Divorce-driven property division in Florida

Divorce-driven property division in Florida

On Behalf of | Dec 1, 2021 | Property And Debt Division |

While a handful of states adhere to community property division as part of the divorce process, the vast majority, including Florida, take a more nuanced approach in equitably dividing assets. From savings to cars to car loans and other liabilities, fair and equitable – not to be confused with “equal” – property division is law in the Sunshine State.

A complex process

Complexities exist. The most peaceful of divorces can turn into battles when valuable property is at stake. Significant changes in life bring uncertainty and fear. Various factors play a role in equitably dividing property and debts, such as length of the marriage and specific economic circumstances. Others include:

  • Contributions by each spouse that include childcare and educational costs
  • Careers and academic pursuits set aside to care for children or other family-related circumstances
  • Contributions from one spouse to another to build a career or pursue a college degree
  • The decision to retain the marital residence post-divorce, specifically for children
  • Deliberate waste or destruction of marital assets

Marital assets and liabilities take many forms and include:

  • Possessions acquired or debts that were the responsibility of either or both spouses
  • Enhancements that increased the value of non-marital assets
  • Gifts given between spouses while married
  • Benefits from retirement accounts, pensions, profit-sharing, and other qualifying plans and programs

Conversely, non-marital assets and liabilities encompass:

  • Property and debt acquired prior to the marriage
  • Income generated only from non-marital assets
  • Negotiated assets and liabilities agreed upon by spouses
  • Liabilities through acts of forgery by a spouse
  • Inheritance money to one spouse used for a purchase

Property division is an essential aspect of divorce to ensure that divorced spouses have the resources necessary to start their new lives. The help of an attorney can help further secure a potentially uncertain future.