Dividing assets during a divorce can feel overwhelming, but understanding how Florida handles this process helps you prepare. Florida follows equitable distribution laws, which aim for fairness, but not necessarily equality, when splitting marital property.
Marital vs. non-marital property
Florida divides assets based on whether they are marital or non-marital. Marital property includes anything acquired during the marriage, such as income, real estate, retirement accounts, and personal belongings. Non-marital property includes assets owned before the marriage, inheritances, or gifts received by one spouse alone. However, if non-marital property becomes commingled with marital property, it may be treated as marital property.
Equitable distribution explained
Equitable distribution means the court divides marital assets fairly, but not always 50/50. The court considers several factors, including the length of the marriage, each spouse’s contributions, financial situation, and future needs. For example, one spouse might receive a larger portion of assets if they sacrificed a career to support the family.
Valuing and dividing assets
To divide assets, the court first determines their value. This process may involve appraisals for real estate, businesses, or other high-value items. Once the court establishes the value of all marital assets, it divides them based on what it deems fair. This division may include selling assets and splitting the proceeds or awarding specific items to each spouse.
Handling debts
Debts are also divided during a divorce. Marital debts, like joint credit card balances or loans, are split equitably. Non-marital debts, such as those incurred before the marriage, remain the responsibility of the spouse who brought them into the marriage.
Understanding how Florida divides assets helps you approach the process with confidence. Equitable distribution focuses on fairness, ensuring both spouses can move forward with a stable foundation. Clear communication, preparation, and knowledge of your financial situation make this challenging time more manageable.
