Preparing for the property division process during divorce can carry with it some apprehension. To help ease those concerns, it is helpful for divorcing couples to be prepared with what to expect and how property division is determined during divorce.
Equitable property division process and factors
Marital property is divided equitably during divorce in Florida which means it will be divided as fairly and evenly as possible. It does not mean property will be split in half. How to divide property equitably is based on a consideration of several different factors including:
- The contribution to the marriage by each of the spouses which includes contributions to the care and education of the children and services as a homemaker;
- The economic circumstances of each of the spouses;
- The duration of the marriage;
- The interruption of the personal careers or education opportunities of each of the spouses to care for the children or home;
- The contribution of one of the spouses to the personal career or educational opportunity of the other spouse;
- The interest of one spouse in retaining an interest in an asset free from any claim from the other spouse, including a business asset;
- The contributions of each of the spouses to the acquisition, enhancement and production of income and marital and nonmarital assets and contributions to liabilities incurred by the couple;
- The desirability of retaining the family home as a residence for dependent children from the marriage when it would be equitable to do so;
- The intentional waste, depletion or destruction of marital assets following the filing of the divorce petition or two years prior to the filing of the divorce petition; and
- Any other factor necessary to achieve a just and equitable property division agreement between the spouses.
Understanding how property division is conducted during the divorce process, and what it is based on, can help divorcing spouses prioritize their interests and protect those interests when negotiating a property division settlement agreement. For that reason, they should be familiar with equitable property division rules and what they are based on.