In a high-asset divorce, the division of marital property can be a complex issue. One factor that can significantly impact the division of assets is the duration of the marriage.
Those getting divorced should realize that the length of time a couple has been married can play a key role in property division during divorce proceedings.
Marital property
In general, the longer a marriage lasts, the more likely it is that assets will count as marital property and become subject to division. Marital property includes assets and debts acquired during the marriage, regardless of which spouse’s name is on the title or account. This means that assets such as real estate, investments, retirement accounts, business interests and other valuable items acquired during the marriage are typically subject to division in a divorce.
According to the Florida Senate, courts go over many factors when deciding how to divide property in a divorce, including the length of a marriage. When a marriage has lasted for a significant period of time, the courts are more likely to view the contributions of each spouse to the marriage as equal. This means that assets acquired during the marriage are typically divided more evenly between the spouses, regardless of who earned the income or whose name is on the title of the asset. On the other hand, in shorter marriages, the division of assets may be more straightforward.
Other considerations
In high-asset divorces, the duration of the marriage can also impact the court’s decision on spousal support or alimony. Spousal support is financial support paid by one spouse to the other after a divorce to help maintain the receiving spouse’s standard of living. The longer a marriage has lasted, the more likely it is that spousal support will be awarded. This is especially true if one spouse has significantly higher income or assets than the other.
It is important for individuals going through a high-asset divorce to carefully review the unique complexities of their situation with respect to property division and other issues.
