Understanding Equitable and Separate Property in a Florida Divorce
During a divorce, often one of the most difficult and contentious matters to resolve is the division of property and marital assets. With professional legal support, you gain greater control over this process and make sure the outcome is as fair as possible.
In Florida, the law requires an equitable division of property. It’s important to realize that, under the law, “equitable” does not necessarily mean a perfectly equal division. Rather, it simply refers to the division being fair to both parties.
But there is one category of property that’s not subject to equitable division: nonmarital assets. What constitutes nonmarital assets? Consider the following:
- Property owned solely by one of the divorcing spouses;
- Property that was owned by one spouse prior to the marriage;
- Certain income can also considered to be nonmarital property, provided it is not commingled; and
- Other property or debts the spouse agree to assign as the sole property of one individual via written agreement.
The manner in which property is divided varies considerably depending on the situation and the people involved. Factors that influence property and asset division include the individual debts of both parties, the length of the marriage and the economic circumstances of each spouse.
During the divorce proceedings, the court assesses all marital and nonmarital property in order to establish the value of those belongings. The court then determines how to distribute that property in a way that it deems equitable. Of course, both spouses have a degree of influence over this process, especially if they choose to engage in mediation or a collaborative divorce.
If you’re going through a divorce in Orange County, speak with an experienced family law attorney to make sure you get what you deserve from the property division process.