With divorce in Miami comes in various issues to address such as child custody, payment of alimony, spousal support, and division of family property and debts. But what actually should you know the division of family property?
First you must know how the family property and debts should be divided. In Miami, the law states that all family debts and property must be divided equally between the divorcing couple – in that case you and your spouse, unless there is documented agreement that you choose to divide them differently.
Next you should know what falls within the family property and debt laws within in Miami. According to the best family law attorneys in Miami family property and debts will include, the family home, family investments, bank accounts, pensions, and also interest that your business must have accumulated. Typically it never matters whose name the property is listed under so long as the property exists by the date you separate.
Family debts on the other hand will include the debts that either spouse took on while you still had a relationship going. It could include mortgages, loans from banks and family members, credit card loans, overdrafts, income tax, and any other repair cost that might stand. However debts might supersede your separation if the debt was taken to support the family after divorce.
In some other peculiar occasions however certain properties might be excluded in the family properties inventory such as the following.
- Every asset that each one of you owned before the relationship began.
- Gifts or inheritances that had been received by either of you.
What this means is that such – excluded property – is spared from division. Therefore you don’t have to split the value of the property equally when you divorce. But there is a twist, usually if the value of that property increases while both of you are living together, the increased value is then considered as family property and must be divided equally.
Miami laws have much more than just these to look into when it comes to division of family property during divorce, but to start off these would be quite ideal for anyone who’s looking for divorce in Miami.
It is these simple twists that will need you to seek the services of the best family law attorneys in Miami so that the division of family property during divorce can be smooth and you can walk out with the best deal.