Although division of property can be a difficult process during divorce proceedings, the rule of thumb is for equitable distribution, where property acquired during the course of the marriage is split 50/50. This will be done no matter whose name the property is actually in. However, the courts do have flexibility in changing these percentages but that normally occurs only under extraordinary circumstances.

If one of the people owns a business, the other person may be entitled to half of the business as well including equipment, accounts receivable, and goodwill. However, if the business has ceased to generate a profit, the non-owning party may not want to have fifty percent of the goodwill.

In cases where a house was purchased before the marriage and then transferred into joint names, even this property can be determined eligible for 50/50 split status. The court will recognize the transferring of the names as the intention of the owner to present the house as a gift to his or her new spouse. The same can happen for money that was commingled with a joint account after marriage. It will be recognized as marital property that is subject to equitable distribution as well.

If you are going through a divorce and would like to understand what might happen to your property, contact us to work with a Jacksonville family law attorney.

When it comes to property distribution, states will either distribute marital property equally or equitably.  The state of Florida happens to be an equitable distribution state, which means that family courts choose to distribute assets after considering factors like the length of the marriage, each spouse's income and the standard of living established during the marriage.

The majority of states distribute marital assets equitably, which is based off of British common law.  In states where equitable distribution applies, the court determines a reasonable distribution plan that may award spouses more or less than 50% of the marital assets.

In states that follow equal distribution laws, like Wisconsin, all assets and debts are distributed 50/50. 

Do you have questions about property division or equitable distribution laws?  If so, now is the right time to get answers from a Jacksonville family law attorney.  Simply contact Ellerin & Hutchinson to set up a consultation with a lawyer from our team.  

Kate Walsh, star of the ABC television drama “Private Practice”, has reached a divorce settlement with her former husband, FOX executive Alex Young.

Under the terms of the settlement, Walsh will pay Young a one-time payment of $627,000, along with half of the money she earned from any work she did during the course of their marriage. Walsh and Young were married in September 2007 and filed for separation in November 2008.

Walsh will get to keep the couple’s house and a piano. The rest of their assets will be divided by alternating picks after flipping a coin to determine who will pick first.  If Young doesn’t pick within 10 days then all of the couple’s marital assets will remain with Walsh.

Walsh and Young’s 15-month marriage came to end when Young filed for divorce citing irreconcilable differences. Walsh also filed for divorce citing the same grounds.

Have you and your spouse decided to file for divorce? Are you interested in settling your divorce without intervention from the court? To learn more about the ways you and your spouse can avoid a contested divorce, please  contact Ellerin Hutchinson today at (904)-866-4489 to arrange a consultation with an experienced Jacksonville divorce lawyer.