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What is the division of marital assets in Florida?

What is the division of marital assets in Florida?

When a married couple files for divorce in Florida, there will be an “equitable distribution” or the division of marital assets and liabilities. See Florida divorce law 61.075.

How are marital assets divided in a divorce?

Only marital property/ debt is subject to equitable distribution by a court. Divorce can be a stressful and frightening time; it is the end of a marriage. There is a lot at stake in the outcome and especially for high asset divorce cases. There are unique challenges to a divorce when the parties involved have a substantial net worth.

How is the property divided in a divorce?

In community property states, each spouse is entitled to 50% of the marital assets. This is not necessarily a physical division—you can’t split a home in half—but rather an equal division of the value of the marital estate.

What happens to assets and debts in a Massachusetts divorce?

In equitable division states, like Massachusetts, all assets and debts acquired at any time (including before the marriage) are considered marital, and therefore subject to division in a divorce. However, judges in equitable division states retain discretion to assign assets and debts in an unequal matter.

How are marital assets divided in a Florida divorce?

In Florida, the law requires that a court equally distribute a marital asset unless a “legally sufficient justification for an unequal distribution is given based on the relevant statutory factors.” Foley v. Foley. For help with how to unequally divide marital assets, contact a divorce attorney in Tampa.

How are assets and liabilities divided in a divorce?

Usually, the court will divide marital assets and liabilities 50/50 unless there are factors that would make an equal split inequitable. Usually, the first step is to determine if the asset or debt is marital or separate property. Only marital property/ debt is subject to equitable distribution by a court.

What are the statutory factors for a Florida divorce?

The relevant statutory factors under Florida Statute 61.075 include the following: (a) The contribution to the marriage by each spouse. (b) The economic circumstances of the parties. (c) The duration of the marriage. (d) Any interruption of personal careers or educational opportunities of either party.

When did the Rogers family file for divorce?

Rogers, the parties filed for divorce after eight years of marriage. During the marriage, the wife incurred over $23,000 in student loan debt; the husband did not incur any student loans.

What happens when you get a divorce in Florida?

If you get a divorce in Florida, the state will revoke any wishes stated in a will written during your marriage to leave property or assets to your spouse. For this reason, you’ll need to revise your will once your divorce is finalized to re-designate your heirs.

When to hire a divorce attorney in Florida?

Therefore, it is crucial to hire an attorney who is well versed in high asset divorces and can aggressively represent your interests. Under Florida divorce law, separate property may be classified as marital property under certain circumstances.

Where do you file for divorce in Florida?

The divorce filing must be made in the county in Florida where either of the two parties to the divorce resides. Grounds for Divorce in Florida Florida is a no-fault divorce state.