The division of marital property is one of the most important aspects of your marital dissolution. It can also bring about a great deal of emotions and confusion if you don’t have a divorce lawyer who can walk you through it. Florida courts use the guideline of “equitable distribution”, and this is outlined below.
Knowing your rights and how the courts are likely to consider your case is important so that you feel prepared and confident. Read on to learn more about the division of marital assets in divorce process and how attorney Chad Frost can help you with your case.
What is Equitable Distribution in Florida?
Equitable Distribution means the division of property. The Florida Supreme Court holds to the concept of equitable distribution in the landmark decision of Canakaris v. Canakaris 382 so. 2d 1197 (Fla. 1980). This significant decision by the courts forever changed divorce equity decisions.
This case found that there are some situations in which extenuating circumstances apply, and that in making awards of property, judges must consider any other factors necessary to do justice for both parties. You should always sit down with an experienced divorce lawyer to see what factors in your case may influence the overall award of property.
Any property acquired by parties during the marriage is considered “marital property” and is subject to division in a divorce. It does not matter whose name is on the property. The property must be divided equitably, and in most cases, this means equally. In the majority of cases, the property is distributed equally.
An important component of equitable division is proper valuation of the property itself. The judge will decide what date should be used to evaluate to identify the property. The date to identify the property is usually the date of filing for dissolution of marriage.
The date of valuation is different for each asset. The attorneys at mediation make their cases for dates that are fair to their party.
Property vs. Alimony
The property must be divided before alimony can be determined. Property is considered a source of income. It might increase the income for one party or decrease the need for the other party. For example, if the parties had a large portfolio of income, the award for half of that portfolio might offset alimony payments.
After the division of property and alimony is child support. Child support is determined from net incomes, so it is addressed after alimony is awarded.
To learn more about complex divorce issues like child support, please visit our Divorce with Children Involved page.
Contact An Experienced Orlando Divorce Attorney
At Frost Law, we understand how complex and personal a divorce can be. If you have questions regarding a divorce or division of marital property, contact us today for a free consultation at (407) 670-5569.