An Area Of Contention In Divorce Law
Property division can be a significant concern for anyone going through a Florida divorce. Many people have heard stories from friends or family members about property division gone terribly wrong. Each state has unique laws, and Florida statutes regarding property division after divorce are based on the principle of equitable distribution.
When you hear that Florida’s divorce laws include equitable property distribution, you may assume this means you and a former spouse will receive 50 percent of the marital assets. This is not the case, however. Under the terms of the law, equitable is defined as meaning “fair,” not “equal.” In many cases, each spouse is entitled to an equal portion of assets as well as marital debt, but this is not always true.
Understanding Divorce And Property Division
A variety of factors may be taken into consideration to provide the court with a fair opinion regarding equitable distribution. These may include the income levels and financial needs of both parties, post-marriage time-sharing arrangements, marital labor, interruptions in a spouse’s education plans and other considerations.
When it comes to property division during divorce, some questions very commonly come up. Divorcing couples often wonder:
- Who gets the house in a divorce? Learn about the criteria upon which judgments about the marital home are made.
- What happens to a business in a divorce? Discover what impact the dissolution of a marriage can have on the ownership of a business.
- What happens to retirement plans and savings after divorce? Explore the repercussions of a divorce on financial assets.
Equitable property distribution can be determined by both parties in an uncontested divorce. Otherwise, it will be up to the judge to determine how assets and debts will be distributed. The judge will make a ruling on this matter, and a variety of factors can be presented to influence the ruling.
Once the matter of property distribution is given to the judge, the ruling is final. Because of this, it is often in the best interest of both parties to come to an agreement outside of the court.
Getting Legal Assistance To Achieve A Fair Result
Property distribution is one aspect of a divorce that is commonly disputed, check scholarlycommons.law.hofstra.edu/cgi/viewcontent.cgi?article=2527&context=hlr. This is particularly true in divorce cases that involve a considerable amount of assets, debts or both. If you are involved in divorce or are considering filing for divorce, it is important to contact an attorney.
A lawyer can help you understand your rights for property distribution under Florida divorce law. Your legal representative can also negotiate with your spouse’s attorney to come up with a workable solution form property division after divorce or, if necessary, advocate for your interests before the court.