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In a Florida, the division of property and assets during a divorce follows the principle of equitable distribution. This means that the court aims to divide marital property in a manner that is fair, though not necessarily equal. Here’s a breakdown of how it works:
1. Marital vs. Non-Marital Property
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Marital Property: Includes assets and debts acquired during the marriage, regardless of whose name is on the title. Examples include jointly owned homes, retirement accounts, and income earned during the marriage.
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Non-Marital Property: Includes assets owned by one spouse before the marriage or acquired individually through inheritance or gifts. However, if non-marital property is commingled with marital assets (e.g., using marital funds to improve a home owned before marriage), it may be treated as marital property.
2. Factors Considered in Distribution
Florida courts consider several factors when dividing property, such as:
- The duration of the marriage.
- Each spouse’s economic circumstances.
- Contributions to the marriage, including homemaking and child-rearing.
- Any intentional waste or dissipation of marital assets by either spouse.
3. Equitable Does Not Mean Equal
- While the starting point is often a 50/50 split, the court may adjust this based on the circumstances. For example, one spouse might receive a larger share if they have primary custody of children and need the family home.
4. Debts and Liabilities
- like assets, marital debts are divided equitably. This includes mortgages, credit card debts, and loans acquired during the marriage.
5. High-Asset Divorces
- In cases involving significant assets, the process can become more complex. Forensic accountants and appraisers may be involved to determine the value of assets and ensure a fair division.
If you are navigating a divorce in Florida, consulting with a qualified attorney is crucial to protect your rights and ensure a fair outcome.
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