Understanding The Options And Consequences Of Property Division

When a couple is getting divorced, they must divide all of their marital assets. Typically, this includes all property that was acquired during a marriage, regardless of whose name is on the title, as well as retirement assets and other personal property.

Although many people think that asset division is as simple as splitting the estate in half, it is usually more complicated than that. Some assets, such as a home, cannot be split in half. Other property, such as stocks or retirements accounts, would lose value if they were divided.

To help ensure you understand the financial ramifications of dividing your assets during divorce, it's critical to work with an experienced attorney. When clients contact my firm — the Law Office of Donald Witmyer, P.A. — I can help them understand any tax consequences of dividing assets or the ramifications of various ways to divide the estate.

All Real Property Must Be Divided

I'm often surprised by the number of people who contact me and say they don't have many assets to divide. Most couples who have been married for more than a few years have several large assets to consider, including:

  • Residential home
  • Vacation home
  • Investment property
  • Timeshare property
  • Family-owned business
  • Furniture
  • Retirement accounts and 401(k) accounts
  • Military benefits
  • Stocks and bonds
  • Gold
  • Sport vehicles
  • Jewelry collections
  • Art collections

When I meet with clients, I encourage them to value everything they have. Although it's not necessary to have receipts for everything, a little research can help ensure all property is valued correctly. I also work with clients to help ensure the proper steps are taken so property that is received during the divorce can be sold later.

Protect Your Rights During The Division Of Marital Assets

If you are interested in learning more about the legal support an experienced Destin lawyer can provide during asset division, contact my firm. I can be reached online or by calling 850-502-2047.