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How Division of Assets During a Divorce Works In Florida
Whether you are getting or going through a divorce at this point, you undoubtedly want to know what to expect. Although many good things come from being married, divorce is a natural occurrence. It’s not easy to get when you’re just starting, let alone if you’re well into your marriage.
Like most people going through one and those who have already been through one, you might wonder where your assets will go when your divorce is finalized. How will everything be divided? What factors are considered when the court divides up your assets? Let’s take a closer look at the division of assets in Florida during a divorce to help you better prepare for the road ahead.
Different Types of Assets
Did you know that there are two main categories that your assets will fall into? Property is either considered to be separate or marital. Before the division of assets begins, the court will have to determine if the property is one or the other. If they decide that the property is separate, it will most likely not be divided during the divorce. On the other hand, marital property will very likely be divided to each spouse during a divorce.
In short, marital property is defined as assets or debts that either spouse has gained during their marriage. Here are a few examples of different forms of marital property such:
- family pet
There are a few ways that separate property is determined. The first is if the spouse owned this asset or debt before the marriage. The second is that it was gifted to them by their soon-to-be ex-spouse, and the third is that the asset was inherited. It’s important to note that even though an asset or debt is categorized as one or the other, there are instances where the marital property can be determined to be separate and vice versa. If you are unsure, it’s always best to speak with a lawyer to help you discuss how your assets or debt will be distributed.
Division of Assets
One thing to keep in mind when worrying about assets is that all assets determined to be marital property will be divided, but it may not be done equally. Even if the property is determined to be marital property, that does not mean it gets split down the middle at 50/50. This is because there are a few different factors that the judge will consider before dividing the assets, such as:
- the spouse’s income and earning potential
- length of marriage
- minor children within the home
- the spouse’s debts
- the spouses mental and physical health
Understanding what assets get divided as part of a divorce can help you make better financial decisions while married. At Koleilat Law, we know that divorce is stressful enough. Let our expert attorneys help you during these times to make the best decisions possible. Contact us today to learn more about our services and schedule a meeting with our divorce attorneys.