Equitable Division of Assets
While some states are community property states for divorce and divide all of the marital assets equally between the spouses, Florida is not. Instead, the marital property accumulated during a marriage will be divided by equitable distribution. Equitable distribution means the assets will be divided according to what is equitable or fair rather than equally between the spouses, which means that the asset division will not necessarily be 50/50. The court will exercise its discretion to determine how the property should be divided equitably between the spouses in a fair way.
At PurLaw, our attorneys rely on their experience practicing family law in Florida and their knowledge of the law to help our clients understand how their marital property might be divided. We work with our clients to help them understand the potential financial consequences of different ways to divide their assets and strive to ensure their financial interests will be protected.
Property Included in the Marital Estate and Subject to Equitable Division
Assets accumulated by either spouse during the marriage are considered a part of the marital estate and subject to equitable division. The types of assets that might be divided include the following:
- Marital and vacation homes
- Other real estate
- Vehicles and other personal property
- Businesses formed during the marriage
- Increased value during the marriage of a business
- 401(k) accounts
- 403(b) accounts
- Jewelry/art collections
Division of Debt
Debt accumulated by either spouse during the marriage is also considered a part of the marital estate and will be equitably divided. The court divides debt to prevent a lower-earning spouse from being left with substantial debt. The attorneys at PurLaw advise our clients and help them understand how the division of debts might impact them and factor into other areas of the division of property. If one spouse incurred the debt and exclusively benefitted from it, our attorneys might be able to ensure the debt is allocated to that spouse during the division of the assets and debts.
To learn more about the asset and debt division in Florida, contact the PurLaw firm today to schedule a consultation. In many cases, we can help our clients negotiate a settlement that protects their financial interests. However, we are prepared to litigate on behalf of our clients in a divorce trial when necessary. Call us today to request a consultation.