Tampa Equitable Distribution Attorney
During any divorce in Florida, marital property must be divided. As with the majority of states in the country, Florida follows the equitable distribution model when dividing marital property. Marital property includes any assets or liabilities that were acquired by the couple during the marriage. Equitable distribution means that property is divided fairly, which does not always mean it is divided equally. The property division process is always complicated. Below, our Tampa equitable distribution attorney outlines what is considered marital property, and the factors the court will take into consideration when dividing it.
What is Marital Property?
State law outlines many different types of marital property. The Florida Statutes define marital property as the following:
- Joint and individual assets and liabilities incurred during the marriage,
- The appreciation of or enhanced value of separate property during the marriage due to the contribution of marital assets or the efforts of either spouse,
- The payment of a mortgage on a home loan secured by separate real property,
- Gifts among spouses given during the marriage, and
- Interest in pensions, retirement savings, profit-sharing, and other accounts and plans.
Factors the Courts Consider in Equitable Distribution
Once marital property has been identified, the court will begin the task of dividing it between the two parties. Couples can also agree to property division on their own and submit a plan to the court. As long as the plan is fair, the court will approve it. When couples cannot agree, the matter will go to court and a judge will make the final decision on all matters. When making property division decisions, the court will consider many factors, including:
- The contribution each spouse made to the marriage, including contributions to the care of children and services as a homemaker,
- The financial circumstances of each spouse,
- The length of the marriage,
- Any interruption of educational opportunities or the personal careers of either spouse,
- The contribution of one spouse to the educational opportunities or personal career of the other party,
- The desire to retain any assets, such as a business or professional practice without interference by the other party,
- The desire of either party to keep the family home as a residence for dependent children,
- The intentional waste, dissipation, or destruction of marital property by either party after filing for divorce or within two years prior to filing for divorce, and
- Any other factor a judge deems relevant.
While property division can be fairly straightforward, there are also times when it can become complex. It is always recommended that divorcing parties work with a divorce attorney who can guide you through the process.
Our Equitable Distribution Attorney in Tampa Can Protect Your Rights
Property division proceedings always have the potential to become contentious and complex. At Florida Law Advisers, P.A., our Tampa equitable distribution attorney can provide the legal advice you need and ensure your rights are protected so you obtain the fair settlement you deserve. Call us today at 1 (800) 990-7763 or fill out our online form to schedule a consultation and to learn more.