As married couples in Florida build a life together, they generally begin to acquire various property and assets. They may buy houses, cars, contribute to retirement accounts, buy stock, buy various household goods and many acquire many other assets as well. While they are married they will use and enjoy this property and assets together. However, if the couple ends up going through a divorce, the couple will be splitting their lives which includes their property.
It does not matter who purchased the property or earned the money during the marriage, if it was acquired during the marriage for the most part it is considered marital property and each spouse is entitled to their fair share. It does not necessarily mean that each spouse will receive an equal amount of the assets, property is divided equitably. As it is not an equal split, a number of factors are analyzed when dividing them.
Factors used for property division
The factors that are used include, but are not limited to:
- The contributions of each spouse to obtain the property, which can include the contributions of a spouse as a stay at home parent to care for the children;
- The duration of the marriage;
- The financial circumstances of each party;
- Interruptions to one spouse’s career or sacrifices one made to their career so the other can advance their career;
- Desirability of allowing the spouse with custody of the children to remain in the marital home;
- The intentional dissipation or destruction of marital assets by one spouse during the two years prior to filing for divorce; and
- Other factors to determine what is equitable.
There are many people who divorce in Florida each year. Each divorce is unique though and the outcome depends on a number of different factors. It is important to know how the circumstances of each person’s divorce will be analyzed for the purposes of dividing assets. Consulting with an experienced attorney could be beneficial.