January 19, 2012
/24-7PressRelease/ -- Equitable Property Division Between Divorcing Spouses in Florida
When a spouse goes into divorce proceedings, he or she must be sure the marital property and debt is divided fairly. Many couples are able to negotiate settlement agreements in which they decide for themselves who will own particular assets and who will take on the liabilities. In Florida, when a divorcing couple cannot settle property and debt division questions on its own, the trial court will do so as part of the divorce decree.
Florida divorcelaw requires that the court make an "equitable distribution" of a divorcing couple's property. "Equitable" does not necessarily mean an exactly equal property division, but rather that the distribution must be fair under the circumstances.
First, the court must determine which property and debt is marital. While this question can be a complex legal one, basically marital property and debt is that which is acquired either individually or jointly during the marriage. This includes growth in retirement accounts.
Property or debt is nonmarital if it was acquired before the marriage or if the parties classify it as such in a legal agreement. A gift or inheritance given to one spouse individually is also nonmarital property.
A Florida court presumes the division of assets and liabilities will be equal, unless reason exists for an unequal distribution. To determine equitable distribution, the court may consider any factor "necessary to do equity and justice between the parties." Florida statute also lays out several factors that the court must look at:
-Spousal contributions, including childrearing and homemaking
-Financial health of each spouse
-Length of marriage
-Interruption of career or education
-Contribution by one to the career or education of the other
-Interest of one spouse in owning any asset like a business or professional practice independently from the other
-Improvement or harm to property by one spouse
-Maintenance of the home as a residence for a child or "other party" if it is in his or her best interest
-Squandering or wasting of assets by one spouse
The court must spell out its findings and reasoning in detail in the record so that an appellate court can provide meaningful review if necessary. This includes an explanation of the reason for an unequal distribution.
If you are considering divorce, talk to an experienced family lawattorney as early as possible. He or she can answer detailed questions about property division and liability assignment in your particular circumstances.
Article provided by Christian D. Smed, P.A.
Visit us at http://www.divorcelawyerinorlando.com
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