Facing a divorce in Florida or any state for that matter no doubt brings about numerous questions and concerns about one’s future and wellbeing. Some of the most common concerns, especially for couples who have been married for a number of years and have accumulated considerable marital assets is how those assets are split up or divided between the spouses.
The first thing to understand about property distribution in a Florida divorce is how the courts define property. “Marital Property” is property that was acquired by either spouse or both during the marriage. Marital property is generally divided equally by the courts, unless justification for unequal treatment is shown. some of the factors Florida courts may consider in justifying unequal treatment is each party’s contribution to the marriage, economic circumstances, misconduct that depleted marital assets, and a number of other factors. Alternatively, Florida law does not require property that was acquired before the marriage; “Non-Marital Property” to be divided equally.
One of the most common types of marital property is a house, and who gets the house in a Florida divorce is a common question for person’s facing divorce. The answer is not always straight forward as mentioned above. For example, if children are involved, courts are likely to order that the primary guardian of the children should get the house if financially feasible, meaning the party who the court orders the house to can actually afford it and that the party who does not get the house is financially compensated for their share of the value of the house. Other options that often take place in a divorce, (if there is no justification for unequal treatment and both parties agree) is to sell the home and equally divide the proceeds after any money owed on the mortgage is paid, or for the party’s to agree to one party buying out the other party’s share.
A house is most often not the only marital asset. financial assets such as retirement accounts, stocks and savings acquired during the marriage, vehicles and other equipment are just a few examples of the assets that can be accumulated during a marriage. And the divorce attorneys at McGRATH GIBSON specialize in assuring that all marital assets are properly accounted for and valued, and distributed fairly according to Florida Law.
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