Divorce can be emotionally and financially challenging for the parties involved. In a divorce, spouses are required to divide their property which includes their debts and they may need additional information to help them navigate this part of the divorce.
Equitable distribution
In Florida, marital property is divided equitably between the spouses. This means that it is divided fairly, but not necessarily equally. Marital property refers to assets acquired during the marriage, regardless of which spouse is on the title or holds ownership.
Before the property can be divided, the spouses must identify and classify their assets and debts as either marital or non-marital.
When dividing the marital property, the court may take several factors into consideration. These include the length of the marriage, the financial contributions of each spouse, contributions to the family like taking care of the home or children, and the current and future earning capacity of each spouse.
Property examples
There are several examples of property that may be divided in the divorce. The marital home is often the primary residence that the couple shared. It may either be sold, with the proceeds divided between the spouses or one spouse can take the property after paying the other spouse for it.
If the couple shared other real estate, like rental properties or vacation homes those are also subject to division. Household items, jewelry and artwork may also be divided.
Bank accounts, cash, stocks and retirement accounts will need to be divided as well as any debts, like loans and credit card balances.
Dividing marital property can be complex, but there is professional help available.