A lot of life
happens between the time you say "I do" and the time you decide you
want a divorce. You earn, save, and invest money. You buy property. The time
comes to divorce and now you have to divide it all up. How is this process done
in the state of Florida?
How are Assets and
Liabilities Distributed?
The division of property
is covered under Statute 61.075 Equitable distribution of marital assets and
liabilities, which classifies Florida as an 'equitable distribution' state.
This means the common property of the two parties may be divided between them
equitably in the divorce proceedings.
You now
might be wondering what is the difference between community property and
equitable distribution? In community property states, spouses have equal
ownership over all income, assets, and liabilities. In equitable distribution,
the goal is to ensure a fair, balanced, and equitable distribution of income,
assets, and liabilities to both spouses based on an analysis of a range of
factors.
What
Property is Considered for Distribution?
The
equitable distribution of marital assets and liabilities only covers that
property which is earned or acquired during the marriage. During the Discovery
process, it will be determined which assets and liabilities are categorized as
'marital property' and which assets and liabilities are categorized as
'non-marital property.' This is an extremely important part of the divorce
process.
What
Factors are Considered During Equitable Distribution?
Splitting assets and
liabilities in half may not be fair and equitable in every case which is why
the statute allows for the consideration of many factors. In addition, there will be items that hold sentimental value that
will need to be divided; non-marital property that may have increased in value
as a result from marital funds or expertise; there are even times when unequitable
distribution is considered fair; and so much more.
Divorce is not an easy
process to go through, but your attorney should be able to guide you well.
Remember to play an active role during the divorce proceedings and promptly
provide the requested materials. Listen to your attorney’s advice and don’t
lose your cool. In fact our blog, 10 Best Tips for Surviving a Divorce, has helpful advice to get you through the
process. If you have more questions or would like to speak with us regarding
any aspect of Family Law, please call us at 352-243-9991.
