If you live in Florida and you are about to file 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. By 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 operate under this law. What this means for you is, any assets, income, and liabilities you currently have are not automatically split into two 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. 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.

Protect What Matters Most – Speak With a Florida Divorce Attorney Today
Understanding how assets are divided is just the first step. Whether you’re facing a complex financial situation or want to ensure a fair outcome, having the right legal support can make all the difference.
Contact Bickman Law at 305-409-3636 or schedule your confidential consultation today to get personalized guidance from an experienced Miami divorce attorney.

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The Division of Property in Florida

How is property divided in Florida? If you are in the middle of a divorce or, if you are in the planning stages, then you need to know the answer to this question. The division of your assets and liabilities is essential to you as they probably are to your spouse.

In the best-case scenario, it might be possible for you and your spouse to reach a mutual agreement of “who gets what.” If this cannot be agreed upon, it will be necessary for a judge to make the decisions of how the assets and liabilities will be divided. This often results in one or both parties being unhappy with the outcome.

When a judge makes this decision, it is assumed it will be done in a fair manner whereby the property will be split as equally as possible. However, this is not always the result.

It is the responsibility of the Florida divorce court to determine which debts and property are considered marital and those which are not. Florida uses the law of “equitable distribution.” This means that all property acquired during the years of marriage belongs to the spouse who earned it. During a divorce, all liabilities and assets will be divided between the spouses, so it results fairly and equitably.

Florida does not have any set rules regarding who will receive what. Further, there is no law as to how much they will receive. Instead, several factors are considered. The court reviews the earnings of each spouse. If one spouse does not work and stays home raising the children, for example, the earning value of this spouse will be factored in.

What  are the Marital & Non-Marital Assets

In regards to assets, the court must consider marital or non-marital status. Those assets brought into the marriage are non-marital. Those acquired during the marriage are marital assets. This can become complicated as there are many variables. For example, gifts given to each other during the marriage become marital property. Retirement funds, pensions, and so forth become marital assets. Any assets or liabilities received before the marriage, if they are not commingled while married, are considered non-marital property.

Once the assets and liabilities have been listed as marital or non-marital a monetary value is then placed on each item. It is not uncommon that a professional appraiser may need to be hired to decide on some property.

Factors to consider by Florida Court when dividing Assets & Liabilities

There are many factors a court considers when dividing the assets and liabilities. These include such things as the length of the marriage, the economic situation of each spouse, debts, and liabilities assigned to each spouse, and many other considerations.

In regards to a home, a judge might order the house be sold and the money divided. There are other considerations such as if there are children living at the home or if one spouse feels strongly about remaining at the home.

When it comes to debt, the court will try to divide the couple’s debts equally.

Divorce is a difficult transition in life. There are so many things to consider before filing for a divorce. This is why it is so vital to hire an attorney to help you through this difficult time.

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