Dividing property in a Florida divorce can be one of the most complex parts of the process. Florida follows a system called “equitable distribution.” Understanding how the process works can help you prepare for what to expect and ensure you’re treated fairly.
What is equitable distribution?
In Florida, equitable distribution means that the court will divide marital property in a way that it considers fair based on various factors. This doesn’t always mean a 50/50 split; instead, it reflects the contributions both spouses made to the marriage. Marital property includes assets like the family home, cars, retirement accounts, and joint bank accounts, while separate property might include things like inheritance or gifts received by one spouse.
How are assets classified?
Assets are divided into two categories: marital and non-marital. Marital property is anything acquired during the marriage, while non-marital property is anything that one spouse brought into the marriage or received as a gift or inheritance during the marriage. When going through property division, it’s essential to differentiate between these two categories, as only marital property is subject to equitable distribution.
What factors affect the division of property?
The court considers several factors when deciding how to divide property, including the length of the marriage, each spouse’s financial situation, and their contributions to the marriage (both financially and non-financially). The court will also take into account the desirability of keeping certain property, such as the family home, with the children. The goal is to reach a fair division, even if it doesn’t mean equal.
Understanding your rights
Property division can significantly impact your financial future, so it’s essential to understand the process and the laws that govern it. By recognizing the factors involved in the division of property, you can better prepare for your divorce proceedings.