Couples facing a high-asset divorce often worry about property division as court rulings could affect the financial security of both parties. Aside from the emotional turmoil, they may also face the lengthy property division process.
If you are in the same situation, consider learning about Florida’s equitable distribution laws to protect your rights and future.
Understanding Florida’s equitable distribution approach
Similar to most states, Florida follows equitable distribution for divorce cases. Courts often start proceedings with an equal division of property in mind, but this can change based on these statutory factors:
- The contributions of both parties in a marriage
- The financial situations of both parties
- The length of the marriage
- Any interruption of one party’s career or educational pursuits caused by the marriage
- The desire to keep an asset
- A spouse’s contribution to the enhancement of the marital and non-marital assets of both parties
- The intentional effort of both parties to deplete or destroy marital assets after filing for a divorce
- The desire to maintain a family home for the children
- Any other factors that the court finds relevant to achieve a fair outcome
Before the judge reaches a decision, they will first classify all assets as either marital or non-marital.
Dividing marital assets equitably
Marital assets refer to items a spouse or both parties acquire during marriage. Non-marital assets are items both parties owned before their union or obtained through a gift or inheritance from a third party during the marriage.
In a divorce, the courts only divide marital property, such as vacation homes, art collections, intellectual property and digital assets. These items often do not have a fixed value, which complicates the division process.
However, couples can hire an appraiser to determine the value of their non-monetary assets. This will then assist the courts to fairly divide the assets.
Protecting your rights and interests during a divorce
Division of property can be complex. Depending on the judge’s decision, you may end up with less than what you previously owned. Seeking legal counsel from a divorce attorney can help you navigate the equitable distribution process with confidence. They can also offer their resources to assist in identifying, evaluating and negotiating all your assets.