Equitable Distribution in Florida is a sound theory, but in practice, there are always parties who don’t understand the intricacies considered when dividing up marital assets. There are even prenuptial agreements to consider when dealing with divorce and equitable distribution in Florida. The best way to go about figuring out how Equitable Distribution will affect you is to put your financial advisor in touch with a qualified, bar-certified family law attorney. The more experienced, the better, because every case is different and requires knowledge of how the courts will distribute marital assets. In some cases, property that might be considered a non-marital asset becomes considered for equitable distribution because of circumstances unforeseen by the divorcee. Avoid any confusion by consulting a professional family law attorney before your divorce to discuss Equitable Distribution.
How does equitable distribution work in Florida?
- Equitable distribution is a complex set of rules governed by section 61.0175 of Florida Legal Statutes. The legalese involved causes quite a headache when you attempt to describe it verbatim, however, the premise of equitable distribution relies on the courts being able to accurately analyze all marital assets gained during a marriage, and then upon divorce, distributing them evenly between the two parties. It sounds simple in theory, but in practice it is much more difficult to draw a fine line between marital assets gained during marriage and assets gained prior to marriage.
Who decides what property goes to whom?
- A property is considered a marital asset if either party contributed to the appreciation. Another simple answer to a complex issue, and that is why it takes a legal mind experienced in these matters to address each specific case. Consult an experienced family law attorney to discuss the specifics of your Equitable Distribution case in Florida. Deciding which property goes to whom is a difficult question to answer without knowing the specifics of your case. Putting your financial advisor in touch with a qualified family law attorney is a recipe for success when it comes to determining how equitable distribution will affect your life after divorce.
What about property that was not part of the marriage?
- Property brought into a marriage is subject to equitable distribution if certain requirements are met, such as when a mortgage is paid for with marital funds. This causes a portion of the property’s passive appreciation to be subject to Equitable Distribution. There are other similar circumstances that would cause non-marital properties to become subject to Equitable Distribution. If you think your situation needs to be reviewed, contact a qualified, experienced family law attorney in Florida to discuss matters further. Every case is different and requires a keen eye to understand every difference between a marital asset and a non-marital asset.
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Do not try to approach divorce by yourself or you might find yourself in an Equitable Distribution situation where the majority of your property is awarded to your spouse without you having any warning. The family courts in Florida try to be as fair as legally possible, but in situations where a prenuptial agreement is not apparent, Equitable Distribution can severely impact one, or both, partners financial situations. Be prepared by discussing your case with a professional family law attorney in Florida to figure out the impact your divorce will have on your life.