Aside from child custody and support, property division is most likely to cause some issues during divorce. If you are thinking about or in the midst of a divorce, knowing some basic points about how property is divided can help you formulate a plan and work through the negotiations that might occur.
In Florida, property is divided using the equitable distribution method. This means that the property is divided based on what is fair instead of what is equal. This could mean that a spouse who has a much higher income than the other spouse might walk away with a larger share of the property.
When you are going through a divorce, all property isn’t necessarily going to be part of the property division process. In some cases, separate property, which can include inheritances and court awards, might not be part of the property division process. Of course, it would be necessary for you to keep these assets separated from the marital assets, in most cases.
Anything that you accumulate from the date of the marriage through the date of the separation is likely going to be considered marital property. This includes not only assets, but also debts. That means that you will have to split up the debt that you and your spouse have amassed. All of these factors will affect the property division aspect of your pending divorce.
No two divorces are the same, yet all property division agreements must comply with the laws of the state or be agreed-upon by the parties if this deviates. To make sure that your best interests are considered, seeking legal advice is wise.
Source: FindLaw, “Divorce Property Division FAQ,” accessed Oct. 21, 2016
