MARITAL ASSETS & DIVISION OF PROPERTY
IN LIVE OAK & LAKE CITY, FLORIDA

Going through a divorce can be an extremely emotional and stressful event. One of the most contentious parts of a divorce is often the division of marital assets. If you are facing a divorce in Florida and need assistance with the division of your marital property, Koberlein Law Offices can help.

EQUITABLE DIVISION AND WHAT IT MEANS FOR DIVISION OF ASSETS


Florida, like most states in the country, follows the laws of equitable distribution when dividing assets following a divorce. In equitable distribution, separate “non-marital property” stays with the individual who owned the property before the marriage; inheritance, for example, is considered non-marital property, and would thus not be subject to division in a divorce.

Marital property consists of all assets and debts acquired by each spouse during the period of time in which the parties were married. Marital property can include obvious assets such as a home, furnishings, and family vehicles. In addition, however, marital assets can include life insurance policies, retirement plans, tax refunds, and even pets. Additionally, property that might once have been considered separate property may convert into marital property if the property becomes intertwined–or “commingled”–with marital property. For example, separate bank accounts may be converted into marital property if marital expenses such as mortgage payments and utility bills were paid with the account.

No matter the type, if property is deemed to be marital property, it is subject to equitable division in a Florida divorce. Equitable division does not necessarily mean that both parties receive an equal share of the property; rather, how property is divided in a divorce in Florida is based on what a judge believes is fair to the parties. In order to determine what is fair to both parties with regard to the division of property, a court will consider a multitude of factors, including:

  • The length of the marriage;
  • The financial situation of both parties;
  • Each spouse’s contributions to the relationship; including contributions which are not financial in nature;
  • Interruptions in a spouse’s career or education, if any;
  • Debts and liabilities incurred by each spouse; and
  • Whether a spouse wasted marital assets in the two years before the divorce proceeding was filed.

HOW CERTAIN FACTORS AFFECT DIVISION OF MARITAL PROPERTY


While the factors listed above can have an impact on how property is divided between a divorcing couple in Florida, potential financial help from a former spouse can also have an impact on the division of property. Such financial assistance can include:

  • Alimony: whether a party in a divorce is awarded alimony from the other spouse can have an impact on how property is divided between the two parties. If a husband is ordered to pay alimony to his wife, for example, then a court may determine that it is equitable to award the husband more marital assets to offset the burden that the husband faces by paying alimony. An award in alimony is not set in stone, however; changes in a party’s circumstances can warrant a review of alimony. The most common reasons for changes or termination of alimony include changes in health, loss of a job, significant salary increases and remarriage of the party receiving alimony.
  • Child support: much like alimony, an award of child support to one party by another party in a divorce can affect the court’s decision in dividing marital assets between the two parties. If a wife is ordered to pay child support to her husband to assist in the care of the parties’ children, for example, a court may find that it is equitable to award the wife more marital assets than the husband due to the child support the husband is receiving.

While the factors listed above aren’t the only factors that a court will take into account when dividing marital assets, they are some of the most important considerations for how a court will divide property.

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DIVIDING RETIREMENT ASSETS


Often one of the most contentious issues of equitable divisions or property division in a divorce is the division of a person’s retirement assets. In the state of Florida, determining whether a retirement plan is subject to division in a divorce proceeding depends on the type of retirement plan that is in question. As a general rule, however, pensions and retirement plans are subject to equitable division in a divorce, even though such plans are only in one party’s name. This is because contributions to a retirement plan during the marriage is considered a marital asset.

When retirement plans are divided, tax consequences must sometimes be considered. Distributions of retirement accounts are taxable and are usually subject to a penalty for early withdrawals if one applies. Your divorce attorney can explain to you the consequences of dividing retirement accounts and how such a division will affect you.

NEED HELP WITH YOUR DIVORCE? CONTACT US TODAY


The road to a divorce is a tough one, but not one that you have to traverse alone. The team of family law attorneys at the Koberlein Law Offices has assisted countless individuals through some of the most trying times of their lives, and are standing by to help you through your difficult situation as well. Don’t try to handle a divorce on your own–especially if your spouse has retained an attorney. Our attorneys are here to help you navigate the waters of your divorce, no matter how tough the path gets. To speak with an attorney about the specifics of your divorce, fill out an online contact form or call one of our offices today.

Going through a divorce can be an extremely emotional and stressful event. One of the most contentious parts of a divorce is often the division of marital assets. If you are facing a divorce in Florida and need assistance with the division of your marital property, Koberlein Law Offices can help.

EQUITABLE DIVISION AND WHAT IT MEANS FOR DIVISION OF ASSETS


Florida, like most states in the country, follows the laws of equitable distribution when dividing assets following a divorce. In equitable distribution, separate “non-marital property” stays with the individual who owned the property before the marriage; inheritance, for example, is considered non-marital property, and would thus not be subject to division in a divorce.

Marital property consists of all assets and debts acquired by each spouse during the period of time in which the parties were married. Marital property can include obvious assets such as a home, furnishings, and family vehicles. In addition, however, marital assets can include life insurance policies, retirement plans, tax refunds, and even pets. Additionally, property that might once have been considered separate property may convert into marital property if the property becomes intertwined–or “commingled”–with marital property. For example, separate bank accounts may be converted into marital property if marital expenses such as mortgage payments and utility bills were paid with the account.

No matter the type, if property is deemed to be marital property, it is subject to equitable division in a Florida divorce. Equitable division does not necessarily mean that both parties receive an equal share of the property; rather, how property is divided in a divorce in Florida is based on what a judge believes is fair to the parties. In order to determine what is fair to both parties with regard to the division of property, a court will consider a multitude of factors, including:

  • The length of the marriage;
  • The financial situation of both parties;
  • Each spouse’s contributions to the relationship; including contributions which are not financial in nature;
  • Interruptions in a spouse’s career or education, if any;
  • Debts and liabilities incurred by each spouse; and
  • Whether a spouse wasted marital assets in the two years before the divorce proceeding was filed.

HOW CERTAIN FACTORS AFFECT DIVISION OF MARITAL PROPERTY


While the factors listed above can have an impact on how property is divided between a divorcing couple in Florida, potential financial help from a former spouse can also have an impact on the division of property. Such financial assistance can include:

  • Alimony: whether a party in a divorce is awarded alimony from the other spouse can have an impact on how property is divided between the two parties. If a husband is ordered to pay alimony to his wife, for example, then a court may determine that it is equitable to award the husband more marital assets to offset the burden that the husband faces by paying alimony. An award in alimony is not set in stone, however; changes in a party’s circumstances can warrant a review of alimony. The most common reasons for changes or termination of alimony include changes in health, loss of a job, significant salary increases and remarriage of the party receiving alimony.
  • Child support: much like alimony, an award of child support to one party by another party in a divorce can affect the court’s decision in dividing marital assets between the two parties. If a wife is ordered to pay child support to her husband to assist in the care of the parties’ children, for example, a court may find that it is equitable to award the wife more marital assets than the husband due to the child support the husband is receiving.

While the factors listed above aren’t the only factors that a court will take into account when dividing marital assets, they are some of the most important considerations for how a court will divide property.

DIVIDING RETIREMENT ASSETS


Often one of the most contentious issues of equitable divisions or property division in a divorce is the division of a person’s retirement assets. In the state of Florida, determining whether a retirement plan is subject to division in a divorce proceeding depends on the type of retirement plan that is in question. As a general rule, however, pensions and retirement plans are subject to equitable division in a divorce, even though such plans are only in one party’s name. This is because contributions to a retirement plan during the marriage is considered a marital asset.

When retirement plans are divided, tax consequences must sometimes be considered. Distributions of retirement accounts are taxable and are usually subject to a penalty for early withdrawals if one applies. Your divorce attorney can explain to you the consequences of dividing retirement accounts and how such a division will affect you.

NEED HELP WITH YOUR DIVORCE? CONTACT US TODAY


The road to a divorce is a tough one, but not one that you have to traverse alone. The team of family law attorneys at the Koberlein Law Offices has assisted countless individuals through some of the most trying times of their lives, and are standing by to help you through your difficult situation as well. Don’t try to handle a divorce on your own–especially if your spouse has retained an attorney. Our attorneys are here to help you navigate the waters of your divorce, no matter how tough the path gets. To speak with an attorney about the specifics of your divorce, fill out an online contact form or call one of our offices today.

Contact Us

  • EMAIL OUR FIRM

TESTIMONIALS & RESULTS

“I have employed Mr. Koberlein on several occasions for my personal and business matters. Each time Mr. Koberlein has performed diligently with great communication. I would recommend his services to anyone in need of legal guidance.”
David W.DILIGENT WITH GREAT COMMUNICATION

“Mr. Koberlein explained the litigation process to me, a few times, until I understood the entire process. His ability to forecast events and provide me with options was refreshing and reassuring. I felt as though he always had my interests at heart.”

Paul L.REFRESHING AND REASSURING

DON’T GO INTO THE COURTROOM ALONE


Whether it’s a personal injury case, a criminal case, or an administrative dealing with the government, you will want a dedicated attorney at your side. We take each case very seriously, and we are dedicated to getting our clients the success they deserve.

The attorneys’ experiences create the core skills which the law firm uses to focus their representation of clients’ needs in the three areas mentioned. The law firm does not attempt to practice in every area of the law, like some law firms. Instead, a focus of skills in the areas shown above is attempted in order to achieve the best possible outcome for the client.

Call Koberlein Law Offices for free consultations to provide you with a thorough and competent analysis of your legal circumstances. Also, visit the attorneys’ profile pages to learn more about how their individual professional histories have created the areas of focus they now practice together, and why so many attorneys refer specific cases to them at Koberlein Law Offices.

Last, before selecting us or any other attorney search their name and the law firm’s name on the Internet and read the reviews and the rankings that other legal ranking services provide. The Internet is an invaluable source in today’s legal market and it can help you not only determine how attorneys stack up against one another and determine which attorney will fit your needs best, but also help you make the best selection for your needs. We encourage you to research our attorneys.

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DON’T GO INTO THE COURTROOM ALONE

Whether it’s a personal injury case, a criminal case, or an administrative dealing with the government, you will want a dedicated attorney at your side. We take each case very seriously, and we are dedicated to getting our clients the success they deserve.

OFFICE LOCATIONS

Address:
855 SW Baya Drive
Lake City, FL 32025
Phone:
386-269-9802

Address:
118 Ohio Ave N Suite A
Live Oak, FL 32064
Phone:
386-516-2626

Address:
8443 SW 14 Ln
Gainesville, FL 32607
Phone:
352-519-4357

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    EMAIL OUR FIRM

PRACTICE AREAS

ABOUT

Welcome to the website for Koberlein Law Offices (aka: “KLO”). Our firm is honored to be retained to represent the interests of individuals and agencies throughout the state of Florida.

LOCATION

KOBERLEIN LAW OFFICES, PLLC
855 SW Baya Drive
Lake City, FL 32025
Phone:
386-269-9802

KOBERLEIN LAW OFFICES, PLLC
118 Ohio Ave N Suite A
Live Oak, FL 32064
Phone:
386-516-2626

KOBERLEIN LAW OFFICES, PLLC
8443 SW 14 Ln
Gainesville, FL 32607
Phone:
352-519-4357