When a couple decides to divorce they will need to make decisions regarding the distribution of their property in Florida. If a couple is unable to reach an agreement, a Florida family law court will step in and divide the property for them. Under Florida divorce law, the court must make an equitable division of the marital property. Equitable division means the court will divide the marital property evenly between the two parties unless there are reasons to justify one party being awarded more than 50% of the property.
If a divorce is imminent in your life, you should consult a Tampa divorce lawyer to help protect your rights. An experienced Florida attorney can evaluate the marital assets of your relationship and help reach a property distribution agreement between you and your spouse. If an agreement cannot be reached between you and your spouse, a Florida divorce attorney will be able to protect your interest in court and ensure you get a fair distribution of the property.
The first step in equitable distribution is to classify each asset and debt as either marital or separate property. Only marital property is subject to equitable distribution by a court; separate property will remain the property of the spouse who owns it. Marital property is typically all debts and property acquired jointly during the term of the marriage. For instance, marital property will usually consist of wages, vested retirement plans, and property purchased jointly. It is important that a Tampa divorce attorney analyzes all of the assets and debts outstanding in your case to determine which will be treated as marital property.
Once the court has determined the extent of the marital property it will resolve the property dispute by making an equitable distribution of the property. The court will divide the property 50/50 between the couple unless there are factors that would make a 50/50 split inequitable. Some of the factors the court will consider are:
- The length of the marriage
- The assets and debts each spouse contributed to the marriage
- Homemaking and child care contributions provided by each spouse during the marriage
- The financial condition of each spouse
- The negative effect on the career or education of either spouse as a result of the divorce
- A spouse’s desire or interest in a particular asset
- Waste or destruction of marital assets by a spouse
There are many other factors a court will consider when dividing marital property. It is important that you hire a divorce attorney who has a thorough understanding of all the factors a court may consider in equitable distribution cases.
Tampa Divorce Lawyers Protecting Your Property Rights
The divorce lawyers at Florida Law Advisers, P.A., have extensive experience in property settlements and all aspects of a divorce. Whether you and your spouse agree to the terms of the divorce or are engaged in a fierce battle over the marital property, Florida Law Advisers, P.A., can help. We understand that you are only trying to get what you rightfully deserve in your divorce settlement. We will use our skill and experience to ensure your rights are protected and a fair property distribution is obtained for your Florida Divorce.
Frequently Asked Questions
Typically, there are three options for the home in a divorce. First, you keep the property and buy out the other parties’ equity. Secondly, the other party keeps the property and will buy out your equity. Thirdly, the home can be sold and the sale proceeds get divided.
Yes, debts acquired during the marriage are typically treated as marital property in Florida divorce cases. Therefore, debts will be divided 50/50, unless there are reasons why an equal split would be inequitable (unfair).
Under Florida divorce law, all marital property is subject to an equitable distribution. Typically, the court will divide marital property 50/50, unless there are reasons why an equal split would be inequitable (unfair).
Generally, property acquired prior to the marriage is not divided in a divorce. However, if the property has been comingled with marital property it may be divided and subject to equitable distribution in the divorce.