Property division during divorce can be overwhelming, especially if the parties do not know what to expect. It can be even more complex in circumstances of a divorce between spouses with a high net worth.
Divorcing spouses have to determine what they will do with their assets, as well as their debts. Part of that process is for each spouse to understand their property interests as well as what the property division process looks like. In Florida, property is divided according to equitable division rules.
Equitable division rules provide that marital property will be divided in as fair a manner as possible. In Florida, the court will favor an equitable distribution of property unless there is a reason to divide the property otherwise. Marital property is generally the only type of property that is divided and includes property acquired by the couple during the marriage. The family law court considers many factors when determining how property should be divided.
When determining how property should be divided the court will evaluate the contributions each spouse made to the marriage. These contributions include: the caretaking of the children and homemaking; the economic circumstances of the spouses; the duration of the marriage; if one of the spouses remained home with the children, forgoing a career or education; the contributions of one spouses to the career or education of another spouse; the contributions of both spouses to the acquisition of assets or incurring liabilities; the importance of allowing the children to remain in the family home; and other factors as well.
Understanding property division basics can be helpful for divorcing spouses. The property division process is designed to help divorcing couples sort out property division concerns in a way that allows the couples to focus on their financial future following divorce.