Divorce And Division: How Property And Assets Are Split In Florida Divorces

The end of a marriage is always a difficult thing, but it can become downright messy when conflicts arise over specific assets and property. This article gives you some idea of what to expect in terms of how assets and property are divided during divorce in Florida, including:

• How debts are treated and divided during divorce in Florida.
• What assets can potentially be considered non-marital and thus avoid division.
• When and why to hire a divorce attorney to help you deal with the division of assets and property during divorce.

How Are Property And Other Assets Divided When A Spouse Is Divorcing In Florida?

When a couple is divorcing in Florida, they face the doctrine of equitable distribution. This does not mean that each of you will receive half of your combined assets, but instead, the court aims for a fairer (if less equal) distribution.

All of your assets will be listed in an equitable distribution sheet, with one spouse in one column and the other in another. Then, you start figuring out whatever one-half of the value of each asset is as of the date of filing for divorce. Finally, you’ll set about the process of distributing half of each to each spouse.

Sometimes, however, there are arguments for an inequitable distribution of assets, meaning that one party gets a little bit more than the other party might. These are solely determined on a case-by-case basis, which is why you always need a trained and experienced divorce attorney on your side.

How Are Debts Divided In A Florida Divorce?

Just as assets go into an equitable distribution sheet, debts and liabilities are divided up during a divorce, too. Overall, this can greatly complicate the process.

For example, imagine a husband has a 401-K account, but his wife has credit card debt. The husband might have to take some of that money out to pay off the debt, and so forth. Alternatively, if the couple owns a home but neither party can afford to pay out the other half to keep the house, they will have to sell the house, pay off all the debts, and split whatever proceeds remain.

My Spouse And I Have Separate Accounts In Our Own Names. Do We Have To Split Those Accounts When Divorcing In Florida?

Anything that you obtain from the date you were married until the date you file for divorce is considered to be marital. Any debts, liabilities, assets, or property are all marital, which means that anything in that timeframe is subject to equitable distribution, including accounts in your own names.

If you hold an account from before the marriage and you never put any money into it while you were married, then there could be an argument that you will not have to split that account.

Alternatively, if you received an inheritance when your grandparent passed away, it has been held in a separate account, and you never used the money during the course of your marriage, then you might have an argument that is a non-marital inheritance.

However, it is only under such strange and rare circumstances that assets are considered non-marital.

What Are The Dangers Of Trying To Handle My Divorce Without An Experienced Family Law Attorney?

If you have the means to do it, you should hire an attorney as soon as possible. Chances are, unless you are already a family law attorney, you simply will not know the relevant law. This means you will not know what to do and what not to do.

Especially with assets and debts, people make assumptions about what is theirs, which are not always correct – and the stakes are even higher when children are involved. Some folks might get coerced into signing an agreement that gives one parent 50-50 time-sharing based on the new statute, when really if you had gone through all the factors, they should not have gotten such a generous arrangement.

There are countless important questions that you will ultimately need assistance with – and you simply cannot get that assistance without hiring a family law attorney who is experienced with these particular issues. For more information on the Division Of Assets & Debts In Florida, an initial consultation is your next best step.