Second only to the issue of child custody, the division of property is often one of the most heated points of contention in any divorce proceeding. Per Florida divorce law, all marital assets and liabilities are subject to equitable distribution between divorcing parties. This means that if divorcing spouses cannot agree on how property should be distributed, the court will be responsible for dividing the property in a way that's fair to both parties according to the circumstances. However, equitable distribution doesn't necessarily mean that property and assets will be divided equally among divorcing couples.
Here at Silverman and Mack, LLC, our divorce attorneys work their hardest to aid clients in achieving a fair and favorable division of property. Contact us today to request a free consultation with a skilled attorney in Gainesville, Florida!
What Is Marital Property?
Judges will only divide marital property during the divorce proceeding. Marital property refers to any real estate or other property acquired by the couple during their marriage. Some common examples of marital property that may be distributed between divorcing couples include the following.
- Home
- Cars
- Boats
- Jewelry & Heirlooms
- Stock Options
- Investment Real Estate
- 401 K
- IRAs
If there's a particular piece of marital property you'd like to retain, our lawyers in Gainesville can help defend your interests.
Factors Affecting The Equitable Distribution Of Property
There are a number of factors that courts will consider when determining what constitutes a "fair" distribution of property and assets in a Florida divorce. Some factors courts take into consideration include the following.
- The duration of the marriage
- Each spouses contribution to the marriage (i.e., as a parent or homemaker)
- The economic circumstances of each spouse
- Any wrongful conduct that occurred during the marriage
- Stock Options
- Investment Real Estate
- Any interruption in the education or career of either spouse
- Each spouses contribution to the enhancement of a property's value and acquisition of wealth
- The desirability of retaining the marital home as a residence for a dependent child when it's in the best interest of the child, equitable, and financially feasible
- Liabilities incurred during the marriage by either spouse
- Any other relevant factors
Additionally, Florida judges will also consider how difficult it would be to divide an asset. For example, if divorcing spouses started a business together during their marriage, that business counts as marital property and could be difficult to distribute fairly. In such a case, a judge may give the spouse who primarily operated it and grant a different property or asset to the other spouse.
How Is The Marital Home Divided In A Florida Divorce?
Courts will often award one spouse the marital home and buy out the other spouse's share of the home. There are many variables involved in determining who gets the house. Assuming the couple has children, the spouse with the majority of child-care responsibilities will assume custody. Additionally, a spouse who purchased the home before the marriage and has no children will likely be allowed to live there.
In other situations, the judge may order the divorcing spouses to sell the marital home. The profit is split evenly between the two spouses once the property is sold. If one spouse elects to keep the house, they can swap it for other shared marital property, refinance it to remove the other from the loan, or take full responsibility for the mortgage.
Division Of Property Settlement Agreements
In situations where spouses are amicable and willing to work together throughout the divorce, they can avoid going to court altogether by attempting to reach a settlement agreement. Spouses can come to an agreement on the division of property, alimony, child custody, and timesharing. While some spouses may be able to reach a settlement agreement on their own, others may need the assistance of a divorce mediation attorney. Our attorneys in Gainesville are experienced divorce mediators and can help spouses achieve a fair division of assets. Contact our divorce lawyers in Gainesville, Florida today to request a free consultation!
