One of the most complex aspects of divorce is the division of assets. It’s common for divorcing spouses to spend most of their time hammering out child custody arrangements, believing that the financial aspects of divorce should be of secondary importance. While child custody arrangements are certainly important, the financial settlement you gain at divorce can go a long way toward securing a good future for your children.
The following is an overview of how Florida laws apply to the financial aspects of divorce, namely the division of assets.
Florida asset division laws
Florida follows the equitable distribution model when it comes to divorce. This means that courts have the power to divide marital assets and debts in a way that they believe is fair. In other states that follow community property law, all marital assets are divided equally between spouses regardless of the circumstances.
What factors are taken into account by the courts?
The courts use certain guidelines when deciding on a fair and equitable outcome. They will assess the economic circumstances of both parties, the duration of the marriage, and the ways that each spouse has handled their finances in the past. They will also look at the economic and non-economic contributions that each spouse has made toward the marriage. This can include financial sacrifices that were made by one spouse during the marriage, for example using their income to pay for their spouse’s college education.
If you are going through a divorce in Florida but you are unsure about how to get the financial settlement you deserve, you should take early action to understand how the law will apply to your situation.