The legal term for asset and debt division in a Florida divorce is "equitable distribution." Please be aware that an "equitable division" is not necessarily the same thing as an "equal division."
Another word for "equitable" is fair. Obviously, when a husband and wife are getting divorced, it is unlikely that they will agree on what is fair. The court will divide your assets and debts in a manner that it thinks is fair under the circumstances of your case. Very often, this involves a 50/50 (or equal) division of assets and debts - but not always.
The Court will consider the following factors, when determining what it thinks is a fair distribution of marital assets and debts:
1. each spouse's contribution to the marriage - including the work done as a homemaker,
2. the length of the marriage (prior to separation),
3. the financial situation of both spouses,
4. whether a spouse contributed toward career or educational opportunities,
5. the desirability of keeping the marital home (and its impact on children, if any),
6. whether income (or debt) is produced by the marital asset (or debt)
In many cases, the parties do agree that there will be an equal split of assets and debt. However, problems often arise when the parties cannot agree on what will be in their half. Usually a mediation can sort out these differences, but the Court will decide on the division if the parties are unable.
It is important to remember that the court will only make an equitable distribution of marital property. So, what is marital property? Marital property is property acquired during the marriage (with a few exceptions). Property acquired prior to the marriage is called non-marital property. Property can initially be non-marital and eventually become marital (or partially marital).
For example, if you received an inheritance from your grandparents prior to your marriage, that money would be considered non-marital on the date of your marriage. However, if you and your spouse put other funds in the account (i.e. employment income or other joint gifts), the original inheritance could loose its status as non-marital. In my experience the determination of whether an asset is marital or non-marital is (along with child custody) a major reason for prolonged litigation.
Consider this other common example. Suppose you own a house prior to your marriage. There is no mortgage on the property. After the marriage, you and your spouse use marital funds to pay property taxes, re-roof the house, and make other improvements. If you later divorce, what happens to the house? Generally, the increase in the value of the house that occurred during the marriage is considered marital property.
There are many rules and legal doctrines that apply to equitable distribution. Please consult with an experienced Jacksonville Divorce Lawyer for more information on your specific situation.
Another word for "equitable" is fair. Obviously, when a husband and wife are getting divorced, it is unlikely that they will agree on what is fair. The court will divide your assets and debts in a manner that it thinks is fair under the circumstances of your case. Very often, this involves a 50/50 (or equal) division of assets and debts - but not always.
The Court will consider the following factors, when determining what it thinks is a fair distribution of marital assets and debts:
1. each spouse's contribution to the marriage - including the work done as a homemaker,
2. the length of the marriage (prior to separation),
3. the financial situation of both spouses,
4. whether a spouse contributed toward career or educational opportunities,
5. the desirability of keeping the marital home (and its impact on children, if any),
6. whether income (or debt) is produced by the marital asset (or debt)
In many cases, the parties do agree that there will be an equal split of assets and debt. However, problems often arise when the parties cannot agree on what will be in their half. Usually a mediation can sort out these differences, but the Court will decide on the division if the parties are unable.
It is important to remember that the court will only make an equitable distribution of marital property. So, what is marital property? Marital property is property acquired during the marriage (with a few exceptions). Property acquired prior to the marriage is called non-marital property. Property can initially be non-marital and eventually become marital (or partially marital).
For example, if you received an inheritance from your grandparents prior to your marriage, that money would be considered non-marital on the date of your marriage. However, if you and your spouse put other funds in the account (i.e. employment income or other joint gifts), the original inheritance could loose its status as non-marital. In my experience the determination of whether an asset is marital or non-marital is (along with child custody) a major reason for prolonged litigation.
Consider this other common example. Suppose you own a house prior to your marriage. There is no mortgage on the property. After the marriage, you and your spouse use marital funds to pay property taxes, re-roof the house, and make other improvements. If you later divorce, what happens to the house? Generally, the increase in the value of the house that occurred during the marriage is considered marital property.
There are many rules and legal doctrines that apply to equitable distribution. Please consult with an experienced Jacksonville Divorce Lawyer for more information on your specific situation.
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