Equitable Distribution

Equitable Distribution Florida

Most people considering divorce are concerned about how the assets and debts they’ve accumulated during the marriage will be divided. The property to be split and distributed may include a home, real estate, vehicles, bank accounts, investments, or a family-run business, not to mention the smaller items that are simply important for daily life or have sentimental value. 

How can all these things be allocated in a manner that’s fair? It’s only natural to be worried. You need someone with experience and skill to give you useful and practical advice when it comes to property division.

At Stacy Weissman Davis, P.A., our Florida equitable distribution attorneys have years of experience guiding our clients through the process of dissolution of marriage. We know how stressful this process can be. We will help to negotiate a settlement agreement with your spouse, if possible. If it’s not—and that’s when the court comes into play—we can stand by you throughout litigation or arbitration.

What is Equitable Distribution?

Equitable distribution is the process of dividing marital and divisible property in court. In a perfect world, you and your spouse would negotiate the division of your marital property without a judge’s involvement. However, if you can’t come to an agreement, the court will schedule a hearing and divide your marital property using a theory of equitable distribution.

Division of Property

When it comes to the division of property in a divorce, legally there are two types of property: marital property and liabilities (or divisible property) and non-marital or separate property and liabilities.

Marital property and liabilities (or divisible property) refer to all assets and debts acquired during the marriage. This property is eligible to be split between spouses. This includes homes, real estate, vehicles, car loans, bank accounts, investments, debts, credit card bills, and more.

Non-marital property and liabilities (or separate property) are a spouse’s pre-marriage assets and debts, as well as gifts or inheritances that someone specifically gave to one spouse and not the other. This type of property is the spouse’s alone and cannot be divided by the court. Property that was acquired after separation, but before the finalization of the dissolution of marriage, maybe considered separate property.

What does the court consider when dividing property?

When dividing property in a divorce, the court will attempt to create an equitable distribution or fair division of property. This may be 50-50 unless that is deemed unfair, but who gets what will depend on circumstances.

When a court decides on the fairness of a split, it looks at a variety of factors. Among these are:

1) Each spouse’s earnings, debts, and assets

2) How long the marriage lasted, as well as each spouse’s age

3) A spouse’s contribution to the other’s educational or professional chances in a variety of ways

4) The necessity to occupy or possess the marital home or other household goods of a custodial parent

5) The physical and mental health of both spouses

6) Tax consequences of a property division

7) Any other factors that are “just and appropriate” should also be considered.

Child support and alimony payments will not be considered by the court when dividing marital property.

To read more about specifically what will be considered, read the Florida equitable distribution statute.

How to protect yourself financially

In any divorce, it’s important to protect yourself financially. This means taking steps to safeguard your assets and income as much as possible. Here are some tips on how to do that:

1) Stay calm and focused. We know this is a difficult time, but you will get through it. Panicking, being fearful, or showing anger isn’t going to help your situation. It’s best to stay calm and, with a cool head, work to protect yourself.

2) Divorce, or the dissolution of marriage in Florida, is a complicated and stressful process. Having a good divorce attorney by your side can make all the difference.

3) Make a list of all your assets and debts. This will help you understand what is at stake in the divorce.

4) Get copies of all financial documents, including bank statements, investment account information, and credit card bills.

5) Try to come to an agreement with your spouse on the division of property. This can save time and money in court.

6) If you aren’t able to agree on a division of property with your spouse, then you’ll need help from the courts. Your divorce lawyer can help you plan a strategy and get the best possible outcome.

Florida Divorce Equitable Distribution Lawyers

If you’re considering divorce and have any questions about property division, it’s best to seek legal counsel from an experienced family law attorney at Stacy Weissman Davis P.A., our Fort Lauderdale property division lawyers can protect your interests and guide you through the distribution of property in your divorce