Each state has their own way of handling the
distribution of assets for couples who file for divorce. The state of Florida is considered an
“equitable distribution” state, meaning marital property is
automatically assumed to be owned by both spouses equally.
The Difference Between Marital Property and Separate Property
Marital property is any asset that was acquired during the marriage with
marital funds. This may not include inheritances or gifts to only one
of the spouses. All other property acquired individually prior to the marriage is considered
separate property. However, it is important to note that any separate
property that increases in value during marriage can be converted to marital
So, the question remains, how is property divided in Florida if the state
abides by equitable distribution?
The goal of Florida courts and judges is to divide marital property
fairly. However, there are certain situations that may result in a division that
is not considered
equal. This may happen when one spouse has a higher income or a greater ability
to replace the lost property. In addition, an unequal distribution can
occur if one spouse is allocated a greater amount of marital debt.
Are Retirement Plans Divided?
In Florida, retirement plans and pensions earned by spouses are considered
marital assets that are eligible for division. However, it is important
to note that the entire plan will be not always be included in the amount
eligible for division. Instead, courts will only divide the amount that
was earned during the course of marriage.
To determine how this is divided, a court and judge will consider the following factors:
- The duration of the marriage
- The financial circumstances of each spouse
- Each spouse’s contributions to the marriage
- The debts and liabilities of each spouse
Considering Divorce? Contact Owenby Law, P.A.
If you have been contemplating divorce, we urge you contact
our Jacksonville divorce lawyers at Owenby Law, P.A. as soon as possible. Because there are different factors
that must be examined and handled to ensure a smooth divorce process,
it is important to put experienced legal advocacy on your side. When you
entrust your case to our team, we will assess your situation and work
diligently to protect your rights, future, and assets.
Discuss your case with a Jacksonville family law attorney today by
calling our team or filling out a
case evaluation form online!