What Equitable Distribution Means in the Sunshine State
When a marriage ends in the state of Florida, the principle of equitable distribution governs how property and debts are divided between spouses. Equitable distribution refers to the fair, but not necessarily equal, division of marital property and debts.
Essential, equitable means just and reasonable, and in order for these determinations to be made an array of factors are taken into account. Unlike community property states where assets are split 50/50, Florida’s equitable distribution law allows for a more flexible and tailored approach. Talk to a West Palm Beach family attorney about what equitable division rules could mean for you, today and into the future.
Classifying Assets and Reviewing Influential Factors
Before assets can be divided, they must be classified as either marital or nonmarital. Marital assets include any property or debts acquired during the marriage, regardless of whose name is on the title. Examples include the family home, joint bank accounts, retirement accounts accumulated during the marriage, and debts incurred jointly.
Non-marital assets are assets and debts that spouses acquired before the marriage or individually during the marriage through inheritance or gifts. Because these assets are specific to an individual, they are typically not subject to division. That said, if funds have been commingled, such as an inheritance deposited into a joint account, those funds then become marital assets.
Several factors influence how marital assets in Florida will be divided, including the following.
- Marriage contributions. Each spouse’s contribution to the marriage, including homemaking, child care, and supporting the other spouse’s career.
- Economic situation. The income, earning potential, and financial needs of both people are taken into account.
- Length of the marriage. How long the union lasted impacts asset division, with longer marriages often resulting in a more equal distribution.
- Career or education disruptions. If one spouse interrupted their career or education to support the family or the other spouse’s career, the court may consider this in the distribution.
- Preference in retaining assets. The desirability of retaining certain assets could be part of asset determinations. For instance, if a person wants to keep the family home because of a desire to provide stability to minor children.
- Past asset waste. Any intentional dissipation of marital assets by one spouse can influence the division, often resulting in a more favorable distribution for the other spouse.
In order for an equitable distribution process to move forward fairly, both parties must disclose all assets and debts, which are then valued to determine their worth.
Legal Guidance to Achieve Optimal Outcomes
Accessing a fair divorce settlement requires a thorough understanding of Florida’s laws and a strategic approach to protect your interests. Talk to a West Palm Beach family attorney about equitable distribution guidelines and how a legal professional can provide you with the support and expertise you need.
What asset distribution questions do you have? As soon as you begin working with the legal team at Bruce S. Rosenwater & Associates, the process of compiling an accurate inventory of assets, presenting a compelling case for a fair distribution, and negotiating effectively can begin. Schedule your confidential consultation today.
