Property division has serious implications for divorcing spouses who will want to ensure they have an agreement property division settlement. When property has to be divided during divorce, there are a variety of factors the family law court considers. It is helpful to be familiar with what they are.
The property division process
Factors that are considered during the property division process includes:
- The contributions of each of the spouses to the marriage, including contributions as a homemaker and to the care and education of the children;
- The economic circumstances of the spouses;
- The duration of the marriage;
- The educational opportunities of either of the spouses and any interruption of the careers of the spouses to remain in the home to care for children;
- The contributions of one spouse to the personal career or educational opportunity of the other spouse;
- Any separate property assets of one of the spouses;
- The contributions of either spouse to the improvement of marital assets or nonmarital assets of the spouses;
- The desirability of retaining the family home for dependent children of the marriage;
- Any intentional waste, depletion or destruction of marital assets; and
- Any other factors necessary to achieve an equitable property division agreement between the spouses.
Florida is an equitable property division state which means that property is divided in an equitable manner between the divorcing couple. These factors are used to determine what a fair property division agreement is which is the goal of the process. It helps divorcing spouses to be familiar with the property division process so they can protect their interests throughout.