Florida is an equitable distribution state which means that the marital assets will be divided on an equitable basis. Equitable distribution of property means fair distribution of property and not 50-50. Any property acquired during the marriage either by marital cash or by marital labor is considered marital property and is subject to division. Some of the examples of marital property, including the tangible and non tangible assets, are marital house, cars, savings, investments, loans and mortgages, credit card accounts, pension, IRAs and automobiles. Real estate marital assets are not subject to division. They are either sold and the amount is divided among the spouses or one of the spouse buys the other party’s interest. In cases where minor children are involved, a judge can grant the custodial parent the possession of marital house till the youngest child reaches emancipation. Doing so will allow the custodial parent to spend time with the children in the marital house without selling the house or buying other spouse’s interest. The other spouse can request a petition in the court for selling the house and dividing the money once the youngest child reaches the age of 18.
The division of property in Florida is done keeping the following factors into consideration:
- Financial standing of both the spouses.
- Tenure of the marriage.
- Contribution of both the spouses in the marriage including their role in taking care of the children and their upbringing and their contribution as a house maker.
- The role of one spouse in the growth of other spouse on professional level and in educational opportunities.
- The desire of the custodial parent to retain the marital property as a home for the best interest of the dependent child. However, in such scenario, the decision of awarding the marital house to the custodial parent is only possible when it is financially feasible.
- Any interruption of personal careers or educational opportunities of either party.
Non marital properties are those assets that are acquired by any of the spouse outside marriage. It includes any property obtained before marriage or by inheritance, property purchased from non marital funds or a property excluded by pre-nuptial agreement. However, if the non marital property is added to the marital property, it is subject to division, during divorce For example, if you have inherited bonds and stocks from your parents and you have put the stocks in an account with your spouse’s name and have been adding money in to the account and depositing the stocks from your spouse’s salaries, then this property can be referred as marital. Property and is subject to equitable distribution. Visit here, and get the information on Florida divorce law with property division.
About Author: I am Maria Scott and I work as a legal advisor. Writing articles on different topics is my hobby. You can follow me on Google +