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Equitable Distribution in Florida
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The division of assets and liabilities during a Florida divorce proceeding is called equitable distribution. Florida courts use this term to reflect their preference for fair division of resources and debt. Even though the statute calls for equitable distribution, this does not necessarily mean 50-50 division. The court will look at a number of factors during the equitable distribution process. While asset and debt evaluation might seem uncomplicated, there are a number of possible issues.
Our Florida Equitable Distribution Attorneys are ready to help address any complication, this includes:
- The existence of secret assets.
- The waste of assets.
- The purposeful underpricing of asset value.
- The purposeful overpricing of asset value.
- The intermingling of any non-marital assets.
The proper categorization of marital and non-marital property is paramount under Florida’s equitable distribution statute. Such property includes, but is not limited to:
- Jointly acquired assets during the time of marriage.
- Any value increase to non-marital assets due to spousal efforts.
- Any personal property held in joint title.
- Any gifts given to one another during the marriage.
- Joint bank accounts.
- Any retirement benefits accrued during the marriage.
Properly categorizing and protecting these assets from distribution defines successful litigation strategy.
Florida’s Process for Equitable Distribution
Florida equitable distribution statute sets forth the specifics for division. All assets and liabilities are thoroughly evaluated and classified into marital and non-marital property. The court will look into the specifics of resource acquisitions and debts to determine the circumstances behind each. Once properly classified, the court will determine how to divide the property accordingly. Our firm’s attorneys are experienced litigators in equitable distribution. We can build a case that best represents your legal goals for division.
It is necessary to review the nature of any non-marital assets. While typically outside the bounds of distribution, this is not always the case. If it is determined that non-marital assets were commingled with marital assets, they will likely be made eligible for division. Proper determination of property classification is necessary for fair-minded distribution. Let our team of detailed oriented attorneys present your argument with accurate determination.
During equitable distribution, it’s important to understand how commingled assets are classified. A number of key examples are:
- When a spouse gets added to an individual premarital bank account.
- When non-marital moneys are added to a joint marital bank account.
- When marital funds are placed into an individual premarital bank account.
- When a spouse gets added to the title of a premarital home.
For legal representation regarding liabilities, assets, and their status under Florida’s equitable distribution statute, contact our Florida equitable distribution attorneys.
Factors Determining Equitable Distribution within the State Of Florida
Florida Statute 61.075 dictates the premise for fair distribution and the factors to consider for unequal distribution. The elements the court will review are as follows:
- The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as 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. In making this determination, the court shall first determine if it would be in the best interest of the dependent child to remain in the marital home; and, if not, whether other equities would be served by giving any other party exclusive use and possession of the marital home.
- The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition.
- Any other factors necessary to do equity and justice between the parties.
Our Florida divorce lawyers are prepared and determined, acting meticulously with an experienced method to defend your interests. Do not let your assets go unprotected. Trust in our proven approach to achieve your objectives.
Contact our law firm to schedule your consultation today.
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