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Mark Abzug

Know the classifications of assets during a divorce

On Behalf of | Apr 12, 2019 | Property Division

Property division matters during a divorce can be difficult to handle, but knowing what to expect and learning about the options can help you as you go through it. In Florida, the premise that is used for property division is equitable distribution. This doesn’t mean that everything will be equal but that it will be fair.

One of the primary factors in determining what is equitable is which spouse has more of an income into the marriage. Typically, the higher earning spouse is going to get a larger share of the property. Of course, this might not be the case if the parties are able to come to an agreement during mediation.

During mediation, both parties can negotiate to determine who is going to get what. This is often the preferred way of doing things because it is usually faster and allows each person to have a say in what happens. Many people choose to use mediation for this matter. If they can’t come to an agreement, then they turn to the court for an answer.

If you do have to go to court, you need to know the classifications of the assets that were part of the marriage. There is community property, separate property and a mixture of both. As you look through the assets, find out how each one will be classified so that you can determine how it will be split.

As hard as the property division process is, there are things that you can do to make it easier. One of these is having a plan going into it so that you can keep your focus where it needs to be.