If you are facing divorce, you likely have various concerns about what your life will look like after the process is complete. You also know that your post-divorce future hinges on the terms of your final divorce settlement, namely your property division order. It is useful to understand more about how Florida courts address marital property during a divorce.
Florida is an equitable distribution state, which means that, if the court decides how property division will work, each party will get an equitable share of marital property. However, that does not mean that everything will be 50-50. The court will aim to be fair and reasonable, but you would be wise to know how to protect your rights and interests.
How does equitable division work?
In the equitable division process, property jointly owned by the couple will be subject to fair distribution between the two parties. This does not pertain to separate property, and what qualifies as fair is up to the discretion of the court. Of course, disputes can arise, and you can contest your spouse’s claim to certain things. You would be wise to remember that equitable does not always mean an equal split of all assets.
Property division is one of the most hotly contested issues in many divorces. Parties have a right to concern with their financial well-being after divorce, and the difficult emotions that come with the end of a marriage can make this process complex. Consider the following to help you better understand equitable division:
- All assets acquired and all money earned during the marriage is marital property, which is eligible for division.
- If you received a gift during your marriage, it also qualifies as marital property.
- Retirement accounts and long-term savings plans qualify as marital property.
You likely have concerns about specific financial issues and certain assets. One of the best ways to get a complete picture of your right to marital property and your financial future after divorce is to seek a complete evaluation of your case.
You have the right to decide
Of course, having a court decide what property division will be like for you is never your only option. You and your soon-to-be ex-spouse can work together to come to an agreement on property division that is beneficial, workable and sustainable.
If you would like to know more about your options or how you can protect yourself during divorce, you have no time to lose in seeking experienced guidance from the very beginning of the process. There is much at stake, but you do not have to face it alone.