Is a 50/50 Split of Marital Property During Divorce Always Fair?

Many Florida couples who decide to divorce initiate the process while under the assumption that all of their marital assets will be split down the middle. This, however, doesn’t always end up being the case. Unlike community property states, which require that divorcing couples split their assets 50/50, Florida adheres to an equitable division standard. This means that couples are required not necessarily to divide their assets equally, but to do so fairly. What qualifies as fair could involve a 50/50 split, or could require a much different arrangement depending on the circumstances of the case.

What Constitutes a Fair Property Division?

 The concept of equitable distribution aims to ensure that all of a couple’s assets and debts are divided fairly. Determining what qualifies as fair, however, will require an assessment of each couple’s unique circumstances, including:

• The contributions of each spouse to the marriage;
• Both parties’ incomes and access to separate property;
• The length of the marriage;
• The desirability of retaining the marital home for the parties’ children;
• Whether there was any interruption of the educational opportunities or personal careers of either party during the marriage;
• Whether one spouse contributed to the personal career or education of the other during the marriage;
• Whether one of the parties wishes to retain any asset, such as a business or professional practice; and
• Whether either party intentionally wasted assets in the last two years.

Understanding these factors is critical for those navigating the divorce process in Florida, as their application sets the stage for the financial outcome of the end of a marriage.

When is a 50/50 Split of Marital Property More Likely? 

The equitable distribution standard is a methodical way of dividing a couple’s assets fairly, albeit not necessarily equally. Because each couple’s situation is so different, what is fair in one case may not necessarily be fair in another. One spouse could, for instance, end up with only 30 percent of the marital assets because she has significant separate assets and a higher income, while in other cases, the division may actually be closer to a 50/50 split. The latter is more likely to occur when both spouses have similar incomes and contributed equally to the acquisition of their marital assets. Couples with shorter marriages who don’t have complex finances are also more likely to receive an even split of their marital property.

Here to Help With Your Divorce-Related Property Division Concerns 

Divorcing couples aren’t required to leave property determinations in the hands of a judge. In fact, most are encouraged to try and come up with a settlement agreement on their own. Couples who go this route will have a lot more leeway in coming up with a settlement agreement that suits their needs, which for many, could involve a 50/50 split of their assets. For help negotiating a property settlement agreement of your own, please call the Clearwater divorce lawyers at Cairns Law today. We are available for both evening and weekend appointments.

Sources: 

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

floridabar.org/the-florida-bar-journal/is-an-unequal-equitable-distribution-equitable/