How To Split The Assets?
A significant issue facing divorcing couples is deciding how to split the assets. The house, the car? Divorcing couples accumulate various assets throughout their marriage together, and it can be challenging to figure out how to divide that property between them.
Disputes over divorcing couples’ property division can be challenging during divorce, and any couple seeking a divorce in Florida must understand the process. Here are six essential steps divorcing couples should know about Florida property division. Every divorce is unique, so it is advisable to consult an attorney regarding your divorce and property division details.
1) No agreement. The judge decides for you
During the divorce, you will be forced to have a trial if you and your spouse cannot settle on terms of property division. After the judge has heard both parties’ arguments, they will rule on the ideas presented and decide how to split up the divorcing couple’s assets.
2) Florida is an “Equitable Distribution” state
Florida is an equitable distribution state. A judge will seek to divide the divorcing couple’s property fairly and equitably. The courts will divide things however they need to to make the distribution as fair as possible.
3) “Equitable” does not necessarily mean “equal.”
The most important thing to remember about equitable distribution is that it will only sometimes be an equal split. Most courts will attempt to make divorcing couples’ property division as similar as possible. A judge will determine what would be fair to split the property unevenly, awarding more to one spouse than the other. Various circumstances could factor into such a decision, so remember that equitable may not mean equal.
4) Nonmarrital vs. Marital property
For divorcing couples dividing up their property will be significantly impacted by determining what is considered marital property and what qualifies as separate, nonmarital property. Nonmarital assets are generally obtained before the marriage or inherited after the wedding. In most cases, property acquired throughout the marriage is likely marital property.
Marital property will be split between the two spouses, while the nonmarital property remains with whichever spouse is the owner. What factors qualify the property as marital property can be a complex process. For example, nonmarital assets obtained before marriage that increase their value during the marriage could require that the equity be determined to be a marital asset.
Additionally, sharing in some manner—nonmarital assets throughout the marriage may be determined they are now matrimonial assets. It would be highly advisable to seek counsel from an accredited divorce attorney to help decide what should be considered married versus the nonmarital property.
5) Florida courts rule on difficult-to-divide assets
Some assets cannot be reasonably or practically divided. For example, no judge will require a divorcing couple to share their home. Thus, the judge could grant the house to one spouse and require financial compensation awarded to the opposing spouse for their “share” of the home. What often occurs in scenarios when one spouse owns a business? The courts will account for practical matters concerning property division when deciding the distribution of marital property between the divorcing spouses.
6) Your debts will also be divided
Property division is not just the division of assets. It is also the division of debts and liabilities. A factor that many people do not consider when they seek a divorce. That liability must be assumed if you and your spouse owe $10,000 in credit card debt.
If you are considering getting divorced in the State of Florida, you may be tempted to go at it alone and may have adequate knowledge to do so. But it would be best if you utilized a skilled divorce attorney to help ensure your property rights and best interests are protected.
In conclusion, divorcing couples in Florida should know a few things. First, they will need to file a petition for dissolution of marriage. Second, they will need to attend a parenting class if they have children under 18. Third, they must participate in a mediation session to resolve their differences. Fourth, they will need to go to court for a final hearing.
EPS Houses LLC is happy to point you in the right direction to a reputable divorce attorney. And will give you a fair market offer on your house if you decide to sell it.
