Property division during a Florida divorce can be a challenge which makes it helpful for divorcing couples to understand. Property division is generally based on the type of property at issue and equitable property division rules.
Florida is an equitable property state which means that property is divided during divorce based on equitable property rules. What that means for divorcing couples is that property will be divided in a manner that is as fair as possible to the divorcing spouses. The court will seek an equitable property division agreement that helps each of the divorcing spouses be on as solid a financial footing as possible following the divorce.
Only martial property is subject to the property division process during a divorce. Marital property includes assets acquired during marriage; contributions to the value of nonmarital assets that resulted from the efforts of either party during the marriage or the contribution of funds that increase the value of nonmarital assets; interspousal gifts during the marriage; and retirements, pensions and other types of property as well. Separate property is not subject to the division process and includes property the spouses had prior to the marriage; inheritances; and personal injury awards.
A category of property considered commingled property can create complexities which is why divorcing spouses should know as much as they can about the different categories of property and how property is divided in Florida during a divorce. It will help guide divorcing couples when resolving their property division concerns during their divorce.