Attorney
The distribution of property is one of the major issues in any Florida divorce. Therefore, if you are considering getting a divorce in the state of Florida, you must ensure that you are familiar with the state’s equitable distribution requirements. In this article, we discuss what equitable distribution in a Florida divorce means for your assets.
What is Equitable Distribution?
Florida uses an equitable distribution system when dividing marital property and debts. Under Florida’s equitable distribution system, the court considers the circumstances of each party instead of dividing property evenly. In other words, under this system, the parties to a divorce won’t necessarily receive an equal amount of property. Instead, the goal of equitable distribution in Florida is fairness rather than equality.
Types of Assets That May Be Subject to Equitable Distribution
Marital—as opposed to non-marital—property is subject to equitable distribution in Florida. The most common marital assets subject to equitable distribution in Florida are those that were purchased or acquired during the marriage. In addition, martial property includes any enhancement in value or appreciation of assets resulting from the efforts of either of the spouses during the marriage.
Non-marital assets, on the other hand, include assets that belonged to a spouse prior to the marriage, assets given to one spouse by a third party that were kept separate from marital assets, and income generated from non-marital assets that wasn’t used or treated as a marital asset. Examples of assets that are often subject to equitable distribution in Florida include:
- Vehicles
- Houses or other properties
- Bank accounts
- Cash
- Other items of value
In addition, debts and other liabilities that were incurred during the marriage are subject to equitable distribution. In other words, if one of spouses took out a loan prior to the divorce, this debt would be likely divided equitably between the two parties.
Equitable Distribution Factors
Below are some of the factors that courts consider when equitably distributing marital property:
- The length of the marriage
- Each party’s financial circumstances
- Each party’s contributions to the marriage, including financial, homemaking, and child care
- The amount of liabilities and debt incurred by each party during the marriage
- The contributions of each party in supporting the education or career of the other party
The Equitable Distribution Process
After a divorce filing, the spouses begin negotiating the distribution of assets. In an uncontested divorce, the spouses typically reach an agreement regarding the distribution of property without court intervention. In a collaborative divorce, the spouses choose to resolve property distribution issues outside of the court system through the mediation process. However, if a divorce is contested, then the court makes decisions regarding the distribution of property.
Contact a Family Law Attorney
For assistance with the divorce process in Florida, please contact the experienced family law attorneys of Staples Law Group When you come to us for assistance with your divorce, we will guide you through every step of the process, including the equitable distribution of property. Please contact us as soon as possible to arrange a meeting with an experienced family law attorney.