Divorce is always a hard topic. Even if there are not children involved in the marriage, spouses must divide their belongings and assets earned during the marriage as they part ways.
In the state of Florida, we have what is called an “Equitable Distribution” of assets and liabilities acquired during the marriage. This basically means that any marital property will be equally distributed after a divorce. These include assets acquired jointly by the spouses during the marriage; enhancements of non-marital property due to the efforts of a spouse; jointly titled property, even if it was acquired as non-marital property; gifts from one spouse to another during the marriage; and joint bank accounts.
Just as assets are divided, so must liabilities. A marriage between two people can have many benefits and successes, but also comes with risk and sometimes failures. Equitable Distribution covers both sides.
The Process of Dividing Through Divorce
During the divorce process, the first consideration is always the dependent children, if there are any. The court will handle issues of custody and child support prior to the equitable distribution of property. After the children are taken care of, the court will award each party their non-marital property, or items that were acquired before the spouses were legally married. However, it’s important to note that non-marital property can become marital property, as in the example of a spouse’s name being added to the title of a property owned by the other spouse before the marriage.
An example of non-marital property could be a personal bank account that is only in one spouse’s name that was opened prior to the marriage and not used for marital expenses.
The equitable distribution of properties acquired during the marriage will follow the non-marital assets. After the equitable distribution of property, the court will determine alimony, if any is awarded.
What Does the Court Consider?
According to Chapter 61 of Florida Statutes, which discusses equitable distribution. The following items are considered by the court when dividing the marital assets and liabilities. Some items may be awarded in a larger percentage to one spouse over another depending on “competent and substantial evidence” of the lawyer of that spouse.
(a) The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as homemaker.
(b) The economic circumstances of the parties.
(c) The duration of the marriage.
(d) Any interruption of personal careers or educational opportunities of either party.
(e) The contribution of one spouse to the personal career or educational opportunity of the other spouse.
(f) The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party.
(g) The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the nonmarital assets of the parties.
(h) The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, when it would be equitable to do so, it is in the best interest of the child or that party, and it is financially feasible for the parties to maintain the residence until the child is emancipated or until exclusive possession is otherwise terminated by a court of competent jurisdiction. In making this determination, the court shall first determine if it would be in the best interest of the dependent child to remain in the marital home; and, if not, whether other equities would be served by giving any other party exclusive use and possession of the marital home.
(i) The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within two years prior to the filing of the petition.
(j) Any other factors necessary to do equity and justice between the parties.
In an amicable divorce, both parties will sign a “Marriage Settlement Agreement” (MSA), which will lay out exactly how everything will be divided after the dissolution of the marriage. However, in many cases, this process will be handled in mediation or by a judge.
Courts will be as equal as possible when dividing assets and liabilities at the end of a marriage, but a competent family attorney may be able to help a spouse recover exactly what he or she is owed. If you are facing a divorce, contact a family attorney as soon as possible in order to assist you through the distribution of property earned over the course of your marriage. The Spatz Law Firm is here to answer your questions. Please give us a call at 305-442-0200.
A Seven-Step Analysis of Equitable Distribution in Florida Part 2: Distributing Marital Property. (n.d.). Retrieved from https://www.floridabar.org/news/tfb-journal/?durl=/DIVCOM/JN/jnjournal01.nsf/Articles/8323D0F2AB6652FB85256ADB005D627A
Equitable Distribution in Florida Dissolution of Marriage – Florida Divorce Source. (n.d.). Retrieved from https://www.divorcesource.com/ds/florida/equitable-distribution-in-florida-dissolution-of-marriage-3703.shtml