Through a divorce, many important decisions must be made, but splitting up assets can be one of the most stressful and divisive for couples. Florida is an equitable distribution state, which means the aim of the court is to divide assets fairly. This does not amount to an equal division of assets and property. When the court decides how to split assets, they take a range of factors into account in order to make this decision, including categorizing the property into marital or separate property.
Marital Property
In a Florida divorce, marital property is defined as all assets, including pensions, retirement benefits, and other deferred payments that have been accumulated during the marriage. They are all subject to division. Marital property also includes investments made and property acquired before the marriage that increased substantially after the marriage. It is important to note that debts are treated just like property and can be divided between the two of you.
Separate Property
In addition to marital property, there is another type of asset that is considered in a divorce. Separate property is a category of assets that includes all items and valuables that you owned before you married. It also includes items that you were given during the marriage that was clearly intended for you, which may include items like gifts or an inheritance.
Factors Considered in the Division of Property
The court will consider a range of factors when determining how the estate should be divided. Your respective ages, health, and ability to work will all be looked at. The property itself will also come into play and how each of you contributed to enhancing or depleting it.
If you supported your spouse by being a homemaker, it would count the same as monetary-based work. You will also have a good chance of retaining the primary family residence if you are given primary custody of the kids.
Get an Advocate on Your Side
If you and your partner choose to get divorced, you should ensure that your separate and marital property is assigned correctly to ensure you receive your fair share of property in the settlement. Advocate Law Firm, P.A. is here to help you through all stages of your divorce, including property division. This is a hard time for not only you but your family as well, and we are here to make sure your rights are protected throughout the entire process.
Contact our Bartow divorce lawyer today at (863) 644-5566 to discuss your case.