North Tampa Legal Group, PA

How will assets be split in my Florida divorce?

On behalf of North Tampa Legal Group posted in divorce on Monday, February 13, 2017.

When you have irreconcilable differences with your spouse and divorce is inevitable, your major focus may naturally be to protect your assets and financial interests. The trick in many cases is distinguishing between what belongs solely to you versus what is considered marital property, which is subject to division during the divorce proceeding. A few tips may help you to successfully fight for your fair share of assets during the dissolution of a marriage in the state of Florida.

Equitable distribution

Florida is considered an equitable distribution state, which means a judge will determine what is fair in property division instead of simply dividing the property 50/50. This might mean that 66 percent of the property will go to the spouse who earns the most, whereas the other spouse will get 34 percent of the property. This is the opposite of what takes place in a community property state, where marital property – known as community property – is usually divided evenly.

Separate property

In a divorce proceeding, you get to keep any property you acquired prior to the marriage, also known as separate property. This may include pension proceeds, an inheritance, gifts and court awards. Likewise, any property that was obtained using separate property will stay separate property – for example, a boat that was purchased using inheritance money. Still, some types of separate property might end up becoming marital property, such as a company that was started prior to the marriage but was being sustained through the marriage. This type of property is typically called comingled property.

Divorce proceeding options

When fighting for your business or other assets during the dissolution of a marriage in Florida, the stakes are understandably high. The decisions you make during your divorce proceeding can have consequences for you financially both now and in the years to come. A knowledgeable attorney can stand beside you at the negotiation table if you and your future ex are willing to try to achieve a divorce settlement without further court intrusion. If going to trial is necessary, the attorney can assertively fight for your rights to ensure that you get all the assets to which you are entitled in the Sunshine State.