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Who gets what in a Florida divorce?

On Behalf of | Nov 30, 2021 | divorce

Following a divorce, it is only natural to prepare for your new life ahead, and finances lie at the heart of that. You may wonder how property and assets will be divided between you and your ex-spouse, as well as any financial obligations that the two of you owed, such as banking loans or credit card debt.

State laws vary when it comes to dividing marital assets, and in Florida, the division is done on an equitable basis. It means that the property and assets acquired over the marriage will be split fairly, taking various factors into account.

Equitable distribution does not mean equal distribution

Equitable distribution does not mean that marital property will be split between you and your ex-spouse in half. It means that either couple will be awarded what is deemed fair after taking into consideration several factors such as:

  •       Your economic circumstances and that of your spouse
  •       The length of the marriage
  •       The desire to retain an asset
  •       An interruption of personal careers or education opportunities by you or your ex-spouse, among others.

Debts accrued by a couple over the marriage are also divided like assets in Florida -on an equitable basis. This means that if your ex-spouse was the breadwinner, they are more likely to get a bigger share of the debt assigned to them.

Protect your legal rights during the divorce process

Knowing what is in for you regarding your share of marital assets will ensure you get what you deserve. In addition, it is important to know the steps of action to take if you think your spouse might be hiding assets in a bid to short-change you.

Given that you also played your part in one way or the other during the marriage, it is only fair that you get what you deserve out of it.