Which Factors Affect the Division of Assets in a Florida Divorce?

One of the most important issues that need to be decided in a Florida divorce is how the marital estate is to be divided. While you were married, you and your spouse created a marital estate. Any asset you acquired or debt you incurred is considered a part of the marital estate if it happened during the marriage. Florida operates on a system of equitable distribution. That means that the marital estate is divided fairly, although not necessarily evenly. In some cases, the division of the marital estate will favor one spouse over the other. In this article, we’ll discuss how the Florida courts divide the marital estate and what factors influence that division.

What factors influence the division of the marital estate? 

• Marital versus separate property – Any debt or asset you acquired during the marriage is considered marital property unless it is protected by a prenuptial agreement. Assets include the marital home, other real estate, retirement accounts, bank accounts, vehicles, and more. The courts first distinguish between marital and separate property before dividing the marital estate.

• Length of the marriage – As you can imagine, the duration of the marriage plays a significant role in determining the distribution of assets. The longer the marriage lasted, the larger the marital estate is likely to be. For shorter marriages, the courts might seek to return each party to their financial status before the marriage. The length of the marriage also influences decisions concerning alimony.

• Contribution to the marriage – Courts will consider each spouse’s contribution to the marriage. These are both financial and non-financial contributions. A spouse who sacrificed significant career opportunities to stay home and raise the children may find themselves being awarded more of the marital estate than the other. The court recognizes the value of both financial and non-financial contributions to the marriage to ensure a fairer division of the marital estate.

• Economic circumstances – The current and future economic prospects of both parties are considered when dividing the marital estate. Courts will look at factors such as earning capacity, job prospects, and health. A spouse with limited earning potential might receive more assets and fewer debts from the marital estate during equitable distribution.

• Needs of the children – For those with children, the child’s needs can influence how assets and debts are distributed. Courts prioritize the needs of the children and will often award the marital home to the custodial parent. This ensures stability for the children. The financial needs of the children are also considered when it comes to dividing the marital estate.

• Prenuptial or postnuptial agreements – The only way to protect a piece of property from equitable distribution is with an agreement made between the spouses prior to the divorce. Hence, these agreements can play a significant role when it comes to asset distribution. Courts will generally uphold such agreements if they were entered into voluntarily.

Talk to a Tampa, FL Family Lawyer Today

 Westchase Law, P.A. represents the interests of those who are seeking a divorce in the Tampa area. Call our Tampa family lawyers today to schedule an appointment, and we can begin discussing key areas of your divorce such as equitable distribution of the marital estate, alimony, child custody, and child support.