During a divorce, one of the most pressing issues confronting Tampa Divorce Attorneys is which spouse gets which property. Married couples rack up a lot of stuff during their time together and often the value of the items are as much sentimental as monetary. Basically, it is very difficult to determine who will get exactly what in a truly contested divorce with lots of assets. Fortunately in Florida, the Legislature has provided us a model or standard to determine the proper division of assets and liabilities ultimately. This division of property in a divorce is known as “equitable distribution.”
According to Florida Statute 61.075, the court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors, including:
- The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as homemaker.
- The economic circumstances of the parties.
- The duration of the marriage.
- Any interruption of personal careers or educational opportunities of either party.
- The contribution of one spouse to the personal career or educational opportunity of the other spouse.
- The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party.
- The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the non-marital assets of the parties.
- The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, when it would be equitable to do so, it is in the best interest of the child or that party, and it is financially feasible for the parties to maintain the residence until the child is emancipated or until exclusive possession is otherwise terminated by a court of competent jurisdiction. In making this determination, the court shall first determine if it would be in the best interest of the dependent child to remain in the marital home; and, if not, whether other equities would be served by giving any other party exclusive use and possession of the marital home.
- The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition.
- Any other factors necessary to do equity and justice between the parties.
Basically, everything should begin 50/50, unless the court finds evidence of any of the above-referenced factors. It is also worth noting 50/50 doesn’t necessarily mean each party gets five items, it is based on the combined value of the items, so theoretically you could get more stuff then your ex-spouse, but the amounts should still be the same. Your Tampa Divorce Attorney will obviously argue and advocate for your position based on the specific facts of your unique case.
It is worth noting the other category of property during a divorce is “non-marital” assets. “Non-marital” assets are not subject to equitable distribution. “Non-marital” assets include:
1. Assets acquired and liabilities incurred by either party prior to the marriage, and assets acquired and liabilities incurred in exchange for such assets and liabilities;
2. Assets acquired separately by either party by non-interspousal gift, bequest, devise, or descent, and assets acquired in exchange for such assets;
3. All income derived from non-marital assets during the marriage unless the income was treated, used, or relied upon by the parties as a marital asset;
4. Assets and liabilities excluded from marital assets and liabilities by valid written agreement of the parties, and assets acquired and liabilities incurred in exchange for such assets and liabilities; and
5. Any liability incurred by forgery or unauthorized signature of one spouse signing the name of the other spouse. Any such liability shall be a non-marital liability only of the party having committed the forgery or having affixed the unauthorized signature. In determining an award of attorney’s fees and costs pursuant to s. 61.16, the court may consider forgery or an unauthorized signature by a party and may make a separate award for attorney’s fees and costs occasioned by the forgery or unauthorized signature. This subparagraph does not apply to any forged or unauthorized signature that was subsequently ratified by the other spouse.
It is critical for your Tampa divorce attorney to quickly determine what assets will likely be considered marital and non-marital to develop a strategy for the equitable distribution portion of your divorce.
The court may order one spouse to pay cash to another spouse, either paid in full or in installments, essentially to balance out the ideal 50/50 division described above. This situation often occurs when the marital assets are not easily divisible, like a home, where young children are residing.
The issue of alimony is discussed elsewhere on our website since it is often closely related to equitable distribution.
It is worth noting the remarriage of one of the spouses does not affect what was awarded from the previous marriage in equitable distribution.
If you or someone you know has questions concerning the distribution or assets and debts during a divorce, contact the Tampa divorce attorneys of Hackworth Law for a free case consultation. We have handled a variety of divorces, including those involving active military members and other difficult divorces. We appreciate you taking the time to look over our blog and look forward to hearing from you.