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How Does Florida Distribute Assets During Divorce?

How Does Florida Distribute Assets During Divorce?

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 property. 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

If you are considering military divorce, the situation may be different than as presented above.

Considering Divorce? Contact Owenby Law, P.A.

If you have been contemplating divorce or military 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 divorce attorney today by calling our team or filling out a case evaluation form online! Call for a free 30-minute consultation.
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