Property Division in a Florida Divorce

 

Florida law provides for an “equitable distribution” of marital assets and debts in a divorce. Although the court must begin with the presumption that all marital assets and debts are to be divided equally between the parties, the court may make an unequal division if the judge thinks that is fair.

Assets may include cars, houses, vested and nonvested retirement benefits (including military pensions, Thrift Savings Plans, and 401(k) plans), business interests, cash, stocks, bonds, bank accounts, personal property and other things of value. Debts (or “liabilities”) include mortgages, car loans, credit card accounts and other amounts of money you and your spouse owe to third parties.

Generally, any asset or debt acquired during the marriage is considered marital and subject to distribution. Nonmarital assets include anything that either spouse obtained before the marriage or anything that either spouse received as a gift (not between the spouses) or inheritance during the marriage.

The court will consider the following factors when dividing assets and debts in a Florida divorce:

  • The contribution to the marriage by each spouse, including contributions to the care and education of any child(ren) and services as a homemaker

  • The economic circumstances of the parties

  • The duration of the marriage

  • Any interruption of personal careers or educational opportunities of either party

  • The contribution of one spouse to the personal career or educational opportunity of the other spouse

  • The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party

  • The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the non-marital assets of the parties

  • The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, when it would be equitable to do so, it is in the best interest of the child or that party, and it is financially feasible for the parties to maintain the residence until the child is emancipated or until exclusive possession is otherwise terminated by a court of competent jurisdiction

  • The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within two years prior to the filing of the petition

  • Any other factors necessary to do equity and justice between the parties

 
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