What To Know About Property Division During A Florida Divorce
One of the most difficult aspects of many divorces is navigating the asset division process, which requires couples to split up any property that they acquired during the marriage. While many couples are able to reach an agreement on how to divide this property in an out-of-court setting, doing so isn’t always possible, in which case, the decision could end up in the hands of a judge. We’ve included a few tips that may help give you a better understanding of how to go about the property division process.
Understand the Difference Between Separate and Marital Assets
One of the most important things that a couple should understand about property division in Florida is the difference between separate property and marital assets. Separate assets are any assets that were obtained by either party before the marriage, while marital assets are those that were acquired during the marriage. There are, however, a few exceptions to these definitions. A gift or inheritance given to one person, even during marriage, for instance, will still qualify as separate property. Knowing the difference between these two types of properties is important because it is only marital assets that are divisible upon divorce.
Remember that Florida Adheres to an Equitable Division Standard
In Florida, marital assets must be distributed equitably if a couple decides to separate. This does not necessarily mean, however, that the assets will be divided equally. Instead, the property will need to be divided in a manner that is deemed fair based on a family’s particular circumstances. When assessing what would constitute a fair division, courts look at a variety of factors, including:
- The contributions made by each spouse during the marriage, both financially and in terms of childcare if the couple share children;
- The duration of the marriage;
- The financial status of each spouse, including the value of their separate assets and their relative incomes;
- How much each spouse contributed to the personal career or educational opportunities of the other during the marriage;
- The desirability of retaining an asset, such as an interest in a business or professional practice;
- Each spouse’s contribution to the acquisition, enhancement, and production of income or assets, or the incurring of debts during the marriage;
- The desirability of retaining the marital home as a residence; and
- Whether one spouse is guilty of intentionally wasting or depleting marital assets.
For an assessment of how these factors could affect your own property settlement, reach out to our legal team today.
The Property Division Process is Simpler with a Lawyer
Deciding who will retain which assets upon divorce can be complicated. Fortunately, divorcing couples don’t have to engage in this process on their own, but can benefit from the help of an experienced attorney. A legal representative can ensure that all of your family’s assets are accounted for and that one spouse doesn’t get away with hiding or wasting assets. They can also play a key role in negotiating an out-of-court settlement, so that the ultimate decision regarding property division isn’t left up to a judge.
An Experienced Florida Property Division Attorney
For more information on the property division process during a Florida divorce, contact dedicated Fort Lauderdale property division lawyer Sandra Bonfiglio, P.A. at 954-945-7591 today.