In community property states, everything that a couple owns is generally assumed to be 50% the property of each person. It does not necessarily matter who purchased the asset. If the couple gets divorced, the goal is to divide everything that they owned equally, giving 50% to each person.
In Florida, however, common law property laws apply, and the state uses equitable division rules in divorce. How does this differ from a community property state?
The title becomes very important
When determining ownership, an asset’s title determines who has a right to that asset. For example, perhaps one person purchased a home on their own, so they are the only person on the title. They then got married, and their spouse moved in to the house. If they get divorced, that home will generally belong to the person whose name is on the title. The same would be true for a car, a vacation property, a boat or another such asset.
If both people are on the title, such as a married couple that bought a home together, then they both own the house. However, they should not presume that this is automatically the case, as it would be in a community property state. They need to look at the title.
Moreover, under equitable division guidelines, the court’s goal is to find a fair and just division of assets. This may not be equal. One spouse may receive a greater percentage of the assets than the other, depending on ownership issues and what the court determines is fair in that specific situation.
This means that there is a fair amount of nuance to property division in Florida, and it is important for couples who are going through a divorce to understand exactly what legal steps to take.