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Ledezma Divorce Law Firm
When a decision is made to end a marriage emotions can run high and the process can be difficult on many levels. The attorneys at the Ledezma Law Firm will guide you through the voluminous amount of paperwork that needs to be compiled and explain in a step by step fashion what you can expect. The Ledezma Law Firm will listen to the unique circumstances of your case and vigorously advocate for your rights. The many issues that will have to be addressed in a petition for dissolution are the distribution of the marital property/liabilities, child support, child custody and possibly alimony.
More importantly, legal representation is provided in a compassionate and understanding manner to ease the strain of the many issues a divorce encompasses.
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Marital Property
Assets acquired through the hard work of a spouse whether it is a business or through one’s lucrative investments need to be protected when dissolution proceedings are initiated. The attorneys at the Ledezma Law Firm will ensure that upon dissolution proceedings your assets are protected and secured. Marital property accumulated during a marriage can be the following:
1Bank Accounts
When a person gets married whatever money they had in their bank accounts remain the property of the account holder spouse. However, once the spouse/accountholder allows the other spouse to be put as a joint accountholder then the separate property designation the bank account initially had no longer exists. We also use forensic accountants to inspect bank accounts and tax returns to ensure the other spouse is not improperly withholding or misrepresenting vital information and/or documents.
2Real Property
When most couples get married a home is purchased together. As such, the home automatically becomes marital property. That means even if the 20% down payment originated from your financial sources the law will presume that was a gift to your spouse.
If a spouse brings the real property into the marriage then the real property is not considered to be marital property. However, if your spouse makes mortgage payments or pays for improvements on the property then they are entitled to the amount expended or the appreciation that resulted from any improvement. The Ledezma Law Firm is well versed on the current case law and will scrutinize your specific situation and make sure you get what you deserve under the law.
If a spouse brings the real property into the marriage then the real property is not considered to be marital property. However, if your spouse makes mortgage payments or pays for improvements on the property then they are entitled to the amount expended or the appreciation that resulted from any improvement. The Ledezma Law Firm is well versed on the current case law and will scrutinize your specific situation and make sure you get what you deserve under the law.
3Personal Property
Personal property such as jewelry or other property can be considered marital property. The courts will look at how and when the personal property was obtained (before or during the marriage) and what appreciation if any has occurred.
4401k and Pension Plans
Primarily in longer term marriages, upon initiation of divorce proceedings, a spouse’s pension plan can be considered marital property. A spouse who has worked hard for a government agency or company will come to realize that their pension plan is marital property. This includes vested and non-vested benefits such as pensions, profit sharing, annuity, deferred compensation, and insurance plans. The law surrounding this area of marital property is very complicated. The burden is on the person with the pension to show how much of the pension should be included in the marital estate. The attorneys at the Ledezma Law Firm can assist you throughout this process to make sure your hard work won’t be lost.
1Inheritance
Florida treats an inheritance during marriage as separate property. Once the inheritance gets intermingled with the other spouse’s money then a gift is presumed. However, income derived from a nonmarital asset during the marriage is still a non marital asset. Also, if the non marital property is used to pay off marital bills then the non marital property does not become marital property. One court decided that a wife’s premarital engagement and wedding rings were not included in the equitable distribution plan.
2Business
A spouse who has devoted years growing a business will have to fight to keep as much of it as possible. The attorneys at the Ledezma Law Firm will ensure the court is aware of the work and contribution a spouse has put into the business. Courts have ruled that a spouse’s business started before a marriage can be considered partial marital property. However, a spouse’s future income from his law practice is not considered to be marital property.
3Valuation
An essential issue when the court is equitably distributing the marital property is the valuation of that property. The Ledezma Law Firm has reputable experts at their disposal to testify if need be regarding the value of an asset. Additionally, courts will look at the tax consequences when valuing assets. As such, the experts we retain will assist in this matter.
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