Divorce is never a painless process, but the division of assets can make it even more complicated. If you are considering divorce in Florida, it is important to understand the factors that affect how your assets are distributed to avoid any disputes.
How much you contributed to the marriage
In most states, including Florida, the legal system follows an equitable division theory when it comes time to divide a couple’s assets. This means that any division of assets is fair and not necessarily equal, but it does consider the contributions made by each spouse.
For example, if you were a stay-at-home parent during your marriage while your partner worked outside the home to support you both financially, then you may receive more property than you expect in the divorce.
Income and earning potential
Another factor that the Florida courts consider regarding the division of assets during an amicable divorce is each spouse’s income or earning potential. In this case, the court will look at past earnings as well as future projections for increases in salary and other financial opportunities. Economic factors like these are also important when it comes to determining whether one spouse will have to pay spousal support.
Who will get custody of the children?
One spouse may receive physical or legal custody of any minor children in the divorce. If, for instance, the court awards you primary custody of your kids, then it may be easier for you to justify keeping the most property in your name since your children live primarily with you and depend on you financially.
While divorce is often a complicated process, it’s important to understand how your assets are divided. That knowledge can help you avoid any unnecessary complications and provide you with peace of mind.