Property division is one of the most important aspects of family law, but it is also one of the most complicated. The guidelines for dividing marital property, retaining separate property and dealing with comingled funds are lengthy and nuanced, and each case is open for a fairly large degree of interpretation.
Because Florida is an equitable division state, it means that the judge is given the leeway to decide what an equitable division of the assets will be. In many cases, this will not be a 50/50 distribution. Most assets cannot be physically divided, which means they either have to be sold and the money split between the two parties or one person must retain a particular asset.
A common example of this is the marital home. If there are children involved and one party plans to stay in the home with the children, that person is likely to be awarded the house as part of the divorce settlement. To make up this loss, the other party may be awarded a larger percentage of other assets. Other contributing factors include the earning potential and current income of both parties as well as the couple’s living arrangements while married.
Many people think that they know how the property they have acquired in their marriage will be divided and what is considered separate and marital property. However, many of these same people find themselves confused at the outcome of their divorce settlements. Having experienced legal representation familiar with the Florida property division laws throughout your divorce is the best way to ensure you understand your options and possible outcomes.