The division of assets in a divorce is often one of the most highly contested issues a couple in Florida may face. After all, both spouses want to see that they get their “fair share” of all the assets and income they accumulated during their marriage. However, property division matters are not as simple as simply dividing everything 50/50. Florida is in the company of most states that follow the “equitable distribution” doctrine of property division.
Florida is an “equitable distribution” state
A few states in the nation are “community property” states when it comes to property division, meaning marital assets will be divided as equally as possible. However, most states in the nation follow the “equitable distribution” model of property division. This means marital assets will be divided in a manner that is fair, even if the result is not an even 50/50 split. Florida is an equitable distribution state. While courts will begin with the presumption that marital assets should be divided equally, an unequal distribution may be justified under certain circumstances.
Factors considered when dividing marital property in Florida
There are a variety of factors the court will consider when determining how to divide marital property when a couple in Florida divorces. Each spouse’s contributions to the marriage, financially and as a homemaker, will be considered. Each spouse’s economic circumstances will be considered as will how long the marriage lasted. If a spouse’s personal career or schooling was interrupted, this will be considered, as will any contributions one spouse made to the education or career of the other spouse.
If the couple has a business, the desirability of retaining that business may be considered as will the desirability of keeping the family home as a place to raise their children. Whether either party tried to waste or destroy marital assets within two years prior to the filing of the divorce, this will be considered. Finally, any other factors that are deemed equitable and just will be considered.
Learn more about property division in Florida
If you are divorcing in Florida, it is important that you have a basic understanding of the property division process. With the right help and guidance, you will be able to make decisions regarding marital assets that are fair and in your best interest.