In Florida, Property Division Governed by Equitable Distribution
On behalf of The Law Offices of Cindy D. Sackrin posted in Family Law on Thursday, September 4, 2014.
The focus of property division in the event of divorce in Florida is fairly dividing assets according to family laws. In Florida, marital assets are divided equally in the event of a divorce. The process is referred to as equitable division. The court will engage in the equitable division process followed by any necessary determinations of alimony and child support. It can be important to note that many rules that apply to the divorce process are established by statute.
The definition of marital assets in Florida is governed by statute. In general, marital assets include income and liabilities incurred during the marriage on an individual or joint basis. Assets the spouses entered the marriage with, or gifts made to one of the spouses during marriage, in general, are not considered marital assets. Marital assets are divided upon divorce but nonmarital assets are not. Because of this, it is important that the court first determine which assets are considered marital and which are considered nonmarital. Following the conclusion of the process, property division can occur.
For each family law legal issue, exceptions and special circumstances may exist and impact the outcome in any particular instance. It can be helpful to enter a divorce situation with a solid understanding of the legal definitions and implications associated with family law and divorce law. This may be able to help a party, if not better predict an outcome, better understand how to prioritize and reach desired outcomes. With an understanding the different classifications of property and the court's focus on fair, or equitable, distribution concerning property division issues parties can help minimize disputes and focus on goals for the process.
Family law is designed to help parties through the sometimes difficult divorce process. Family law issues can be challenging but with a proper understanding of family law, parties can focus on resolutions that allow them to move forward.
Source: Naples Daily News, "It's The Law: Surprises when property is divided in divorce," Aug. 31, 2014