Distribution of Marital Assets – Equitable vs. Equal
An asset can be considered anything of value including real estate, personal property and financial interests such as a 401K. Liabilities are debts – such as a mortgage or credit card.
Typically, assets or debts acquired during the marriage would be considered marital in nature whereby they belong to both parties. Should the marriage dissolve you may think all assets and liabilities were divided equally down the middle, but that’s not always the case.
“The Court considers extenuating factors in dividing assets and liabilities during a divorce. It will evaluate if one party contributed substantially more than the other and give them greater consideration in splitting assets. Or the economic position of one spouse may be far more tenuous than the other and put them in undue hardship when assigning liabilities,” said Norman A. Green, Senior Partner at Green & Metcalf P.A. of Vero Beach, FL.
Divorce attorneys specialize in assisting those going through this process. Family lawyers evaluate each individual’s unique situation and devise a plan to protect their interests. Through mediation with their attorneys, parties can negotiate the terms of distribution and assignment, without leaving that up to the Court.
“Divorce can be messy, but it doesn’t need to be. So much turmoil can be mitigated through this type of communication. A family law attorney, who specializes in divorce cases, can help eliminate the confusion and anxiety. It’s our job to make this process as painless as possible for our clients,” said Green.
Norman A. Green is the founder and a partner of Green & Metcalf P.A. He has over 40 years of experience in the practice fields of criminal defense and family law (divorce, child custody, child support, paternity, modifications of existing orders, prenuptial agreements and alimony cases).