There are several family matters that couples often need to discuss during a Florida divorce. One of the biggest focuses for many couples is asset division. Nearly every person has some idea of what assets they would want to keep in a divorce, such as a house, car, business or other valuables.
It can help spouses prepare for the asset division process by learning more about how the process works in Florida. Here is what you can learn:
What is equitable distribution?
In some states, assets are divided evenly. However, marital assets are divided equitably in Florida. Equitable distribution means that assets are divided by what is fair. There are a few factors that can influence the fair division of marital assets, including the following:
- The length of a marriage
- Each spouse’s education, skills and training
- One spouse’s contribution to the other’s education
- Each spouse’s income and career opportunities
- Contributions to a household
- Contributions to childcare
- The age of each spouse
- Business assets and investments
Each spouse can argue their fair share of an estate during a trial. A judge may consider all or none of these factors above when deciding how assets should be divided.
Protecting assets from a divorce
There are ways to protect assets from a divorce. For example, couples may have created a prenuptial agreement to manage asset division in a divorce. Furthermore, gifts and inheritance are not typically considered part of the marital estate. Couples can also discuss the division of the marital estate without going to trial. Legal guidance can help couples explore their asset division options.
