July 2, 2021
Divorce is sometimes a necessary measure to ensure the happiness of married people—separately. The entire divorce process can be stressful, however, especially for embittered couples. Assets are also at stake, which can be especially complicated in high asset divorce cases.
In Florida, the divorce law dictates that there will be an equitable distribution for the division of assets and liabilities. This means that the division of assets and liabilities for couples going through the divorce process will be 50/50. However, there are circumstances where a 50/50 split won’t happen easily.
To understand more about Florida’s divorce law, read on below.
Can You Lose Your Assets in a Divorce?
Determining whether or not you can lose your assets in a divorce can be tricky, but never impossible. The first step is to examine any asset or accumulated debt as a singular property. This is usually a straightforward process, as an asset acquired during the marriage will normally be divided equally. However, there are some exceptions to the case, such as an asset acquired prior to the marriage will usually be considered non-marital property and remain with the owner. Commingled property, like investments, bank accounts and also the home are usually titled in both names.
The House
One party can plea for a partition claim in the divorce if they want to sell the house as part of the divorce. Should the partition be granted, both parties receive equal proceeds. However, a special master will be needed to sell the house.
If a mortgage remains on the house, the spouse who has possession will be responsible for the monthly payments post-divorce. If the required spouse fails to pay, both parties will be held liable by the mortgage company. This is because the mortgage company is not a party to the divorce and is not controlled in any way by the divorce.
Student Loans And Credit Cards
Credit card debt and student loan debts are liabilities. As such, they may be split 50/50 under Florida’s divorce law. In the case of credit cards, they are considered marital debt even if only a single spouse is on the card.
Student loans, on the other hand, can be huge amounts of money. There are even cases where it’s greater than the couple’s mortgage. Like credit card debts, student loan debts incurred during the marriage are also to be divided equally among both parties.
The Prenuptial Agreements
A prenuptial agreement is a contract that couples sign before they marry. In the contract, it states what will happen in the event of a divorce. Under Florida’s divorce law, marital assets will be divided 50/50 unless stated otherwise in a prenuptial agreement. A well-executed prenuptial agreement will be followed by the divorce proceedings, even if the Florida Divorce Law is in effect.
Is It Possible to Receive More Than 50% Of the Marital Property?
As stated before, all assets and liabilities are to be divided equally under the Florida divorce law. However, it’s also possible that a spouse may be awarded more than 50% of the assets. This is referred to as an unequal distribution.
Under Florida Statute, 61.075, the following criteria are considered by the Court in determining whether there is jurisdiction for an equal distribution.
(a) The contribution to the marriage by each spouse.
(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.
(i) The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition.
Conclusion
When it comes to dealing with your divorce, it’s crucial to hire an attorney who knows the law. You need an attorney with a good reputation. Hiring the right one can give you justice, especially in an unhappy marriage.
If you need assistance with your divorce in Jacksonville, Dorsey Law Firm can help. We have experienced lawyers who will assist you through your divorce. Book a consultation with us today!
