A divorce requires untangling a couple’s financial affairs and Florida law calls for an equitable distribution of marital property. However, this does not mean a 50/50 split. Instead, it refers to a fair outcome that considers all the circumstances.
For instance, if there was one primary breadwinner in the marriage, that person may believe they are entitled to a larger share of the marital property, but that is not necessarily the case. The law values all contributions to a home and marriage, not just the financial ones.
Team up with a Florida equitable distribution lawyer for legal support with your divorce case. Our knowledgeable family law attorneys can explain how the law works and help you achieve your financial and property distribution goals throughout the process.
The Difference Between Separate and Marital Property
It is not uncommon for people to marry young and many enter marriage later in life already owning a vehicle, furniture, pension, retirement account, or investment portfolio.
The property a person owns when they get married is their separate property. Anything the couple acquires together after marriage is marital property. That includes items one person buys with their own money and anything titled or registered in a single spouse’s name.
If it was purchased or acquired after marriage, both spouses have a claim on it, but there are a few exceptions to the rule. Anything one spouse inherited in their own name during the marriage is their separate property. Gifts intended for a single spouse are also separate property, but things the two gave to each other are marital property.
Spouses Can Gain an Interest in Marital Property
Disputes can arise in a divorce when one spouse believes they have a claim on the other’s separate property. This can happen when the non-owner contributes to the maintenance or improvement of the other spouse’s separate property or when the owner treats it as if it were marital property. Depending on the circumstances, a judge could award the non-owner spouse an interest in the other’s separate property.
Martial Agreements Can Alter the Statutory Scheme
Sometimes, the law’s definition of separate vs. marital property does not make sense for a particular couple. They may have good reasons to divide their property differently. The law allows couples to enter prenuptial or postnuptial agreements that distribute property the way that makes the most sense for them. A Florida attorney who handles equitable distribution cases can advise spouses about the legal requirements for these agreements.
How Property Division Works in Court
When couples divorce, Florida Rules of the Court 12.285 requires both parties to make a comprehensive financial disclosure. This covers each spouse’s separate and marital property.
The spouses must agree on the property’s value. Depending on the circumstances, valuing the property can be a point of contention and may require input from forensic accountants, business valuation experts, appraisers, and others. A property division lawyer in Florida has a network of experts to call on, if necessary.
Ideally, the spouses can agree to a fair distribution of their marital property. If not, a judge will determine a fair distribution, considering the couple’s length of marriage, each person’s contributions to the household, the value of their separate property, and other factors.
Negotiated Settlements Offer Multiple Benefits
Couples have ample opportunity to reach a property settlement during divorce proceedings. Once they have agreed on the value of their marital property, the sides typically negotiate how to divide it fairly. If the couple cannot agree, the judge must decide.
A judge will be unaware of the specific property that might be more important to one spouse or the other. They tend to first consider where the children of the marriage, if any, will live and award the family home to the spouse with primary residential custody. Following this, they often take a mathematical approach to dividing the couple’s remaining property.
Many couples benefit from using a mediator to help them resolve disputes about property division. When communication or safety issues prevent a Florida couple from negotiating constructively, their equitable distribution lawyers can negotiate directly with each other.
Call an Equitable Distribution Attorney in Florida Today
Dividing your marital property is a critical aspect of dissolving a marriage. The result can make a huge difference in the quality of your life after your divorce.
The Florida Probate & Family Law Firm has the experience and skills you need when negotiating a property settlement. Contact one of our Florida equitable distribution lawyers for a free case evaluation today.
