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Keeping or selling marital property in a divorce

| Aug 11, 2016 | Property Division |

When a Florida couple obtains property during their marriage, the couple’s decision of what to do with that property during a subsequent divorce can be complicated. Neither party should allow their emotions to control their decision. For example, if the marital house is too large for a single person and the couple has no children living at home, it may be a good idea for them to sell the property and divide the proceeds.

If the couple decides not to sell the property, they should discuss who will keep it and how they will divide other assets to accommodate for its value. Each party should examine their financial situations to determine the best option for them. When one party handled all of the finances for the couple throughout the marriage, it can be very difficult for the other party to adjust and make decisions. This can also make the divorce process more emotional.

Another key action that the couple should perform is separating their credit histories. Each party should do this individually, and they should include any marital debt throughout the divorce proceedings to ensure that the court examines all relevant financial information when dividing their assets and debts. If the parties do not disclose all of this information, it could result in unequal property division.

With any divorce, a property division attorney can assist one of the parties with paperwork and court preparations. The attorney can discuss the client’s financial situation and provide options based on this information. The attorney can also assist the party in settlement negotiations throughout the proceedings.