The division of assets is one of the most difficult areas in any divorce proceeding. Although there are rules in place, divorce cases can get stuck for several reasons. Hiring a Weston Florida divorce attorney can really help to understand the rules in place and to ensure that your best interests are protected at all times.
- Florida is an equitable distribution state, but equitable doesn’t mean equal. It means a fair division of property. If a settlement cannot be reached, the court will decide how to distribute the marital property. The court will usually look at the financial condition of each partner in determining what is ‘fair’.
- The division of property or assets also includes the division of liabilities. So, if your marital property is up for equal distribution, remember that the debt will also be equally divided.
- You can apply for an inequitable distribution of property. The request must be supported with justification and must be filed during the discovery process. For instance, a financially weaker spouse can request for a greater share by proving how he/she supported the other’s career or their contribution to household maintenance and care or their future earning capacity. The judge has the discretion of making an unequal distribution of property if there is enough evidence to show that it is a fairer decision.
- The allocation of assets will also take into account child support, parental responsibility, the parenting time-sharing agreement, and alimony awarded. These factors also add to the earnings of each spouse.
- The distribution of assets only applies to marital properties. However, non-marital properties can also be subject to asset distribution if marital income was used for its care and maintenance or if there is a prenuptial agreement that allows for this share. It is essential that you disclose all financial information to your Weston Florida divorce attorney.