September 23, 2022
Equitable division does not necessarily mean that each spouse will receive an equal share of the assets. Instead, the court will consider a number of factors when dividing marital property, including each spouse’s contributions to the marriage, the length of the marriage, and the financial circumstances of each spouse.
If you are going through a divorce and are concerned about how your marital property will be divided, you should speak to an experienced Florida divorce attorney. Your attorney can help you understand the equitable division process and can advocate for you during negotiations or in court.
To give you a better understanding of how marital property division works, here is everything you need to know.
What Counts as Marital Property?
In Florida, all assets and debts acquired during the marriage are considered marital property. This includes assets and debts acquired before the marriage, but it only applies to the increase in value of those assets and debts. For example, if you owned a home before getting married, and the home’s value increased during the marriage, that increase in value would be considered marital property.
However, if you owned a home before getting married, and the home’s value decreased during the marriage, that decrease in value would not be considered marital property.
Here are some assets that count as marital property:
- Stocks, bonds, and mutual funds
- Property
- Bank accounts
- Real estate
- Automobiles
- Retirement accounts
- IRAs
- Investments
- Businesses
- Income
- Artwork and other collectible items
- Antiques
What Counts as Separate Property?
As we touched upon, an item is considered to be marital property when two people are married and they purchase an item together. This means that if the two people were to get divorced, the item would be divided equally between them.
Conversely, if one person were to purchase an item with their own money and or before the marriage, then the item would be considered to be their separate property and would not be divided in the event of a divorce.
Here are some assets that could count as separate property:
- Income from separate property
- Separate assets and debts defined in a prenuptial agreement
- Items purchased with or exchanged for separate property
How Is Marital Property Divided?
In Florida, the court will consider a number of factors when dividing marital property, including each spouse’s contributions to the marriage, the length of the marriage, and the financial circumstances of each spouse.
The court will also look at the nature and value of the assets and debts being divided. Generally, the court will try to divide the assets and debts in a way that is fair and equitable to both spouses. However, this does not always mean that each spouse will receive an equal share.
Can I Dispute the Division of Marital Property?
Yes, you can dispute the division of marital property. However, the court will not necessarily change its decision just because you do not agree with it. The court will only change its decision if it finds that the division is not fair and equitable.
Conclusion
The division of marital property can be a complicated process. If you are going through a divorce and have questions about how your property will be divided, you should speak with an experienced family law attorney.
For more resources on a division of marital property, Dorsey Law JAX can help. We provide family law services, covering everything you need to know to build a case. Get in touch with us today to learn more.
