Asset Distributionin divorce is a difficult decision for all parties involved. Different states have varying rules and regulations with regards to division of property at the time of divorce. As far as the state of Florida is concerned, family law here calls for an impartial and equitable division of property between the husband and wife. According to the Florida law, equitable typically refers to an ‘equal’ division; however the final division also depends on judge’s point of view and analysis of the case. If he thinks that an exact equal decision is not fair in a particular divorce case, he can go ahead with a disproportionate division of the property as well.
At the time of division, some of the factors typically taken into consideration include:
- The time period for which the couple has been married
- The economic stability of each of the spouses
- Any hindrance in the career/educational pursuits of either spouse
- Contribution of each spouse to the marriage (not just economic but also as a parent or homemaker)
- Role played by each spouse in contributing to the total income
- Contribution of each spouse towards the enhancement of assets, both marital and non-marital
When the property division takes place in a Florida court, it also takes into consideration the ease or difficulty of dividing an asset. For instance, when a business venture is incorporated during the marriage, it is usually categorized under marital assets. But at the time of division, the judge is likely to hand it to the spouse operating it and the other spouse would receive some other asset or money to balance it out.
The court does not give an order for the division of the marital house. The judge could give the couple an order to sell it off and divide the money received from sale. Alternatively, a judge could also give one spouse the privilege to stay in the marital home for a temporary period of time, if it seems to be a fair decision to him. Special consideration is given by the court to this particular option to see how it could benefit any children going to school at that moment.
If you have any questions about Florida asset distribution in divorce or would like to speak to us about your options, please contact us at (813) 518-7411. We represent clients during stressful and difficult times in their lives. We are empathetic, responsive, and push for a quick resolution. We look forward to helping you resolve your issue quickly, fairly, and in a way that will help you to return to the stable, predictable life that you deserve.