Divorce is a complex matter that requires many legal processes including the division of assets and debts. Florida has strict laws when it comes to how marital assets and liabilities are distributed. This can make matters even more complicated to understand. Even when your separation is on good terms, dividing marital assets and liabilities can still be a challenge.
The first thing you need to know is that if you don’t have a prenuptial agreement in place, then the court or judge will be the one dividing assets. You can agree on asset division in mediation, but when you cannot agree, a judge will make that decision on your behalf. The result may not appear fair and equitable to the parties involved, even if the judge is employing Florida law to make decisions. This is because Florida judges look at a wide variety of factors when deciding how to divide the marital estate. In this article, the Tampa, FL divorce lawyers at Westchase Law, P.A. will discuss the distribution of the marital estate and what factors judges consider during the process of estate distribution.
Factors that influence property division
The first thing you need to know is that Florida is an equitable distribution state. This means that assets are divided in accordance with what is equitable to both parties; it is not (necessarily) a 50/50 split. However, the courts default on the notion that the marital estate should be divided equally. In other words, they need to find some reason supported by competent and substantial evidence to diverge from a 50/50 split of the marital estate.
Other factors that influence how the marital estate will be divided include:
- What contribution each party made to the marriage and what their economic circumstances are at the time of divorce. This includes any contribution one spouse made to the other’s career or education.
- Particular desire or interest to retain a specific asset after the divorce.
- Accidental or intentional damage, destruction, or depletion of the marital property (dissipation of resources).
- Contribution to the upbringing and care of the children (including their education).
- Desirability of allowing one spouse to continue living in the family home.
The court’s job is to determine what belongs to whom. In some cases, this is more complex than others. For example, if one spouse owns a business, part of the business may belong to the individual spouse but the value accrued during the marriage may belong to the marital estate. Therefore, some portion of the business must be distributed or otherwise managed during the divorce to ensure a fair outcome.
Talk to a Tampa, FL Divorce Lawyer Today
Westchase Law, P.A. represents the interests of Florida residents who are pursuing a divorce. Call our Tampa family lawyers today to schedule an appointment, and we can begin discussing key issues such as equitable distribution of the marital estate, alimony, child custody, and child support.