How Are Assets Distributed In A Florida Divorce?
There are many issues to resolve during any divorce in Tampa, including the division of marital assets. Many people are under the mistaken belief that when they get a divorce, all assets are divided equally between the two spouses. In Florida, this is not always the case. Although marital assets are divided during any Tampa divorce, they are divided equitably, which does not necessarily mean equally. Below, our Tampa property and liability division lawyer explains how assets are equitably distributed in Tampa.
What Does Equitable Distribution Mean?
Most states in the country follow the legal principle of equitable distribution. Equitable distribution means that during a divorce, assets are divided equitably, or fairly.
Equitable distribution is different from community property. Currently, nine states in the country follow community property law, in which all marital assets are divided equally. The division of marital assets in community property states is done with the presumption that all marital assets are jointly owned. The court will not take into consideration which spouse purchased it, which name is on the title of the asset, or how either spouse contributed to the purchase of the asset.
In equitable distribution states such as Florida, though, the same presumption about marital assets is not made. Instead of presuming that all marital assets are jointly owned by the couple, a court will take many factors into consideration when dividing assets and liabilities. The court will only make these decisions when the couple cannot reach an agreement on their own about how to divide marital property.
Factors Considered During the Property Division Process in Tampa, Florida
Even though marital property is divided equitably in Florida and not equally, the court will still start the division of property process under the premise that assets and liabilities should be divided as equally as possible. Still, a number of factors are considered by the court when dividing property and they are as follows:
- The contribution each spouse made to the marriage, including contributions that involve the education and care of the children and any maintenance of the household by one spouse,
- The financial situation of each spouse,
- The length of the marriage,
- Any interruption of educational opportunities or a personal career of either spouse during the marriage,
- The contribution of one spouse to the education or personal career of the other spouse,
- The desire of any spouse to retain any asset, such as a business interest or professional practice, kept intact and without any claim or interference from the other party,
- The contribution of each spouse to the household income, or the acquirement of liabilities, and
- The desire of either side to retain the marital home as a residence for the children of the marriage
Contact Our Property and Liability Division Lawyers in Tampa Today
Equitable distribution proceedings can become very complex, and it is important that you have knowledgeable legal representation on your side. At All Family Law Group, P.A., our Tampa property and liability division lawyers have the necessary experience to help you through the process and will ensure you receive the fair settlement you are entitled to. Call us today at 813-672-1900 or reach out to us online to schedule a free consultation and to learn more. Se habla Español.