How are Marital Assets Distributed in FL?
If you’re getting divorced, you likely have many concerns. Where will you live? How often will you see your children? What will your post-divorce life look like?
One determining factor of your post-divorce situation is how your assets and property are distributed in your divorce case. Florida has laws dictating how divorcing couples should divide their assets, but there is still discretion and wiggle room for spouses and courts.
It is critical to have representation from an experienced divorce attorney who understands property distribution in Florida. Attorney Brian McMahon can help and protect your financial rights throughout your divorce. This helps put you in the best possible situation for your post-divorce life.
What is Equitable Distribution of Assets?
Florida law requires the equitable distribution of property, assets, and debts in every divorce. Unlike community property states, where assets are typically divided equally, equitable distribution laws focus on achieving a fair and just outcome rather than a strict 50/50 split.
Unfortunately, the fact that assets are divided fairly (not equally) opens the door for lopsided outcomes. You need a lawyer to advocate for the fair distribution of assets that you deserve.
Resolving Property Distribution
Spouses have different options for resolving asset distribution in a divorce. First, you and your spouse might agree from the start on how you want to divide your marital property. This saves time and money, as it can help you file an uncontested divorce. You should still always have an experienced divorce attorney review your agreement to ensure it is fair and upholds your rights under the law.
If you cannot agree through negotiation or mediation, the court will need to decide how you will divide your assets. Under equitable distribution, the court considers various factors to determine how to divide marital assets and liabilities. These factors include:
- Length of your marriage
- Each spouse’s financial contributions to the marriage
- Contributions each of you made to the household, such as raising children or managing the home
- Each spouse’s economic circumstances and earning capacity
- The desirability of maintaining certain assets, such as the marital home, for the well-being of the children
- Any intentional dissipation, waste, or concealment of assets by either spouse
- Any other relevant factors the court deems necessary to achieve fairness and equity
During divorce proceedings, the court will evaluate the value of your marital assets and liabilities, including:
- Real estate
- Bank accounts
- Retirement accounts
- Investments
- Personal belongings
- Debts
Based on the factors mentioned above, the court will make decisions regarding how you must divide your assets and liabilities.
A Florida Divorce Attorney is Ready to Protect Your Rights
Whether you want to negotiate to reach an agreement on asset division or your case is headed to court, you need a highly skilled divorce lawyer representing your interests. Having solid financial footing post-divorce is imperative for your future, so never underestimate the importance of asset division in your divorce.
Attorney Brian McMahon can help with every step of your divorce, so please contact us to learn more today.