Divorce is difficult. If you need to unwind assets, we make the process of valuing and selling your home easy.
The article by Vanessa Vasquez –available through this link https://www.familylawprotection.com/6-things-divorcing-couples-should-know-about-florida-property-division/ with excerpts below – is both informative and easy to understand:
One of the most significant issues in any divorce is deciding who gets to keep what. Who gets the house? Who gets the car? Most married couples accumulate a wide variety of assets during their lives together, and it can be extremely difficult to figure out how to divide that property between them.
Disputes over the division of property can lead to a severely contentious divorce, and it is vital that any couple seeking a divorce in Florida understand how the process works. Below we have detailed six important things divorcing couples should know about Florida property division. Keep in mind that every divorce is unique, and you should always consult with an attorney regarding the specific details of your divorce and property division.
As with most aspects of a divorce, if you and your spouse are unable to settle on terms with regard to the division of property, then you will be forced to go to trial and have a judge decide. Whether or not it is in your best interests to allow a judge to adjudicate the property division should be carefully considered and discussed with your attorney.
The division of property in a divorce varies from state to state, and the results can vary drastically depending on where you get divorced. Florida is considered an equitable distribution state. This means that a judge will seek to divide the divorcing couple’s property fairly and equitably. The courts will split things up however they need to in order to make the distribution as fair as it can be.
The most important thing to remember about the concept of equitable distribution is that it will not always result in an equal split. While most courts will attempt to make the division of property as equal as possible, a judge may determine that it would be fair to split the property unevenly, granting more to one spouse than the other. There is a wide variety of circumstances that could factor into such a decision, so always keep in mind that equitable does not necessarily mean equal.
The division of your property will be significantly impacted by determinations on what qualifies as marital property, and what qualifies as separate, nonmarital property. Nonmarital assets are generally those that were obtained before the marriage or inherited after the marriage. In most cases, property obtained during the marriage will be considered marital property. Only marital property will be divided between the two spouses, while nonmarital property will be kept by whichever spouse is considered the owner. Determining what qualifies as marital property can be an extremely complex process. For example, nonmarital assets obtained before marriage that increased in value during the marriage may require that the increase in value be considered a marital asset. Additionally, commingling—or sharing in some manner—nonmarital assets during your marriage may cause them to become marital assets. We highly recommend you utilize a skilled divorce attorney to help you determine what should be considered marital versus nonmarital property.
Some things cannot be reasonably or practically divided. For example, no judge is going to require a divorcing couple to share their home. Thus, the judge could grant the home to one spouse and require financial compensation be granted to the other spouse for their “share” of the home. This often occurs in scenarios when one spouse owns a business. The courts will account for practical matters concerning property division when making its decision on how to distribute marital property between the divorcing spouses.
Property division is not just the division of assets. It is also the division of debts and liabilities. This is a factor that many people do not consider when they seek a divorce. If you and your spouse owe $10,000 in credit card debt, that liability must be accounted for when determining how your property will be divided.
Adultery (and other negative behaviors) on the part of one spouse does not typically impact the division of assets. An exception would be a spouse spending marital assets without the other spouse’s knowledge prior to and during the divorce. An example would be a cheating husband spending money on a girlfriend. In which case, the judge may factor those expenditures into the division of property.
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