HOW ARE MARITAL ASSETS EQUITABLY DIVIDED IN A FLORIDA DIVORCE ACTION?
In Florida, marital assets are divided equitably in a divorce action. This means that assets acquired during the marriage will be divided in a way that is fair, but not necessarily equal.
Florida law defines marital assets as any assets, property, or income acquired during the marriage, regardless of whose name is on the title or account. This includes things like bank accounts, retirement accounts, real estate, vehicles, and personal property.
The first step in dividing marital assets is to identify all of the assets that are considered marital. This can be a complex process, especially if there are assets that were acquired before the marriage or that were inherited or gifted to one spouse during the marriage.
Once all of the marital assets have been identified, the court will consider several factors to determine how to divide them equitably. These factors include:
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- The length of the marriage
- The contributions of each spouse to the marriage, including financial and non-financial contributions such as child-rearing and homemaking
- The economic circumstances of each spouse, including their income and earning potential
- The desirability of retaining any particular asset, such as the marital home, for the benefit of the children or for other reasons
- Any other factor that the court deems relevant and equitable
Based on these factors, the court may order an equal division of marital assets, or it may award a greater share of the assets to one spouse based on the circumstances of the case.
It’s important to note that assets that were acquired before the marriage or that are considered separate property, such as an inheritance or gift, are generally not subject to division in a divorce. However, if these assets were commingled with marital assets or if they increased in value during the marriage, they may be subject to division in some cases.
Overall, the process of dividing marital assets in a Florida divorce can be complex and emotional. It’s important to work with an experienced family law attorney who can help you navigate the process and protect your rights and interests. Call us today at (305)661-7000 to discuss.
