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Factors used to divide marital assets in Florida

On Behalf of | Jul 20, 2022 | FAMILY LAW - Divorce |

Divorce signifies a major life change, no matter where you live. However, it’s important to know about family law-divorce statutes in your state so you’ll know how much money you could be expected to pay or receive once your Florida divorce is final. Here are a few important factors that the judge may consider.

Marital and non-marital assets

When it comes to family law-divorce in Florida, the courts will likely award each party any property or assets they purchased or acquired before getting married. These are known as “non-marital assets.”

When it comes to dividing marital assets, the assets should be split “fairly,” which may not be the same as “equally”. The final ruling will likely reflect factors such as which spouse made more money, which spouse was the homemaker or primary caretaker for children, and the current financial and health statuses of both spouses. The length of time a couple has been married and whether one spouse gave up career opportunities to support the other will also be taken into consideration.

Contributions and preferences

The courts will also consider which spouse has a more vested interest in certain assets, such as a business or real estate. For instance, if one spouse owns a medical practice, this spouse can request that their ex not have any financial control over the practice as long as the practice owner agrees to a suitable alimony settlement. Or if the couple owns property that was passed down from one spouse’s family, this spouse can petition the courts to keep the property in the divorce.

The judge will also take personal factors into account. Each divorce case is different, and the courts will have to consider things like which parent will stay in the home, the earning potential of both spouses, and the well-being of the children before issuing a ruling.