Factors That Could Affect How Your Assets Are Divided During Divorce
Obtaining a divorce is rarely a completely painless process. There are certain aspects of divorce, however, that tend to be particularly complicated. Deciding how to split up marital assets, for instance, is notorious for causing disagreement and conflict. Having a thorough understanding of the facts that could affect how your own assets are distributed is critical to helping you avoid disputes in your divorce. To learn more, please reach out to our dedicated Fort Lauderdale property division attorneys today.
How Much You Contributed to the Marriage
One of the most important factors that courts assess when determining what would qualify as an equitable division of marital property upon a couple’s divorce is what each person contributed to the marriage. At the outset, this may seem to favor the person who earned more income. Courts do, however, take other factors into account, including whether a couple had children and if so, whether one spouse performed the majority of caretaking duties for those children while the other spouse worked. Although one spouse may not have contributed as much income as the other, courts are still required to fairly divide a couple’s property, based on their overall contribution to the marriage.
Income and Earning Potential
Another factor that Florida courts consider when dividing a couple’s assets during divorce is each spouse’s current income and earning potential. This will require a thorough assessment of each person’s past earnings, as well as a future projection of any increases in salary or financial opportunities that they may have. Obviously, whether a person is currently employed will affect this analysis. These factors will also play an important role in determining whether one spouse will be required to pay alimony to the other.
If a couple has children, then a significant portion of the debate regarding asset distribution will revolve around the couple’s custody arrangement. If, for instance, one spouse has primary custody of the couple’s children, while the other spouse only has visitation, then the court may be willing to award the former a larger portion of the couple’s marital assets, as that individual will be primarily responsible for the financial support of those children on a day-to-day basis. How much the other spouse pays in child support, however, could affect this decision, resulting in a more equal split of the property. Ultimately, the terms of a couple’s property settlement agreement will largely depend on the parties’ specific circumstances and willingness to negotiate.
Set Up a Meeting with Our Fort Lauderdale Legal Team Today
It’s important to understand by what process your assets will be divided upon divorce. Having this knowledge can help you avoid unnecessary complications and give you peace of mind about your financial future, so if you and your spouse are thinking about divorce, feel free to call dedicated property division lawyer Sandra Bonfiglio, P.A. to gain a more in-depth understanding of this process. You can set up a free case review by calling our office at 954-945-7591 today.