It is legally and emotionally challenging to navigate through a divorce case. The complexity arises when you need to divide assets. Couples who have appealed for divorce cannot easily determine the fate of marital properties. During a divorce, the property division laws in Florida involve equitable distribution.
Difference Between Equality and Equity in Property Allocation
Most people do not have the concept of equitable distribution. Equitable does not denote equality in property distribution. So, equitable distribution may not denote a 50-50 split. But, it involves dividing the properties in a fair way. The legal course evaluates every case separately, ensuring that the property division considers both parties’ needs and marriage dynamics.
Marital and Non-marital Assets
Marital assets in Florida are assets or properties you have acquired through marriage. It can range from bank accounts to investments and real estate. On the contrary, non-marital assets are properties that you have acquired before the marriage. Sometimes, the spouse receives the assets as a gift, for example.
Which Factors Determine Equitable Distribution?
The most important factors influencing the decision of the court are:
Marriage duration – Longer marriages mean a balanced property division if a partner has sacrificed opportunities in their career.
Contributions – Marital contributions are not limited to financial assets. You should consider childcare, homemaking, and other details.
Economic situations – Each spouse’s financial position may affect the decision. No party would be allowed to face trouble.
Wasteful dissipation – If a spouse has recklessly misused marital assets, the court will make decisions accordingly.
Standard of living – This is another factor allowing the court to distribute assets. The main goal is to let both parties maintain their current lifestyle. No spouse will experience a decline in the standard of living after a divorce.
Equitable Distribution of Marital Home
In case of a marital home, there are some ways to make equitable distribution:
Sell the house and allocate the proceeds – This is the simplest solution if both spouses like to move on.
Co-ownership – Some ex-spouses think of co-owning the house to protect their children’s interests.
The home will be maintained by one spouse – Either of the spouses can retain the house, if there are minor children. You can also refinance the house and buy out your spouse’s interest.
How to Prepare for the Decision on Property Allocation
To get the desired outcome, you have to look for legal help. Only a seasoned attorney in Florida can provide the best guidance according to your situation. Moreover, you have to understand your assets and financial standing. It is also essential to learn about your future needs while making decisions on marital assets.
To make an equitable distribution, you can contact an attorney at a Divorce & Mediation Law Firm like Cabanas Law Firm. The experienced legal experts will analyze everything and help you make the right decision.
Equitable distribution is a legal approach in Florida to allocating liabilities and marital assets during a divorce. It is intended to do a fair division of properties for each spouse.
