How Does Equitable Distribution Work in Florida?

Ending a marriage is always an emotional experience and when going through the legal process, resolving the different terms can also become combative. This is particularly true when dividing marital assets and liabilities. The legal principle of equitable distribution governs this process in Florida, which ensures division of property is fair, although not necessarily equal. Below, one of our Tampa asset and debt attorneys outlines the law in Florida, the factors considered, and why having legal representation is of the utmost importance.

What is Equitable Distribution in Florida?

In other states, the division of marital assets and liabilities is governed by community property laws. In these states, it is presumed that each party is entitled to 50 percent of the marital property. In equitable distribution states such as Florida, this is not the case. Instead, marital property is divided fairly, which does not always mean equally.

The process of equitable distribution starts with identifying and valuing all marital property. Marital property generally includes the assets and liabilities acquired by the couple during the marriage. Even if the title of certain property, such as a home or vehicle, is in one spouse’s name only, it is still considered marital property if it was acquired during the marriage.

What Factors are Considered During the Equitable Distribution Process?

The courts in Florida will consider many factors when determining how to ensure a fair distribution of marital property. They are as follows:

• The length of the marriage
• The financial circumstances of each spouse
• The contributions each spouse made to the marriage, including childcare and homemaking
• Any interruptions to either spouse’s career or education
• Contributions to the acquisition or appreciation of marital assets
• The role of each spouse in acquiring marital assets and debts

What Assets are Excluded from Equitable Distribution?

While most assets acquired during the marriage are considered marital property, that is not always the case. For example, inheritances and spousal gifts are generally not considered marital property. However, if these types of assets are commingled with marital assets, they could be subject to property division.

For example, one spouse may acquire an inheritance during the marriage. If they place it in a separate bank account and do not use the funds to contribute to the marital home, it would remain separate property and not be subject to division. On the other hand, if the funds from an inheritance were placed in a joint bank account, this would commingle the property with marital assets. Due to the fact that it is nearly impossible to determine which funds are part of the inheritance and which are joint assets, the entire bank account would be considered marital property.

Our Asset and Debt Attorneys in Tampa Can Help 

At All Family Law Group, P.A., our Tampa asset and debt attorneys can identify and accurately value marital property, advocate for a fair distribution, and help you obtain the best outcome possible. Call us today at 813-672-1900 or contact us online to schedule a free consultation with one of our knowledgeable attorneys and to learn more about how we can help. Se Habla Espanol.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html