In dissolution of marriage (commonly referred to as divorce) cases in Florida, the legal concept of equitable distribution is utilized as opposed to community property when distributing assets and liabilities. Equitable means fair not equal. In other words, assets and liabilities are not simply split in half or 50/50.
Retirement accounts, pensions and investment accounts are often among the largest and most significant assets at issue in a divorce proceeding. Generally, all vested and non-vested benefits and funds accumulated during the marriage in retirement, pensions, profit-sharing, annuities, and insurance plans are considered marital property and subject to division during a divorce proceeding.
Many divorcing spouses own a family business or closely held corporation or are professionals with a successful practice. Often times, the business or professional practice is one of the most valuable assets in the marital estate. The divorcing spouse, whether the business owner or professional, will want to protect their livelihood and retain their business or practice. If the non-owner spouse makes a claim to the business or practice in a divorce action, then the court will be required to characterize and value the business or practice.
The Rice & Rose Law Firm is experienced in handling divorce cases involving large marital estates. Whether the case involves a large, non-marital inheritance, a successful family business, intellectual property, a significant law suit settlement, an employee stock ownership plan, stock options, lottery proceeds, a significant financial portfolio, real estate holdings, pensions and annuities or a professional practice, we have the experience and expertise to identify, value and distribute, if necessary, these assets.