How Does Equitable Distribution Work in a Florida Divorce?
If you are planning for a divorce in Florida, it is important to know that, unless you and your spouse reach a full agreement about the distribution of all marital assets and liabilities, then the court will look to Florida law to decide what an appropriate division of your property will entail. Florida is what is known as an equitable distribution state, which means that all marital assets and liabilities will be distributed equitably between the spouses. Yet the specific understanding of equitable distribution under Florida law is a bit different from other equitable distribution states, and Florida has its own state-specific factors that the court will use to decide what is equitable. Our Tampa divorce lawyer can explain in more detail.
Understanding Florida’s Definition of Equitable Distribution
In divorces, states are either “equitable distribution” states or “community property” states. Generally speaking, community property states say that marital property gets divided 50/50 between the spouses, while equitable distribution states divide marital property equitably, as opposed to equally, based on the specific facts of the case. Florida is an equitable distribution state, but it begins from the premise that marital assets and liabilities should be split evenly unless there is a reason to divide them differently. Section 61.075 of the Florida Statutes says:
“[I]n distributing the marital assets and liabilities between the parties, the court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors.”
Factors Courts Use to Equitably Divide Marital Property
What are the “relevant factors” that can result in marital assets and liabilities being divided between the parties in a manner that is not equal? The Florida Statutes cite the following factors:
- Contribution of the marriage to each spouse, including contributions to childcare and homemaker services;
- Economic circumstances of each of the parties;
- Duration of the marriage;
- Any interruption of the personal careers or educational opportunities of either spouse;
- Contribution of one spouse to the personal career or educational opportunity of the other spouse;
- Desirability of retaining any asset without the other party’s interference (such as interest in a business);
- Contribution of each spouse to the marital and nonmarital assets of each of them (including the acquisition, enhancement, and improvement of assets, or the incurring of liabilities);
- Desirability of retaining the marital home for a dependent child (and when it is financially feasible and in the best interest of the child);
- Intentional dissipation, waste, depletion, or destruction of marital assets by one of the spouses; and
- Any other factors that the court determines to be relevant “to do equity and justice” to the division of marital property.
No single factor is dispositive, and the court can weigh these and any other relevant factors in determining an equitable distribution of marital property.
Contact a Tampa Divorce Lawyer Today
Anyone who will soon be going through a divorce should seek legal advice about the equitable distribution of marital assets and liabilities. It will be important to work with an experienced Tampa divorce attorney at The Law Office of Laura A. Olson, P.A. to identify all of the property that you own with your spouse that is likely to be marital property, as well as all separate or nonmarital property. We can speak with you today about gathering detailed records to ensure that all property is appropriately classified and to make sure that the property is fairly distributed between you and your spouse. Contact us today for additional information.
Source:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
