Divorce can bring many concerns, among them is how property will be divided between the couple. It helps to understand how property is divided in Florida, so that divorcing spouses can better protect their interests when they are going through a divorce.
Property division involves sorting out how all the couple’s assets and debts will be divided, including real estate, the family home, cars, home furnishings, banks accounts, retirement, liabilities and other property. In Florida, property is divided equitably, which means property is divided between the divorcing couple as fairly as possible. Unlike community property states, states that follow equitable property division attempt to divide property as fairly as possible, but this may not always be equally.
In Florida, the family law court will look at a variety of factors to arrive at a settlement agreement that is as fair as possible. The court may consider: contributions to the marriage from each spouse, including contributions caring for the home and children; whether one spouse remained at home and did not progress in their career as a result; the contributions of the spouses to the education and career of the other spouse; the financial situation of each of the spouses; the duration of the marriage; a spouse’s particular interest in an asset, such as the custodial parent remaining in the family home; the contributions of the spouses to both improvements to a home or income and to liabilities; along with other factors to arrive at a fair outcome.
When divorcing spouses understand how the property division process works, they can better negotiate a property agreement settlement. The family law process provides important tools and resources divorcing couples should be familiar with to help them resolve divorce-related concerns.