When you and your spouse get a divorce in Florida, you may realize you will have to divide your property between you. You may wonder what this property consists of, though, and how a court decides who gets what. At Max Factor Attorney at Law P.A., we know it is important for you to understand the nuances of property division.
You and your spouse usually have to split your marital property. FindLaw says this category includes any property you acquired as a couple. This marital property can take many forms. You and your ex-spouse might divide your financial assets, such as your retirement accounts, bank accounts and stocks. However, marital property also includes personal possessions, such as china, home office equipment, furniture and artwork. If you and your ex-spouse own a rental property or vacation home, then you usually have to divide these properties between you. Additionally, marital property can include your business assets as well.
You may wonder how to divide this property. In Florida, you generally have to divide marital property fairly. This does not necessarily mean that you and your spouse will each receive the same amount of assets. Instead, a court usually considers many circumstances. A court generally considers how much money you both make, as well as how much debt you have. Sometimes one of you may not work because you take care of your children. In this situation, a court might evaluate this contribution instead of your income. Additionally, a court might examine the length of your marriage. A court typically uses all of these factors to decide what a fair division of property looks like.
Sometimes you may think that a specific asset belongs to you because you paid for it. However, it is important to remember that assets which you gave to your spouse as a gift usually become marital property. This means that you may pay for certain items but not retain them after a divorce. You can find more information about this subject on our webpage.