Do you know your rights when it comes to dividing up your marital property in Florida? Too many people suffer through the property division process - and end up without the financial resources they need to remain solvent in the future - because they are not fully educated about their legal rights. Instead of being taken to the cleaners during your divorce, take the time to learn about your rights and options, and enlist an attorney to provide you with an even "deeper dive" into the information.
What is "equitable distribution?" In a divorce, most people are under the mistaken assumption that property is simply split right down the middle - 50 percent for both parties. That is not entirely true. "Equitable distribution" is more focused on "fair" distribution rather than dividing marital property exactly in half. In fact, the courts decide how to divide property based on a variety of factors, including each spouse's contribution to household income and liabilities.
Are there other factors that are considered during property division? Yes, judges may consider whether retaining the family home is the best option for the children, and this could have some effect on their parents' ability to divide marital property. In other cases, the court may order cash payments in exchange for the right to certain elements of marital property. Finally, courts will also attempt to efficiently identify non-marital property that should not be considered for distribution in the divorce.
What if I have questions about my rights? The divorce process is not always easy to understand, but you do have options when it comes to your day in court. Trusting a qualified attorney can help you get the answers you need while optimizing your financial outcome in a divorce.
Source: Florida Legislature, "The 2016 Florida Statutes," accessed March 23, 2017