In a divorce, the division of marital debts and assets is something that has to be done. This division is not equal, but it is equitable, which is considered a fair way to divide assets and debts based on a number of circumstances. The different types of debts and liabilities include:
- Money
- Property
- Retirement accounts, profit sharing, and deferred compensation
- Property value increase because of the contribution of marital funds or the efforts of either spouse, such as in the case of building a business or maintaining a home
- Any assets and liabilities acquired during the marriage jointly or individually by either spouse
If you are facing divorce, the equitable distribution of assets and debts is one of the things that must occur. This is a process that your Boca Raton divorce attorney will help you with so you can ensure accurate reporting and also make sure the other party is accurately reporting assets.
Accurate Asset Characterization
Before the marital property can be divided, it is important to know what assets are included in the marital estate and which ones aren’t. This is the key to property division and sometimes disputes can come about because the parties don’t agree with what is a marital asset and what isn’t.
The term “asset characterization” is typically used to cover the questions regarding a particular piece of property. Assets are characterized as either separate property or marital property. If it is separate property, then it is not subject to division, as it stays with the person that owns it.
Ronald M. Zakarin has a great deal of experience with asset characterization issues concerning real estate, property acquired before marriage, professional practices, prenuptial agreements, and investment accounts. This is experience that he is able to put to work for you so that assets are characterized properly and can be distributed accordingly.
Advocating For Your Future
Asset division is important since it gives each party the tools and the assets that they need to move forward. Some assets are more important to one party than the other, which is something that is taken into consideration when dividing the assets. Your attorney can make your wishes known and create a strong case as to why you need a specific asset. Perhaps you are the primary driver of a particular vehicle that you want to keep or you have custody of the children and there is a specific asset that will benefit them. There are ways that your attorney can advocate for you to receive the assets that you need.
Contact Attorney Ronald M. Zakarin
Asset division is a major part of the divorce process and it is important to characterize assets for what they are. By having an experienced divorce attorney by your side, you can ensure that your assets are divided accordingly. To learn more about how the Law Offices of Ronald M. Zakarin, P.A. can help you, call 561-338-5297 to schedule a free consultation.