Divorce proceedings require spouses to split their marital assets. This is one of the most important aspects of divorce – if you fail to get a good settlement, it could negatively affect you for years to come.
This is why it is so important that you have a good understanding of how the law applies to divorces in Florida. By doing so, you’ll have the best possible chance of getting a good financial settlement. The following is an overview of how assets are divided in Florida divorces.
Definition of marital assets
Not all assets are subject to division at divorce. Only those that are considered to be marital assets will be divided. Marital assets count as any assets that were acquired by either spouse after the marriage took place, with the exception of gifts, inheritance, and awards from lawsuits.
In Florida, divorce courts seek to divide marital assets equitably. This means that assets and debts will not necessarily be split 50/50, but rather in a way that is considered to be fair to both parties, given the facts of a case.
In deciding what is fair, the courts take into account several factors. They consider what contributions each spouse made to the marriage, the economic circumstances of each party, and the duration of the marriage. They will also consider whether either spouse made sacrifices in their own career or education for the benefit of their partner.
If you are going through a divorce, your top priority should be getting the best possible outcome for yourself and your children. By taking early action, you’ll have the best possible chance of achieving this.