Divorce is a complex and emotionally challenging process that requires careful consideration of various aspects, including the division of assets and debts. In Florida, the law mandates an equitable distribution of marital assets and liabilities in a divorce proceeding. This means that all properties, assets, and debts acquired during the marriage are divided fairly between both parties.
The first step in this process involves identifying all marital and non-marital assets and liabilities. Marital property generally includes everything that was acquired or earned during the marriage regardless of whose name it’s under. It could be real estate properties, retirement funds, businesses, investments, furniture or vehicles among others. On the other hand, non-marital property refers to assets owned by one spouse before marriage or received as gifts or inheritance solely to one spouse during the marriage.
Similarly for debts; those incurred jointly during the marriage like mortgages or credit card debt are considered marital liability while those accumulated by one party prior to or after separation would typically be regarded as separate liability.
Once all these have been identified accurately with their current market value attached where necessary; they can then be distributed equitably amongst both parties. However ‘equitable’ doesn’t necessarily mean equal but rather what is fair considering several factors such as each party’s economic circumstances, duration of the marriage, contribution to care for children among others.
For instance if one spouse has significantly higher income than another or if one gave up career opportunities for homemaking duties; courts may award more assets to offset these disparities hence achieving fairness in their judgment.
Debts too are shared based on equity principle considering who benefited more from them or who has better ability to pay them off post-divorce. For instance if a student loan taken out during a marriage was used primarily for tuition fees benefitting only one spouse’s education then it might not be split equally but rather assigned more towards benefiting party.
However dividing up your life’s earnings can often become contentious especially when high-value assets, debts or complex financial situations are involved. Hence it’s crucial to seek legal advice from experienced divorce attorneys who can guide you through this process ensuring your rights and interests are protected.
Moreover, Florida courts also encourage divorcing couples to reach an agreement on asset and debt division through mediation before trial which can save time, money and emotional stress for both parties. Therefore it’s important for divorcing couples to understand their legal rights and obligations in relation to property division under Florida law so they can make informed decisions about their future.
In conclusion, dividing assets and debts in Find a divorce lawyer at The Florida Probate & Family Law Firm requires careful consideration of various factors including the nature of the property or debt, each party’s economic circumstances among others. Legal assistance is invaluable in navigating these complexities towards achieving an equitable distribution that upholds fairness while protecting individual rights.
The Florida Probate & Family Law Firm
2600 Douglas Road, Coral Gables, FL 33134
305-384-1540