Author: Staff
Date: Mar 19 2023
Date: Mar 19 2023
Splitting assets in a divorce can be complicated. Even the most amicable divorces can have tough negotiations when it comes to division of property. It’s important to understand Florida law to determine who gets the house, investments, retirement accounts, a business or other assets. That’s why it’s necessary to get good legal counsel and have an advocate who can advise you on these matters.
Marital vs Separate Assets
Assets regarded as belonging to both spouses are known as marital assets. Non-marital assets are best thought of as property that was brought into the marriage by one spouse. In other words, it was acquired before the date of the marriage. While you’re married, if you receive an inheritance from your family or an asset you believe is non-marital, don’t make assumptions that it will be considered non-marital property. You really need to speak to your lawyer about how to keep that separate, if it’s even possible. It’s important to get clarification from a competent attorney to understand how any actions you take are interpreted under Florida law. All of the issues concerning marital and separate property can be ironed out and agreed upon before a marriage in a prenuptial contract. Then, if a marriage does result in divorce, there is less stress and acrimony.
Division of Marital Assets and Debt
The partition of property is a necessary step in any divorce. The division of assets is based on a number of variables. A couple can decide how to divide their property, just make sure this is done with legal advice, in order to understand your rights and then a settlement agreement will be incorporated into the divorce filings for judicial approval. In the event the parties cannot agree, even at mediation, the case will go to trial and a Judge will decide how to divide the marital property. Unless there is wrongdoing, the Florida courts divide a couple’s marital assets and marital debts 50/50. Each spouse is entitled to keep any property deemed non-marital, which is not distributed by the court.
Factors to Consider When Dividing Property
Below are some common considerations of Florida courts when determining the division of assets in a divorce:
- Income and property of each spouse when they married
- Income and property of each spouse when they filed for divorce
- Age and health of each spouse
- The degree of liquidity of marital property
- Tax consequences of the distribution
- The spending habits of either spouse
- The future financial circumstances of each spouse
- The need of the custodial parent to retain the marital residence if the divorcing couple has minor children together
- Any loss of inheritance or pension rights of either spouse as a result of the divorce
These considerations only apply to the fair division of property and not to issues like child custody, child support or spousal support.
“Divorce is final and if it’s not done right, there are many things you won’t be able to fix. If you were poorly represented, didn’t understand what was going on or represented yourself, most decisions are final. You need to do things right the first time. You need attorneys who can deal with complicated issues and be willing to do the work to find out what the best outcome will be.” — Heather Quick, CEO, Owner, Attorney
Divorce is a challenging process and can be highly emotional. Having an experienced lawyer on your side during this delicate time can make all the difference. If you have questions about the nuances of financial issues associated with a divorce, such as asset division, contact the highly knowledgeable attorneys at Florida Women’s Law Group.
