For those in Florida who are faced with the need to divide their retirement savings,…
On behalf of The Law Office of Gustavo E. Frances, P.A.
The divorce process can understandably be daunting. Although it can be financially challenging for people at all levels of wealth, it can be especially difficult for those with many assets. An attorney, however, can lead you through the property division process in Florida, which is considered an equitable distribution state.
What is equitable distribution?
Property division is typically easiest to deal with if two people who are getting divorced can decide on their own how to split their property between themselves. However, most divorcing spouses cannot always address the division of their property in an amicable way, so they usually have to go to court.
Because Florida is an equitable distribution state, a judge will decide what is considered equitable, or fair, when splitting a divorcing couple’s property. This is opposite of what happens in a community property state, where the couple’s property would simply be split down the middle.
As a result, two-thirds of a couple’s property might go to the spouse who earns more, while the other party may only receive a third of the property. To achieve this split, the court will typically calculate the value of the couple’s entire marital estate and then grant each party a percentage.
What about the marital home?
What happens with your family home during a divorce is dependent on your particular circumstances. For example, if you have children and you do most of the childrearing, you will likely keep the family house. Meanwhile, if you and your future ex do not have children and your partner bought the house with his or her own separate funds, then your partner has the right to keep the house and require you will be legally required to vacate it.
Courts differ on how property division involving the marital home is handled if no children are involved. Typically, neither spouse retains the right to request that the other party leave; however, one of them can certainly request it. If you and your spouse cannot see eye to eye on the family home, the court will come to a decision for you.
A knowledge attorney in Florida will analyze your case and help you to pursue the best possible outcome with regards to property division during your divorce. If you have to go to court, the attorney will represent you and protect your rights and best interests during this type of family law proceeding.