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Because the state of Florida is an equitable distribution state, all marital assets and liabilities will be "equitably" divided upon a divorce. Though this is true in theory, in actual outcomes it does not necessarily mean that all property will be divided exactly in half.
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Property division assistance from our Safety Harbor, Florida, attorney makes dividing assets fairer for you. Equity means fairness, especially when there is great disparity in income production or when children are involved.
What You Should Know
It's important to understand that assets acquired and liabilities incurred during the marriage through the use of marital funds or labor are viewed by the courts as a marital asset or liability. Assets include not only checking and savings accounts, but also future benefits from pensions, 401(k)s, IRAs, vacation homes, stocks and bonds, and mutual funds. They can also include valuables like airline miles, credit card accounts, mortgages, HELOCs, and automobiles.
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Non-Martial Property
Property acquired outside the marriage is known as non-marital property. This type of property is bought or inherited before you and your spouse marry, or it is or excluded due to a prenuptial agreement.
When there is a marital home, it's important to know that real estate can't be divided. Therefore, the marital home may either be sold for proper division of the home's value or one spouse may need to do a "buyout" of the other spouse's interest.
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