When a couple gets divorced, out of all, the most contentious issue is the property division of marital assets. The split of assets is distressing for most couples, and they often question who will get what. Every state, including Florida, has its laws dictating how property is allocated or divided in the event of a divorce. When both the parties decide to separate or divorce in Florida, the property division is based on a method known as “equitable distribution.”
Equitable distribution is founded on the premise that, given the circumstances, both property and obligations should be divided equitably to both spouses. However, it is crucial to note that what the court’s judgment is fair does not always imply that the distribution of property, assets, or financial value will be equal for both spouses.
Equitable distribution of Property in Florida
Many aspects are there to think about when it boils down to property partition and how the judge decides on distribution. The process of splitting Property under Florida divorce law starts with the assumption that assets will be divided equally between both spouses until a court judges that disproportionate distribution is justifiable. The following are some of the reasons that may influence the judge’s decision:
- Each spouse’s financial status
- The marriage’s longevity or length
- Whether one spouse supported the other’s schooling or profession.
- Disruption of either spouse’s educational or career possibilities
- Each spouse’s contributions toward the marriage, such as homemaking and childcare obligations
A judge may consider the foregoing and any other variables that they deem are important in determining how property should be split after a divorce.
What is Marital Property, and which assets are susceptible to equitable distribution?
In Florida, not all property is subject to equitable division when a couple divorces. Before the division of property, each spouse’s property is inventoried to establish if it is separate or marital property. Separate property refers to assets each spouse possessed before marriage, and marital property refers to assets gained during the marriage. However, there can be exceptions in some circumstances. Separate property is not subject to equitable distribution in most cases, whereas marital property is.
In a Florida divorce, there are several options for dividing a home.
There are several options for breaking up a house fairly. Florida divides assets based on their value as an equitable distribution state. As a result, you must first determine the worth of your home before deciding how to divide it. You have a few alternatives after the value has been determined:
Transferring property to the Primary Caregiver – If you have kids, the parent who
spending the most time with them should get the house – if it’s financially possible.
Buying each other out: Spouses can agree to buy each other out.
Sell the House: If the couple is not on the same page, selling the house and splitting the earnings is sometimes the only way to divide the property fairly.
Nonmarital (Separate) Property versus Marital Property
When a couple divorces, only their marital assets and obligations are distributed. Everything the spouses acquired throughout the marriage, both alone and together, is considered marital assets. Suppose the spouses can’t agree on who owns what. In that case, the judge must decide whether any or all of the commingled property was given to the marriage as a gift or whether the original owner should be compensated in full or in part.
How are debts divided in Florida?
A judge will use an equitable distribution approach to share a couple’s debts. The couple or the court will give a monetary value to each item once the court (or the couple) has established which property is marital and which is separate. A court will make every effort to distribute a couple’s obligations fairly, but this does not always imply an equal division.
A divorce lawyer can guide you in determining which items are marital property, and the couple or the court will give a monetary value to each item. A property partition agreement can be readily drafted, and a smooth divorce can be approved if both parties can work together with the help of their attorneys.