Most couples accumulate a wide variety of assets (and debts) while living together. In an event that they decide to divorce, one of the most contentious issues they will contend with is what each party walks away with. Who takes the car? Who keeps the home? And who pays the credit card debts?
Separating a marital property from a non-marital property can be difficult, especially if the couple did not sign a prenuptial agreement. Consequently, disagreements resulting from property division can lead to a heavily contested divorce. As such, it is important that you understand how property division works in the Sunshine state.
Here are important things you need to know about property division during a Florida divorce process.
If you cannot agree, the court will make the decision for you
As with most aspects of the divorce, the court encourages divorcing couples to work out a property division formula that is acceptable to both parties, provided the formula complies with Florida property division laws. However, if you cannot reach a consensus, then the matter will have to go to trial and it would be up to the court to determine how the property will be divided.
Florida’s “equitable distribution” does not necessarily amount to a 50-50 division
Florida is one of the few states that applies the “equitable distribution” rule when dividing marital assets. However, it is important to understand that this does not always lead to an equal split. While the divorce court will endeavor to make the division as fair as possible, the judge may award one party more assets than the other based on the circumstances of the divorce.
Property division can be a heavily contested subject during a Florida divorce. Find out how you can protect your rights and interests while litigating property division during the divorce.