Florida divides property through equitable distribution. The court splits what the spouses acquired during the marriage in a way it considers fair, which usually means equal but not always. Florida is not a community property state. A Tampa divorce asset division lawyer can identify what assets are at issue in your case.
Marital and Non-Marital Property
The first step is to classify each asset and debt. Marital property includes assets and liabilities acquired during the marriage, regardless of whose name is on the title. It also includes the increase in value of a non-marital asset when that increase results from marital effort or funds, and retirement benefits earned during the marriage. Non-marital property includes assets owned before the marriage, inheritances and gifts received by one spouse from someone outside the marriage, and anything a valid agreement sets aside. Only marital property is divided. Each spouse keeps his or her non-marital property.
How Florida Divides Marital Property
After classifying and valuing the marital property, the court divides it. Under section 61.075 of the Florida Statutes, the court begins with the premise that the division should be equal, then considers whether any factor justifies an unequal split. Those factors include the length of the marriage, each spouse’s contribution, the economic circumstances of each party, and the intentional waste of marital assets within two years before filing. A St. Petersburg high-asset divorce lawyer can address the valuation and tracing issues that arise with complex estates.
Debts Are Divided Too
Equitable distribution covers liabilities as well as assets. Mortgages, car loans, credit card balances, and other debts incurred during the marriage are marital and are divided along with the property. As noted on the divorce finances page, a divorce decree that assigns a debt to one spouse does not change that spouse’s obligation to the lender.
Property, Support, and Agreements
Property division does not happen in isolation. The court completes the distribution before it decides spousal support, because what each spouse receives affects the need for and ability to pay alimony. A valid prenuptial agreement can change the analysis by defining property rights in advance.
The McKinney Law Group handles property division in divorces of every size, from modest estates to high-asset cases. Consult a Clearwater family lawyer and contact our office to schedule a consultation regarding your situation.