One of the most stressful parts of a divorce is usually the property division process. Property division mainly pertains to how marital property, including debts, will be divided between separating spouses. In other words, who gets what. Florida is an equitable distribution state, but what exactly is equitable distribution?
What is equitable distribution?
In Florida, equitable distribution is the legal principle that governs how marital assets and property are divided among divorcing couples. However, that does not mean assets and/or debts will always be divided equally between spouses. The goal of equitable distribution is to divide assets and property fairly, based on the couple’s specific situation. If the parties cannot come to a settlement agreement, the court will make the decisions for them.
Equitable distribution versus community property
There are two methods of property division: equitable distribution and community property. Like Florida, most states follow equitable distribution. With the community property method, the marital assets are considered owned equally by the spouses and everything is split 50-50
Help with understanding property division
It is helpful for anyone going through divorce proceedings to gain a clear understanding of the applicable laws and procedures surrounding property division. However, property division can be one of the most complicated aspects of the divorce process. Those in Florida who are headed for divorce could obtain much-needed legal guidance by speaking with a family law attorney. An experienced lawyer will focus on protecting the rights of the client and working toward the best possible outcome based on the unique circumstances presented.