Property division is often the most contentious part of a divorce because it can be difficult to let go of things or agree to receiving less than you believe you are entitled to. Thus, it is important to understand you rights and options when it comes to resolving marital property division in Florida.
Property division in Florida
At Russel G. Marlowe, PA, our law firm understands that disputes and issues often arise during the property division process. While divorce is already an emotional and difficult time, our legal team has the skills and knowledge to guide our clients towards a resolution that considers their rights, interests and needs.
Florida is an equitable division state, meaning there should be an equitable split of the marital property between the spouses after the marital debts are accounted for. This means that any assets and property accumulated during marriage will be divided. This includes retirement accounts, pension plans, joint savings, and vehicles and real property regardless of who is named on the title or deed. To be marital property, they must have been acquired during the marriage or be a direct result of the labor and investments of the spouses during the marriage.
Factors to consider
While the presumption is that a 50-50 split is an equitable distribution, there are various factors that could help establish that such a split is not fair. Thus, certain factors can help determine what a fair and equitable division of property looks like for your unique matter. A factor often considered is the contributions to the marital assets made by each party, which includes those made to the care and education of the children and service as a homemaker.
Other factors include the economic circumstances of each spouse, the length of the marriage, any interruptions to the career, education or contribution of either spouse, the desire to retain certain assets, the desire to maintain the marital home for dependent children, any intentional waste of marital assets prior to divorce filing and any non-marital property that could be considered marital property. With these and other factors in mind, you could reach a resolution that is favorable to you.