Understanding asset division during divorce in Florida

If you are an individual in your 40s or 50s who has accrued high-net assets like a healthy retirement account, you may wonder whether or not you retain them after a divorce.

The ending of marriages differs on a case-by-case basis when it comes to alimony, custody and marital wealth division. However, Florida does have general policies with regards to the splitting of resources between separating spouses.

Equitable distribution

Like the majority of the states, the Sunshine State follows the equitable distribution convention. Under this, the court dispenses marital property, what the couple acquired together, based on fairness rather than equality. Nonmarital possessions, what each one brought into the marriage, remain with whoever owned them prior to it.

Factors considered

There is a long list of considerations judges look at to decide what is equitable. Major ones include each party’s earning potential, economic situation and stability, contribution to the gaining of shared valuables, age and health. Florida is a no-fault state. Adultery usually does not affect the apportioning of worldly goods. The exception to this is the dissipation of assets related to an illicit relationship. An example of this would be spending money on gifts for paramours.

Debt allocation

The handling of any arrears is similar to that of capital and holdings; it depends on what a court determines is equitable rather than equal.

There may be some complications when differentiating marital portions of the estate from nonmarital ones. For example, putting your partner’s name on something like a title or bank account might turn the asset into a combined one. Make sure to work with your attorney to address any potential concerns to avoid having them brought up in court.