a bank account – it requires a considerable amount of effort to determine how it should be fairly divided. Certain factors like how much each spouse contributed to the pension prior to the marriage as well as how the future value of the pension will be affected by things like inflation also play a major role in determining how and if the pension should be divided. While you won’t receive the funds or benefits provided by your pension until you’ve retired, your pension can still be split before then. There are a variety of situations that can allow you to keep a larger portion of your pension, and, in some cases, may allow you to keep it in its entirety. Common situations that could affect how your pension plan is divided:

• Federal plans: If your pension is provided by the federal government rather than the state, it may not be eligible to be included in your divorce, which could allow you to keep the entire plan without worrying about splitting any portion.
• Pre-marital contributions: If you worked and contributed to your pension plan for years before your marriage began, it is likely that the court will award you a larger percentage – in some cases, you may even end up with the entirety of the plan.

How To Safeguard Your Assets in a Florida Divorce

Safeguarding your assets during a Florida divorce requires careful planning and attention to detail. But more than that, it requires an ability to calmly and rationally negotiate with your spouse about what assets there are and how to best divide them. Some divorces can be especially contentious, so this isn’t always easy.

At the same time, Florida judges not only require both spouses to give a fair accounting of their assets.  Even if your divorce is challenging, there are strategies that you can take to safeguard your assets. These can include:

• Get a full accounting of your assets – To ensure that all assets are divided fairly, you’ll need to have a complete and accurate accounting of your assets. This includes bank accounts, investment accounts, real estate, personal property, and any other assets you own.
• Open individual bank accounts – If you have joint bank accounts with your spouse, it’s a good idea to open individual accounts in your name to protect your assets. Be sure to keep detailed records of all financial transactions during the divorce process.
• Keep assets separate – To avoid any confusion about what assets are marital property, it’s best to keep your assets separate from your spouse’s assets. For example, if you receive an inheritance or a gift, keep the funds in a separate account in your name.
• Don’t change or sell your property – In addition to having a proper accounting of your assets, it’s also a good idea to not sell, transfer, or change your property during your divorce. While it may be tempting, it could actually have an adverse affect on your ability to keep your property, as it could be viewed as an attempt to hide or get rid of assets to keep them out of your spouse’s hands.
• Maintain good records – Keep detailed records of all financial transactions during the divorce process, including bank statements, receipts, and other financial documents. This can help you avoid disputes over property division.
• Consider a prenuptial agreement – One way to protect your assets is to plan ahead. If you have a prenuptial agreement, it can help protect your assets in the event of a divorce.

Overall, safeguarding your assets during a Florida divorce requires careful planning and attention to detail. Another way is to work with one of our experienced, skilled divorce attorneys. We can help you with these strategies, and make sure that your assets are protected and that all the marital assets are fairly and equally distributed.

How Does Asset Distribution Work in a Tampa Divorce?

Knowing what assets are divided and what the process is for actually dividing them in a Tampa divorce are two different things. While you may know how your assets will be divided, it ultimately depends on what assets there are and how a judge is going to make a decision. Here’s an overview of the typical process: 

• Filing for divorce – The divorce process begins with one spouse filing a Petition for Dissolution of Marriage. This legal document outlines the grounds for divorce and may include initial requests regarding asset distribution, alimony, and other related issues.
• Financial disclosures – Both spouses are required to provide full financial disclosure, including details of income, assets, debts, and expenses. This information is crucial for an accurate accounting and distribution of assets.
• Identification of assets – The court distinguishes between marital and non-marital assets. Marital assets, acquired during the marriage, are subject to equitable distribution, while non-marital assets may be excluded from this process. 
• Valuation of assets – Accurate valuation of assets is essential. This involves determining the fair market value of properties, investments, businesses, and other significant holdings. Valuation helps the court make informed decisions about asset distribution. 
• Consideration of factors – The court considers various factors when deciding how to distribute assets, including the duration of the marriage, each spouse’s financial contributions, present and future earning capacities, and any intentional depletion of assets.
• Negotiation and Settlement – Spouses, with their respective lawyers, may engage in negotiations to reach a settlement on asset distribution. This can involve discussions on property division, spousal support, and other related matters.
• Mediation – If negotiations are challenging, the court may suggest or order mediation. A neutral third party helps smooth the discussion, assisting spouses in reaching an agreement on asset distribution and related issues.
• Court decision – If negotiations or mediation do not result in an agreement, the court will make decisions on asset distribution based on the evidence presented, applicable Florida laws, and the unique circumstances of the case. 
• Finalizing the divorce – Once the court has determined the distribution of assets, a final divorce decree is issued. This document outlines the terms of the divorce, including the resolution of property division, alimony, and other relevant matters.
• Appeals – Either party may have the option to appeal the court’s decision if they believe there are legal errors or if they disagree with the outcome.

It’s hard to overstate just how important asset division is to your overall divorce. Not only will it likely determine how you’re able to proceed in the short-term, it can also bring about long-term changes to your lifestyle. So, it’s important to do everything you can to protect your assets. One of the best ways to do that is to work with our team.

Don’t Forget About Your Debts

Just like any other asset considered during the divorce process, a key aspect to pay close attention to is whether or not a debt exclusively belongs to either you or your spouse and whose name is connected to the debt. Even if either you or your spouse agrees to shoulder the other’s financial burden, the company that is owed money isn’t likely to pay close attention to those agreements made in the courtroom. As long as it is your name on the financial agreement, you are likely to be responsible for any interest, fees, and/or penalties. It may be in your best interest to completely pay off your debts before signing the final divorce agreement. Not only will this help you avoid any financial complications from missing a payment, but selling off real estate like your marital home could limit or even prevent arguments about who ends up where. Another option is to sign up for a new credit card and transfer your existing balance to the new account in order to ensure that everything is under the correct name. No matter the direction you choose to take, hiring an experienced property division lawyer in Tampa will help ensure you take the necessary actions to avoid future complications.

Do You Need a Tampa Divorce Lawyer?

In Tampa or anywhere else, asset division can be complicated. It doesn’t always happen fairly, despite efforts for an equitable distribution. Courts aim for fairness, but outcomes vary. Even if you try to protect your assets, the court decides how they’re divided. That’s why working with our experienced divorce lawyers is crucial. We can help in key areas.

• Understanding the law – Our experienced lawyers offer comprehensive knowledge of Florida divorce law, ensuring that you are well-informed about the legal framework governing asset division.
• Identifying assets – We assist you in identifying all relevant assets, considering both marital and individual properties, to provide a comprehensive view of the financial landscape.
• Valuing assets – Evaluating the worth of assets is a critical step. Our team employs professional expertise to assess the value of diverse assets, aiding in a fair determination of their distribution.
• Negotiation – We guide you through the negotiation process, working towards a settlement that aligns with your goals and priorities while seeking a fair resolution for both parties.
• Representing you in court – In situations where amicable resolutions are challenging, our lawyers are prepared to represent you in court, presenting a compelling case to secure a fair outcome in asset division.
• Addressing tax implications – Our team is adept at considering and addressing the tax consequences associated with asset division, ensuring that both immediate and long-term tax implications are taken into account.

Get a Fair Property Division Agreement in Tampa, FL

If you are going through a divorce in Florida, it’s important to protect your rights and interests, especially when it comes to dividing assets. Property division cases can be highly contentious, but our firm is committed to working with you along with the other party to secure the best resolution as amicably as possible. Make sure you get a fair property division agreement by entrusting your case to our team at Robert Sparks Attorneys.

At Robert Sparks Attorneys, our team of experienced Florida divorce attorneys can provide the guidance and support you need to ensure a fair and just distribution of your assets. Every divorce has its own unique circumstances, but with our combination of experience and knowledge of Florida laws and how the court system approaches asset division provides us with the ability to give each client the case-specific approach that they deserve.

Call (813) 606-5050 to learn more about how we can help.