In Florida, property division during a divorce follows the principle of equitable distribution. This means that marital assets and liabilities are divided in a fair and equitable manner between the spouses.
It is important to note that equitable does not necessarily mean equal; instead, it refers to a distribution that the court considers fair under the circumstances.
Factors considered in property division
Each divorce has unique factors that must be considered during the property division process.
- Length of the marriage: Longer marriages may result in a more equal division of assets, while shorter marriages may lead to a division that is more reflective of each party’s individual contributions.
- Economic circumstances: The court will take into account each spouse’s financial situation, including their income, earning potential, and overall financial stability.
- Contributions to the marriage: The court will consider the contributions each spouse made to the marriage, including income, homemaking, childcare and support for the other spouse’s career or education.
- Interruption of careers or education: If one spouse sacrificed their career or educational opportunities to support the family or the other spouse, the court may take this into account when dividing property.
- Contributions to the acquisition of assets: The court will examine each spouse’s contributions to the acquisition, enhancement and production of income or appreciation of marital assets.
- Tax consequences: The court may take into account the potential tax implications of property division for each spouse, aiming to minimize the negative tax consequences where possible.
Ultimately, you have to do what you feel is in your best interests while you’re dividing property or deciding what you should fight for. Working with someone who’s familiar with Florida laws is beneficial in these situations.