Property Division And Florida Divorce Law
Couples in long-term marriages often accumulate substantial assets during their union. When that marriage ends, Florida law requires that their property be divided according to the principle of equitable distribution. This legal concept requires the property and assets be divided fairly, but not necessarily equally, as they would in a community property state.
The law firm of Max Factor Attorney At Law P.A. acts as a zealous advocate for our divorce clients when they are involved in complex property division issues. Many factors can influence how property and assets are distributed, and we fight for the best outcome for you, so that you can face the future with confidence and the resources you need.
What Is Considered Marital Property?
Generally, the property and assets obtained during the course of a couple’s legal marriage are considered marital property, regardless of how it is titled. However, in some circumstances, there can be unusual exceptions, such as:
If a spouse gifts a piece of separate property to their partner during the marriage, it can be considered marital property.
- The marital property value of retirement assets such as 401(k)s, defined benefit plans (pensions), and IRAs can be complex and often CPAs or other professionals are needed to determine their precise value.
- Income produced by a nonmarital asset can be considered marital property if both spouses relied upon it for a joint purpose, like home improvements.
Our firm can guide you through the process of determining which assets must be divided and evaluating their worth.
Factors Judges Use To Divide Property Between Spouses
If a divorce ends up being litigated, the judge will look at numerous factors to determine what a “fair and equitable” property distribution looks like. Some of them include:
- The length of the marriage
- The economic circumstances (including debts) of each spouse
- How each spouse contributed to the marriage – as a wage earner, homemaker or parent
- If one spouse destroyed or dissipated (spent) significant marital assets after the divorce filing or in the two years prior to filing