The Sunshine State, like most other jurisdictions, is an equitable division state. Upon divorce, marital property must be divided equitably, so that the divorce isn’t an unfair financial burden on either spouse. Notably, only marital property is subject to equitable division. The distinction between marital and nonmarital property is often unclear, mostly because of property commingling. More on that below.
Because “equitable” is a rather subjective term, both spouses have important legal and financial rights in the property division process. So, the law includes a number of factors to consider in this process. Nevertheless, only a good Tampa family law attorney can effectively uphold these legal rights.
Dissipation (Waste) of Marital Assets
The most misunderstood equitable division factor in Florida may also be one of the most important factors, especially after a long marriage.
Unintentional dissipation is incredibly common. For example, Husband may use money from his paycheck (marital property) to pay his student loans (nonmarital debt). A judge could force Husband to reimburse the marital estate for the assets he dissipated. In other words, Husband might have to pay Wife back for the money he wrongfully took to pay his personal debts.
For a Tampa family law attorney, intentional dissipation is usually a back door to consider adultery or other fault in the breakup of the marriage. If Wife gave boyfriends gifts, she may likewise be compelled to reimburse the marital estate.
Prenuptial Agreements
Florida lawmakers recently adopted the Uniform Premarital and Marital Agreements Act. The UPMAA states that property agreements are usually enforceable unless they’re blatantly one-sided (e.g. I get all the assets and you get all the debt) or one spouse tricked the other spouse into signing an agreement.
Because property division is so complex, it’s usually the most time-consuming portion of a divorce proceeding. So, a premarital agreement is truly the stitch in time that saves nine.
Noneconomic Contributions to the Marriage
The so-called “homemaker factor” could be significant if one spouse gave up possibly lucrative career opportunities to become a full-time caregiver. This factor could also apply if, for example, Husband worked overtime, at the office and at home, while Wife attended law school. People in these positions often are entitled to a disproportionate award of marital property, usually in lieu of spousal support.
Custody of Minor Children
Residential custodians usually need larger living spaces than non-residential custodians. Additionally, if a child has special educational, physical, emotional, or other needs, the burden for these special needs usually falls mostly on the residential custodian.
So, the parent with primary custody of minor children could be entitled to a disproportionate marital property settlement. However, child support often covers these needs, at least to a considerable extent.
Lifestyle During the Marriage
This factor often favors women. Statistically, divorced women are much more likely to live in poverty than divorced men. If a spouse cannot possibly earn enough to approximate the prior standard of living, that spouse may be entitled to a larger share of marital property. That’s especially true if the other spouse filed for divorce or was abusive.
Connect With a Diligent Hillsborough County Lawyer
Divorce and other matters involve significant financial and emotional issues. For a confidential consultation with an experienced family law attorney in Tampa, contact Westchase Law P.A. Convenient payment plans are available.