5 Facts You Did NOT Know About Property Division In Florida Divorce
Not all divorcing couples will need to deal with alimony and care for minor children, but the vast majority of parties must address how to divide their assets. Florida divorce laws require equitable distribution of property, an analysis that starts by determining whether an item is marital, partially marital or separate property. The default rule is that assets acquired during the marriage are jointly owned, though there are exceptions where something one party owned before the wedding could be considered marital. After classifying property, the items are divided up between the parties according to the interests of fairness. Equitable distribution does not require an equal, 50-50 split.
This summary of Florida property division laws might sound familiar if you are contemplating divorce or are a party to a pending case. However, there are many additional details that you probably do not know if you do not have a legal background. It is wise to rely on a Dade City property division lawyer for assistance, since the facts you do NOT know could harm your interests.
- Spousal Income: No matter who earns the wages or salary, all income earned by spouses during their marriage is considered to be marital property. This can include non-wage income as well, such as what one party earns through active interest and investments.
- Nature of Marital Assets: When considering an agreement on property division, make sure you do not overlook how the items are held or owned. For instance, there are pros and cons when one spouse gets mostly cash, while the other receives such assets as real estate, retirement funds, pension benefits, and items that are not liquid. The value of certain assets would not be as high when the owner’s hands are tied on liquidating them and often include tax penalties for their withdrawal.
- Dealing with the Marital Home: You may have a significant emotional connection to the residence you shared as a family, but do not let this cloud your judgment when it comes to the value of the property. The financial ramifications could be overwhelming when you are supporting yourself on one income, even when considering alimony.
- Personal Property: Your belongings have value, purpose, and usefulness, but do not expect to assign a dollar amount based upon what you paid or what it will cost to replace them. In Florida property division, most household items are valued at what they could sell for on the open market – such as at a garage sale.
- Impacts on Alimony: Spousal support may be appropriate for a lower earning party, and the issue of alimony is closely tied to property division. When a spouse receives substantial assets, there may be less need for support.
A Florida Property Division Attorney Can Provide Additional Details
To learn additional facts about asset division in Florida divorce, please contact The Law Office of Laurie R. Chane. You can call 352-567-0055 or visit us online to schedule a consultation with a skilled Pasco County divorce lawyer. Once we evaluate your circumstances, we can discuss strategy.