Many people who are getting ready to go through a divorce in Florida have one overriding concern: how will your finances and assets be impacted by the legal process? The ultimate answer to this question could impact your post-divorce life for years to come.
Property division in divorce
So, what will a divorce do to your finances and assets? Well, to attempt to start answering that question, any given person who is getting ready to go through a divorce should get familiar with one specific legal term: “equitable distribution.” This the legal concept that is used in family law courts in Florida when it comes to property division. An equitable distribution of assets usually is not a “50/50” split, or half to each spouse. Rather, in essence, equitable distribution means that the split of assets and finances is determined by what is fair. That, of course, can be quite subjective, which is why it is important to have strong advocacy on your side to push your point of view on the issue.
Debt must also be divided up in a divorce. From mortgages to car loans, student loans to medical debt, these days a divorcing couple may have thousands of dollars in debt to address in the legal case in addition to assets. Being saddled with debt in post-divorce life can make things difficult as you push toward a new financial lifestyle.
The impact of property division
In the end, the impact of property division in any given divorce case can vary widely. Florida residents who are getting ready to go through a divorce should do their best to get the right information for their own unique situation. At our law firm, we work with our clients to help them determine how, exactly, a divorce will impact their finances and assets.