When couples get divorced in Florida, dividing their property can be quite challenging. In Florida, the principle of equitable distribution is followed, which means that marital assets are divided in a way that is fair but not necessarily equal. At Central Justice, we ensure that each spouse’s financial contributions, as well as non-financial contributions like homemaking, are taken into account when determining how assets are divided. Our goal is to achieve a fair outcome for all, whether dealing with real estate, investments, or personal belongings.
What Is Equitable Distribution?
Equitable distribution is the legal standard Florida courts use to divide marital property during a divorce. The courts begin with the presumption of a 50/50 split of marital property, but adjustments are made to ensure fairness. Unlike community property states where assets are divided equally, Florida’s courts are guided by principles of equity, applying various factors to ensure each spouse is treated fairly. These factors include the length of the marriage, each spouse’s income and financial contributions, and whether one spouse put their career on hold to support the other or care for children. While the division may not be exactly equal, the goal is to ensure both parties end up with a fair share of the marital estate, based on their contributions and circumstances.
Identifying and Valuing Marital Property
Identifying and valuing marital property is a key step in Florida’s equitable distribution process. Marital property generally includes assets and debts acquired during the marriage, regardless of whose name they are in. This can include the family home, retirement accounts, joint investments, vehicles, and even business interests. At Central Justice, we assist in thoroughly identifying all marital assets to ensure nothing is overlooked.
Once identified, the assets need to be accurately valued, which can involve appraisals for real estate, businesses, or other significant assets. Proper valuation is essential to ensure a fair division of property. Our goal is to make sure each spouse receives their fair share based on the value of the assets and debts acquired during the marriage.
Non-Marital Property: What You Keep
Non-marital property refers to assets that remain the sole possession of one spouse and are not subject to division during a divorce. In Florida, this typically includes assets acquired before the marriage, inheritances, or gifts received by one spouse alone. Additionally, any property that was excluded by a prenuptial or postnuptial agreement is considered non-marital. At Central Justice, we help ensure your non-marital property is properly identified and protected throughout the divorce process, allowing you to keep what is rightfully yours and avoid disputes over assets that should remain separate.
Navigating Complex Property Division Issues
Complex property division issues can arise when high-value or intricate assets are involved in a divorce. These might include businesses, professional practices, investment portfolios, real estate holdings, or retirement accounts. In these situations, accurate identification and valuation become even more critical to ensure a fair outcome.
The attorneys at Central Justice assist clients in handling these complexities, including obtaining expert appraisals for businesses or investments and ensuring that tax implications are fully considered. Dividing assets like pensions or stock options requires careful planning to avoid future disputes or financial losses. We also help with dividing liabilities, such as business debts or investment losses. Whether you are a business owner or have diverse financial holdings, we ensure that all aspects of your property division are managed thoroughly and fairly.
Help With Property Division in Your Florida Divorce
At Central Justice, we are committed to ensuring a fair and thorough division of your marital property, no matter how complex. Our team works closely with you to protect your financial interests and secure a just outcome. Contact us today to schedule a consultation and discuss your property division needs.