If you’re considering a divorce, you’re likely worried about the division of your marital assets. In other words, who gets what? It’s no secret that divorce has far-reaching financial implications, but figuring out how things break down can be more challenging than you’d imagine.
In this post, we’ll discuss how Florida divorce law regards marital property, and what you should know before you file. Let’s dive in.
Can you Reach an Agreement With Your Spouse?
The best way to ensure an equitable division of assets is to reach an agreement with your spouse before going to court. This is a collaborative approach, and it involves both spouses and their respective attorneys. It is by far the most comfortable and least expensive way to divide your marital property.
If you can’t agree, however, a judge will make the decisions for you. As the judge evaluates your assets, they’ll consider the following factors to make a fair determination:
- Each spouse’s contribution to the marriage.
- One spouse’s contribution as a homemaker.
- The length of the marriage.
- Whether either party experienced an interruption in their career or education as a result of marital or familial duties.
- One spouse’s contribution to the other spouse’s education or career.
- Any intentional waste of marital assets.
Depending on your situation, these factors may also affect alimony. If one spouse is guilty of intentionally wasting marital assets (for example, by spending large sums of money on a person with whom that spouse was having an affair), it may impact the final distribution of property and assets.
Regardless of what your situation may be, it’s wise to hire a skilled divorce attorney to help you navigate the details and avoid pitfalls as you dissolve your marriage.
What are “Marital” Assets?
Not all assets present in the marriage are necessarily considered marital assets in the eyes of the law. Instead, Florida courts see marital assets as all assets and income obtained during a marriage. They include but are not limited to the following:
- Cash in savings and checking accounts
- Real estate
- Retirement accounts
- A business
Separate assets, meanwhile, are not considered marital property and are therefore not divided. These include collateral owned before the marriage and inheritances gifted during the marriage. They also include income from separate property that is not associated with marital property.
Protecting Your Rights During a Florida Divorce
Getting divorced is an emotional experience, and it can be challenging to navigate on your own. Luckily, MGM Law, P.A., is here for you. A skilled team of local divorce lawyers, we serve citizens in Pensacola and the surrounding areas. We’ll help you understand everything from your taxes after a divorce to how to protect your assets as you file. Ready to learn more about our services or how we can help you? Contact us today to schedule your initial consultation.