Divorce is an intimidating process, and you may wonder how the choice to end your marriage will affect your future. Like many others preparing to divorce, you may have concerns about what will happen to your property. For many Florida couples, property division and the distribution of marital debt is one of the most emotionally charged and complex issues in divorce.
It is important for your future to secure a fair property division settlement. Your financial future depends on what happens in divorce, and it is in your interests to learn about equitable distribution, which is how Florida laws handle marital property. When you know what to expect, you will be less likely to find yourself involved in unnecessary and complex disputes over property division.
What does equitable division mean?
Equitable division means that you and your spouse will receive equitable shares of marital property. The point of this is to ensure fair treatment, but that does not necessarily mean that the shares will be equal.
In your divorce, you and your spouse will have to address all marital property. This includes all assets accumulated, earned or purchased during the marriage. Some assets, such as an inheritance you received from a deceased parent, may be separate property, which is not subject to division.
How does the court decide what's fair?
If the goal of the court is to divide marital property fairly, how do they decide what that means? The court takes into consideration various factors, including the length of the marriage, the financial contributions of each spouse, the earning capabilities of each spouse and more.
Some couples are able to negotiate and work together on an agreement that does not require the intervention of the court. If an out-of-court settlement is possible, you and your spouse will be able to decide what is fair and most reasonable for your final property division order.
An experienced ally for the entire process
It is not easy to know how to treat property division in divorce. Fortunately, you do not have to go through this process alone. You may find it beneficial to seek the guidance of an experienced family law attorney who can help you pursue what is fair and best for your future – whether that is in the courtroom or in negotiations.
Before you make any divorce-related decisions that could influence your future, it may be fitting to first seek a complete evaluation of your case and explanation of how you can protect your rights and long-term interests.