As many already know, every state has a way of distributing assets for individuals who decide to file for divorce. Florida is known as an equitable distribution state, which means that marital property is not automatically assumed to be owned by both parties.
Marital Property vs Separate Property
Any asset that is gained during marriage, which is not a gift nor an inheritance, is considered marital property. Any other properties are called separate properties. Spouses should keep in mind that those separate properties that increase in value can convert into marital properties, making them divisible.
In Florida, judges and courts divide marital property evenly. In some situations, however, division is not exactly equal. This can occur if one spouse earns a higher income than the other or has a greater ability to replace various properties. Additionally, this type of situation can occur if one party is allocated a higher amount of debt during the marriage.
How Retirement Plans are Divided
A judge or court may include pensions or retirement plans earned by parties as marital assets. However, an entire plan may not be included in the divisible amount. Rather, courts and judges may choose to divide the amount of the plan that is earned during the marriage. A court and judge may take into account the following factors in order to determine how a plan is divided:
- Duration of marriage
- Financial circumstances of each party
- Each party’s contributions during marriage
- Liabilities and debts of each spouse
Seeking a Divorce? Call The Virga Law Firm, P.A.
If you are seeking divorce, we encourage you to get in touch with our Panama City divorce attorneys at The Virga Law Firm, P.A. Because there is a wide range of factors that must be handled to ensure a streamlined divorce, it is important that you contact our team right away. The sooner we can examine the details of your case, the sooner we can begin building a legal strategy to safeguard your future.
Discuss your case today by calling our Panama City divorce lawyers!