It is no secret that there can be many challenging aspects of a divorce and property division is no different. Property division during a high asset divorce can sometimes be especially challenging and acrimonious. It is important that the interests of the spouses are protected but understanding the process can also help create a smoother property division process for everyone involved.
Equitable property division rules are followed during divorce in Florida which generally means that property will be divided fairly but not necessarily equally or exactly in half. During divorce, all of the couple’s property will need to be divided including the family home and other real estate; home furnishings; cars; bank accounts; retirement accounts; investments; and even a family business. There are two broad categories that property can fall into including martial property, which is subject to division, and separate property so divorcing couples should always be familiar with what those are and how they apply to their situation.
In Florida, the family law court will consider several factors when making property division decisions including contributions of each spouse to the marriage, including in the home; the financial position of each of the spouses; the duration of the marriage; if either of the spouses delayed education or career opportunities such as to remain in the home to care for children; any contribution one spouse may have made to the education or career of the other spouse; the financial contributions of the spouses; any special interest of a spouse in retaining an asset; the need for one spouse to remain in the family home to care for children from the marriage; and other factors as well.
Because property division during divorce can be complex, and there may be a lot riding on it, it is helpful to have trained guidance to help along the way as divorcing couples prepare for a financial future following divorce. In addition, as always, the family law legal process stands ready to help assist divorcing couples with their property division concerns and provides many valuable resources to help.
Source: Statelaws.findlaw.com, “Florida Property Division Laws,” Accessed May 15, 2018