What Factors Could Affect How Marital Assets are Divided During My Divorce?
Dividing assets is one of the most important (and complicated) aspects of divorce. It can be helpful, however, for couples to have a thorough understanding of the kinds of factors that could end up influencing how their assets are split up. To that end, we’ve included a few things that can help give divorcing parties a clearer idea of what things could affect their property settlement upon ending their marriage.
Does the Asset Qualify as Marital or Separate Property?
Perhaps the most important factor dictating how assets are divided during divorce is whether the property in question qualifies as a marital or separate asset. Marital property includes all assets acquired by either spouse during the marriage, while separate property is made up of assets acquired prior to the marriage (or received as a gift or inheritance). Under Florida law, only marital property is subject to equitable division upon divorce, which is why determining what category an asset falls under is of such importance.
Do the Spouses Have an Agreement?
Pre and postnuptial agreements have become an increasingly popular way for couples to predetermine how their assets will be divided in the event of a future divorce. Basically, these contracts outline how specific property will be split up if a marriage ends. If a couple enters into such an agreement then a family law court will almost always uphold the terms of that contract, as long as they were fair and the agreement was entered into voluntarily.
How Long Was the Marriage?
Because Florida is an equitable distribution state, courts aren’t required to split a couple’s assets 50/50 in the event of divorce. Instead, judges are directed to divide the property equitably, or fairly. What is fair, however, in a particular case will depend on the particular circumstances of the couple’s case, including the length of the marriage. Generally, the longer a marriage is, the more likely a court will be to award an equal distribution of assets. For shorter marriages, on the other hand, courts are more likely to try and return both parties to their pre-marriage financial statuses.
Are the Parties in Debt?
Whether a couple has debts and how those debts were accrued can also be used to determine how assets will be divided during divorce. Courts look at all types of liabilities when making these assessments, including mortgages, loans, and credit card debt. Generally, judges try to split up responsibility for these debts fairly, often assigning responsibility based on who benefited from the loan or who is in the best position to pay it off.
Reach Out to Our Dedicated Largo Divorce Legal Team Today
For more information on the factors that could affect the property settlement agreement in your own divorce, please call Cairns Law at 727-683-1472 today. We know how stressful ending a marriage can be and so make ourselves available to our clients not only on the weekday daylight hours, but also in the evening and on weekends. Call or contact us online to speak with one of our experienced Largo divorce attorneys about your divorce-related questions and concerns.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
floridabar.org/practice-areas/marriage-and-prenuptials/
