How Assets are Divided During a Divorce in Florida
5 Important Things to Know About How Assets are Divided in a Florida Divorce
If you live in Florida and you are about to filing for a divorce, you most likely have a lot of questions about how the division of assets in a divorce filed in Florida works. This is by far one of the most common areas of concern for many people as they consider filing for divorce.
As with many marriages, various assets and liabilities are collected over the years. There are 5 important things to consider when filing for a divorce in Florida.
Reaching a Mutual Agreement
While this may not always be possible, it is highly beneficial for both parties in a divorce to consider a mutual agreement on the division of assets. Why? Allowing the courts to handle the division of assets will in more cases than not, leave at least one or even both parties unhappy. With handling it privately and in a more civil manner, both can work to negotiate an agreement that works for everyone.
Are Florida Divorces Governed by Community Property Laws?
The good news here is that Florida is one of the many states that no longer operates under this law. What this means for you is, any assets, income, and liabilities you currently have are not automatically split into two equal halves, even if you were the only one earning the household income.
The laws that Florida follows in the division of assets in divorce fall under equitable distribution. Really, what this means is, all assets and liabilities acquired in your marriage will be divided as fairly as possible, and anything you may have earned is considered yours since you earned that income or purchased the property with your money.
Are All of Your Assets Marital?
The court will need to gather information and decide which assets are marital and which are non-marital. Unfortunately, this can be a complicated area and is not as black and white as it may seem. The commingling of any assets, whether marital or not, opens the doors of exceptions wide open.
Your Marital Home
Who gets to keep the house or the proceeds of the sale of your marital home? There are a lot of complexities involved in this aspect of your assets because a Florida judge will have to consider the circumstances of the situation. For example, they will need to consider if there are children involved and if the market is good enough for the house to sell without leaving either party in financial hardship.
Who Pays the Acquired Debts?
This is very similar to the division of assets. The court will need to gain a complete understanding of how the debts were obtained and how best to fairly divide them. Many people believe that adultery will cause the offending party to take on all of the debts incurred, however, this just does not apply in the state of Florida unless of course high debts were incurred to pay for the adulterous behavior, and again, this is all left up to the court to decide.
As you can see, there are many things to consider when assets are divided in a Florida divorce. Seek out the advice and help of an experienced Miami divorce attorney if you are not able to reach a mutual agreement on the division of your assets and liabilities.