In Florida, there are established rules in the courts on how property division occurs after divorce. The law states that each spouse should have an equitable division of property. However, when the term fair is thrown around, it is easy to assume that the courts mean a 50/50 split of property or assets. However, this is not always the case.
If you need help processing property division after your divorce, don’t fear. We here at Orshan, Spann & Fernandez-Mesa can explain the distribution of your assets.
Leaving it to The Judge
Florida judges encourage couples to work through their property division together to reach the fairest and quickest agreement. Yet, it is essential to acknowledge that not all couples can reach an agreement. Therefore, when leaving it up to the judge, they can decide that a 50/50 division is not fair or equitable. Several factors contribute to this decision:
- The length of time married
- The contributions from each partner
- The contributions from partner to partner
- The work done in the home
The judge will take these points and more into consideration when dividing the shared marital assets.
What Constitutes Marital Assets
If you cannot reach your own decision and the judge proceeds with dividing your assets, it is essential to know what they are. Marital assets are items, income, and property that the couple gathered during their marriage. Potential assets include:
- Property, including vacation homes
- Cars, boats, or other vehicles
- Bank accounts
- Family-owned businesses
- Furniture, decor, and other home furnishings
This list of marital assets is non-exhaustive, as you and your spouse could have acquired many different items throughout your marriage. However, some assets are solely yours.
Any items you owned before marriage or have received by someone other than your spouse constitute separate assets. Furthermore, if you have purchased property or invest in specific items independently, those are also your assets. These are not up for debate in the division process.
Contact Orshan, Spann & Fernandez-Mesa For Help
If you need assistance in mediating your assets, consider our family law experts at Orshan, Spann & Fernandez-Mesa. We can help you reach a fair division of your assets, leaving both you and your ex-spouse happy.