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Understanding Equitable Distribution of Marital Assets in Florida

Divorce can be one of the most trying and stressful experiences in a lifetime. It is often fraught with conflict, uncertainty, and emotional challenges, from worry to anger, resentment, sadness, and animosity. Navigating your way through the process can be difficult and painful.

One issue you must face in divorce is the equitable distribution of marital property and debt. This can be one of the most contentious and complicated matters in divorce. It involves dividing assets and debts according to the legal policy of equitable distribution. Equitable distribution means that marital property is divided fairly and equitably; this does not necessarily translate into “equal.”

Financial security after divorce is a matter that is of vital importance for most divorcing people. You will want to ensure that you have as much financial stability as possible as you transition into the next chapter of your life. A skilled and experienced divorce lawyer on your side can be invaluable in this matter.

At McDermott Law Offices, PLLC, you can work with an attorney who brings proven negotiation, mediation, collaborative law, and litigation skills to your case. Attorney Paul McDermott has over two decades of professional experience to draw on in protecting your rights and best interests in this critical issue. He aims to help you seek the best possible financial outcome in your divorce settlement.

Learn more about your options and how our Sarasota property division attorney can help. Contact us by email or at (941) 837-5071 for a consultation.

Overview of Equitable Distribution

Under Chapter 61.075 of the Florida Statutes, all property acquired and debts incurred during a marriage should be equitably (or somewhat) divided between the spouses. This means that every asset and liability may be, but is not necessarily always, split equally.

This issue can be particularly divisive for clients because it involves the division of assets accumulated during the marriage. Often, these assets have great sentimental value to one or both parties and dividing them can cause emotional pain and stress. Additionally, clients may feel that their contributions to the marriage were undervalued or overlooked, creating further tension.

Each marriage has its unique determination of marital asset and debt division because property ownership is diverse in acquisition, commingling, and disposition. Each case presents its unique challenges and arguments to be asserted over whether each piece of property should be considered "marital" or "non-marital" (separate), which in turn determines whether the property is subject to division.

Separate vs. Marital Property

Separate property, acquired before the marriage or through inheritance or gift, is generally exempt from division. However, it may be subject to division if it has appreciated in value during the marriage or has been commingled with marital property.

For example, if one spouse has a bank account they owned before marriage and then deposits marital funds into it, that account is now considered a commingled asset. Similarly, if a spouse owns a premarital home and uses marital funds to pay the mortgage, the house becomes a commingled asset. This can complicate the property division process in a divorce, as the court must decide how to divide the commingled asset between the spouses.

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Complexities in Property Division

Equitable distribution can also be complex due to the many different types of assets and liabilities that are subject to division. High net worth marriages, marriages involving blended families with inheritance issues, marriages involving pensions and retirement accounts, family-owned businesses, overseas assets, and other financial complications can all create additional complexity layers requiring legal guidance and support.

What Are Marital Assets?

Equitable distribution can generally apply to any property or debt acquired during the marriage, regardless of its title.

This can include:

Real estate
Personal property such as furniture, jewelry, and artwork
Vehicles

Boats
Bank accounts
Retirement accounts and pensions
Business interests
Stock options and restricted stock units
Life insurance policies
Intellectual property rights
Other investments
Debts such as mortgages, credit cards, and car loans

How Do Courts Determine Property & Debt Distribution?

When determining what is equitable, courts will consider a variety of factors, such as the length of the marriage, respective financial contributions of each party to the marriage, contributions of each party to the care and upbringing of the children, economic circumstances of each party, and the desirability of retaining certain assets, such as the marital home, for the benefit of children.

Put McDermott Law Offices, PLLC, in Your Corner

Division of assets and debts in a marriage can be complicated. It is essential to retain an experienced family law attorney to assist you with the identification and value of each asset so that you do not receive an "unequal" distribution of assets or debt after your divorce. Unlike child support or alimony, property division is not modifiable once a final judgment has been rendered.

Contact us today at (941) 837-5071 for legal help.

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