During a divorce, one of the most difficult things that people need to go through is the division of assets. During the marriage, both couples typically have the ‘what’s mine is yours, and what’s yours is mine’ approach, which is a very healthy attitude. At some point in the divorce, however, everything that you own will need to become either yours, or your ex’s. If you can’t come to an agreement about who gets what, the courts will be forced to decide on your behalf.
While your attorney will work hard to make persuasive arguments on what you should get, and why, the courts will always operate within a certain set of standards to help ensure both parties emerge from the divorce in as good of a position as possible. In the state of Florida, property division is handled using what is known as equitable distribution. Understanding what equitable distribution is, and how it will impact your case, can help you to know what to expect and how to prepare.
What is Equitable Distribution of Property?
The term equitable distribution of property means that a judge is going to try to split all assets in such a way as to ensure both parties emerge as strong as possible after the divorce, and moving forward. This is in contrast to community property distribution, which is where each party will get exactly 50% of the assets.
In Florida, for example, the judge is less likely to say that each party is entitled to half of the home (or its value), because this typically makes it necessary to sell the family house. Instead, the judge will look at each person’s situation and decide who will need the home more (it will typically be whomever has primary custody of the children). The judge will go through each asset in this way, trying to divide everything up as fairly as possible. In the end, both parties are going to get some of what they want, and lose some of what they want, in virtually every case.
What Factors are Considered?
When deciding who should get what in a divorce, a judge is going to look at a number of different factors to help them make a fair ruling. These factors include, but aren’t limited to, the following:
- Needs of the Children – If there are children involved, the judge will do everything they can to ensure their needs are met first.
- Income of Each Spouse – The current income of each spouse will determine what each of them need when starting their life without the other party.
- Potential Income – In many cases, one of the spouses won’t have been working for some time. When this is the case, the judge will look at their potential for income moving forward.
- Length of Marriage – If one party brings significantly more assets to the marriage than the other, and the marriage is brief, they will likely get to keep the majority of the assets.
Arguments from an Attorney
In addition to the above-mentioned factors, a judge will pay close attention to any arguments that each party’s attorney makes. This is why it is so important to have an attorney who will work with you to determine your needs, and make persuasive arguments in court to help you get what you’re entitled to. If you’re getting a divorce, or think you might be soon, please contact us to set up a consultation and discuss your options.