Know important information about Florida property division

On Behalf of | Jul 25, 2019 | Property Division |

The property division process is one that is often complex. The more you have to deal with, the more difficult it might be. It is imperative that you take the time to learn about some of the factors that impact the situation. This can change depending on your circumstances, so you have to find out exactly what options you have.

Florida law sets standards that apply to these cases. One of the most important is that you have to divide the debts and the assets that were amassed during the marriage. While people tend to focus heavily on the assets, the debts can be a considerable factor.

It might benefit you to start the asset process by deciding what to do with the marital home and other high value assets. Once you have those done, you can move to the smaller assets. Finally, use the debts to balance everything out. It is imperative that you don’t accept anything that is going to leave you with the most debts and least assets.

There isn’t any guidance in Florida law that says that the division has to be equal. Instead, it must be equitable. This takes the economic circumstances of the marriage, the length of the marriage and the contribution of each party into account to determine what is fair.

This method of division puts both parties on an equal footing, even if one was a stay-at-home spouse or parent. Thinking about what is going to benefit you might make this a bit easier to go through. Consider your current needs, as well as your financial abilities, when you are vetting out the options.

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