What Factors Impact The Distribution Of Assets In A Florida Divorce
The process of divorce is all about untangling the marital estate. The marital estate is the property that you and your spouse acquired during the marriage. This property needs to be divided in accordance with the laws of Florida and equitable distribution. So, how do judges decide what property goes where? In this article, the Orlando divorce lawyers at Greater Orlando Family Law will discuss the rules of equitable distribution in the State of Florida and what factors influence how the marital estate is divided.
Does the property belong to the marital estate?
The first decision that must be made is whether or not the property belongs to the marital estate. Except for inheritance and gifts, any property acquired during the marriage is considered property of the marital estate. Assets acquired before the marriage or before the divorce is filed is considered the separate property of either spouse. This can become confusing when marital assets are mixed with non-marital assets.
How long did the marriage last?
The length of the marriage has a significant impact on the amount of assets acquired during the marriage. Longer marriages tend to result in a more equal distribution of assets. For shorter marriages, the court might elect to return each party to their financial status before the marriage occurred. The length of the marriage also impacts whether or not alimony will be paid.
What contributions did each spouse make to the marriage?
The courts will consider each spouse’s contribution to the marriage. This includes both financial contributions and non-financial contributions. Earnings, home-making, and child-rearing are all considered by the courts when equitably distributing the marital estate. A spouse, for example, who sacrificed career opportunities to support their family might receive a larger share of the assets.
What are the economic circumstances of both spouses?
The court will not want to leave one spouse destitute. If one spouse has a higher earning capacity than the other, then the court will consider the needs of the lower-earning spouse and respond accordingly when distributing the marital estate.
What are the needs of the children?
The court will consider the impact of the distribution of assets on the children. Courts tend to prioritize the children’s well-being and often award the family home to the custodial parent to reduce the amount of change that the children have to experience. The financial needs of the children, including education and healthcare, are also considered when dividing assets.
Was there a prenuptial agreement?
Prenuptial agreements can have a profound impact on how assets are distributed in Florida. These agreements are generally binding. The courts won’t reject one just because it’s a “bad deal.” A spouse may be interested in protecting a specific asset, like a business, from equitable distribution. In that case, the court cannot consider that asset for distribution.
Talk to an Orlando Family Law Attorney Today
The Orlando divorce lawyers at Greater Orlando Family Law represent the interests of those who are pursuing a divorce. Call our office today to schedule an appointment, and we can begin advising you on your next steps right away.
