EQUITABLE DISTRIBUTION OF ASSETS
Dividing property in a Florida divorce can be complicated. Florida uses the concept of “equitable distribution” to divide property and debt. The goal is to divide property and debt fairly and equitably, and not necessarily a 50-50 split. Section 61.075, Florida Statutes, governs the division of property and debt.
There are two types of property in a divorce, marital and non-marital. The classification of property is critical to its division.
DIVIDING PROPERTY IN A FLORIDA DIVORCE
Property acquired after the marriage is marital property. Marital property is subject to distribution under section 61.075. The factors the court will consider when dividing the marital property are:
1. The contribution to the marriage by each spouse; and
2. The economic circumstances of the parties; and
3.The duration of the marriage; and
4. Any interruption of personal careers or education; and
5. The contribution of one spouse to the career or education of the other spouse; and
6. The desire to retain an asset intact and free from any claim by the other party; and
7. The contribution of each spouse to the acquisition of the asset; and
8. The desirability of retaining the marital residence for any dependent or minor children; and
9. The intentional dissipation or destruction of marital assets after filing for divorce; and
10. Any other factors necessary to do equity and justice between the parties.
NON-MARITAL PROPERTY
Property acquired before the marriage is the non-marital property and is not subject to equitable distribution. Some property acquired after the marriage can be non-marital, such as a gift or inheritance. Any non-marital property that is commingled with the marital property will become marital property. Non-marital property that is retitled after the marriage, can become marital property.
DIVIDING DEBT
The court will use the same factors used to divide marital assets to divide marital debt.
Dividing property in a Florida divorce can be difficult if the marital estate is large. If you want strong, experienced counsel to represent your interests, please feel free to call The Fuller Firm, LLC. Kevin A. Fuller will schedule a free phone or videoconference consultation. After a thorough case analysis, I will answer your questions and advise you regarding the best way to proceed.