Fair But Not Equal: Florida Divorce
One thing that many people worry about when contemplating divorce is the financial aftermath of a split. They may fear having to find another place to live and then having to furnish and stock that new home or having to stay in a home that they can’t imagine paying for. While these are valid concerns, it’s also important to understand that under Florida law property and debt must be fairly divided. Even though one may assume that means a 50:50 split, the law is much more nuanced than that. Equitable distribution under Florida law doesn’t necessarily mean that things are equal, and the courts will consider many factors to determine precisely how marital assets are to be divided.
Factors Weighed in Florida Divorce
Courts generally start with the idea of an equal distribution of assets in a Florida divorce, but consider several factors before landing on what is actually considered fair. Those considerations include:
- The length of the marriage;
- Contributions both partners made to the marriage from financial and career support, and beyond;
- The economic status of each party, including earning potential, health considerations, and age;
- The desirability of particular assets;
- Previous wasteful spending of marital assets.
What’s Up for Grabs?
All marital assets and debt must be identified in order to start the distribution process. That will include, but not be limited to, the following:
- All real estate;
- Any investments and bank accounts;
- Crypto investments;
- Pensions and retirement plans;
- Vehicles;
- Personal property.
Differentiating Between Marital Property and Personal Property
Only property that was acquired during the course of the marriage is considered marital property and subject to distribution. Pre-marital assets are considered the property of the individual who owned it prior to the union. In general, additional gifts from third parties and inheritance that is acquired during a marriage is also considered personal property, except under specific conditions, such as if money is co-mingled with joint funds by being deposited into a shared account. The money, or the things it pays for, then becomes marital property, subject to equitable distribution. The same rules apply to debt, in that debt accrued during the marriage is generally shared in divorce, while debt accrued prior to the marriage goes to the individual who incurred the liability.
Some Caveats
What if one partner owned a home or business prior to the marriage, and the value increased during the course of the marriage as both partners contributed to its value? Some trickier calculations come to play here, as the court will weigh splitting the appreciation that occurred over time.
Advocating for You
The experienced Boca Raton divorce attorneys at WiseLieberman always work to achieve the best possible outcomes for you. To discuss, schedule a confidential consultation in our Boca Raton office today.
Source:
floridabar.org/the-florida-bar-journal/a-seven-step-analysis-of-equitable-distribution-in-florida-part-1-classification-and-valuation-of-marital-property/
