Factors that affect marital property division in Florida

Factors that affect marital property division in Florida

| Jul 13, 2020 | Divorce |

Anyone seeking a divorce can expect that belongings they once shared during divorce won’t remain the same after they cut ties with their ex. From joint bank accounts to the furniture you picked out together to fill your home, all marital property will be subject to division.

It’s difficult to part ways with the legal benefits of marriage. But it might be comforting to hear that Florida courts will divide all marital property as evenly as possible. According to state laws, marital property includes property and debts acquired or shared during marriage, including:

  • Assets purchased individually or together, like a family home
  • Debts acquired in joint or personal accounts, like credit card debt
  • Gifts you’ve given to one another
  • Benefits and funds that you’ve collected, like retirement, insurance or pension
  • Any pre-marriage assets that your spouse contributed to after marriage, like a car payment

Although Florida courts follow equitable distribution rules when determining the division of property, there are several factors that can interrupt this close-to-equal division. These factors can include:

  • The length of your marriage
  • Each party’s contribution to caring for their children and home
  • The financial status of each spouse
  • Sacrifices made by one spouse so the other could advance their career or education
  • Intentional damage or drainage of marital assets
  • Desire to keep family home or other shared property

The goal of the equitable distribution is a fair settlement. So, while the result might not be an exact 50/50 split, the court will review a full scope of all your current finances and former contributions.

Maybe you hope to have the family home to continue to raise your kids in a place they’re comfortable in or don’t want to lose the coveted art collection you and your spouse built. In either case, you deserve what is rightfully yours. To make sure you end up with enough financial support to begin your next chapter of life, a family law attorney can help guide you through the divorce process.