Compassionate Family Law And Divorce Guidance

How does property division work in a divorce

On Behalf of | Mar 25, 2020 | Family Law

Property division is the part of the divorce process where you have to decide who gets what assets you and your spouse own. It is often one of the trickiest parts of a divorce because there are many considerations to make and personal feelings about which assets you each want.

According to the Florida Statutes, the state uses a process of equitable distribution to divide marital assets. This process is one in which the court tries to equally and fairly divide the assets depending on certain factors of your marriage.

Marital and separate property

The court will divide your marital property, which is any property you obtained during the marriage. It usually includes your wages, home and retirement plans. Separate or non-marital property are items you owned prior to the marriage. This type of property also includes anything you received as a gift or an inheritance. Sometimes, separate property can become marital property or partial marital property if marital funds went into the maintenance of such property.

Factors affecting division

The court may consider many factors when dividing your property that may influence its decisions on how to assign ownership. It will consider how long your marriage lasted, how you each contributed to the household and finances, how the division of some property may affect your children, the economic circumstances of both of you and the desire you each have to retain specific items. The court will try to come to a fair division that provides adequately for both of you, but the division may not be entirely equal.

Create your own agreement

You always have the option to create your own divorce agreement. Doing this would allow you and your former spouse to make decisions about property division. Of course, the court must approve the agreement, and it will not do so if it feels it is not a fair division.



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