Getting a divorce can be one of the more difficult proceedings a Florida resident can go through. The process becomes even more complex if there is a considerable amount of wealth or a significant number of assets to consider. Property division is often a touchy subject, and in high-asset cases, it can be a major sticking point.
Florida is an equitable division state, which means that marital assets are split as fairly as possible. Some marital assets that could end up divided include cars, pensions, investments, real estate, furniture, business interests and other assets that the couple accumulated during the course of the marriage or that were accumulated by an individual using marital funds. It is important to remember that marital debt is also included in property division, which means that credit card debt, loan payments, medical bills and other outstanding balances could also be divided.
Of course, there could be some question about whether certain assets are separate or marital. For example, is the engagement ring the property of the person who bought it or the person who received it as a gift? In most cases, the person who received the ring is entitled to ownership because it was a gift received before the marriage and, as a result, is separate property. However, if the ring was a family heirloom of the giver, the argument could be made that it belongs to that person.
Unfortunately, scrutiny may be necessary for many other items during property division in a high-asset divorce than just the engagement ring. If individuals have concerns about specific property, they may want to consider what they can do to determine ownership and their options for negotiating the outcomes they desire. Working with experienced Florida attorneys during these endeavors may be wise.