Equitable Distribution Attorney in Tampa Bay
As part of any divorce, the parties or the court will determine how property and debts are to be divided. This is known as the process of “equitable distribution.” Whether sitting around the mediation table or standing before a judge, The Law Firm of Adam B. Cordover, P.A., we will zealously advocate for your property rights.
The first step of equitable distribution is to determine which assets (such as cash, cars, houses, or 401(k)’s) and liabilities (such as credit card bills, mortgages, and loans) are marital and which are non-marital. This is because non-marital assets and liabilities will generally be set aside and go to the spouse that acquired or incurred them, while marital assets and liabilities will be divided among the parties.
In most cases, if an asset was earned or purchased during the marriage, or a liability was incurred during the marriage, it is considered marital. However, if the asset was acquired or the liability incurred prior to the marriage, it is usually considered non-marital. Keep in mind that certain assets—such as gifts, disability benefits, and non-marital assets that have increased in value because of marital efforts—do not follow these general rules. As this crucial step may not be as easy as it first appears, The Law Firm of Adam B. Cordover, P.A., will guide you through the process of determining whether assets and liabilities should be categorized as marital or non-marital.
Once the parties or the court determine what is marital and what is non-marital, the next step is to distribute the marital property and debts. Distribution should occur on an equitable (fair) basis, though this does not necessarily mean that assets and liabilities will be divided equally. Considerations for distribution include (i) the contribution to the marriage by each spouse (including contribution to the care and education of children and services as a homemaker), (ii) the contribution of one spouse to the career of the other spouse, and (iii) the intentional destruction of marital assets. Further, the way that assets and liabilities are distributed could affect other issues in your divorce, such as child support or alimony. At The Law Firm of Adam B. Cordover, P.A., we will develop a personally-tailored plan to safeguard your rights in any distribution.
Equitable Distribution and the Collaborative Family Law Process
Are you interested in a private process which keeps your personal and financial information out of the public courtroom? Learn how the collaborative family law model can be used in your equitable distribution case.
Equitable Distribution Consultation
To schedule a consultation or learn more about The Law Firm of Adam B. Cordover, P.A., call us at 813.443.0615 or fill out our contact form.
Located in Downtown Tampa at the intersection of North Florida Avenue and East Madison Street, we practice throughout the Tampa Bay area, including in Hillsborough, Pinellas, Pasco, Polk, Hernando, Sarasota, and Manatee counties.
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