Getting divorced in Florida can be an upsetting and expensive process. This is due to the principle of equitable distribution that plays a role in most divorce cases. The concept of an “equitable” distribution is one that aims to meet the realistic needs of both parties. For this reason, it is labeled as equitable rather than strictly equal.
How an equitable distribution may be determined
There are several factors that can determine the equitable distribution of your assets after you divorce.. Some of these may include:
- How long you were married
- Which spouse has custody of the children who are still minors
- The present and future financial needs of each party
- The financial wellbeing and earning power of both parties
- The amount each contributed to their combined finances during the marriage
- Retirement accounts or pensions that were accrued by both spouses
- Any debt, such as credit card debt, that was accumulated during the marriage
- All non-monetary contributions covering such areas as child raising or work done at home that a spouse was not paid for
- Child support from previous marriages that either spouse may be responsible for paying
- The total market value of separate property owned by each spouse
- Marital misconduct on the part of either or both spouses
Can you avoid giving it all away?
Florida is a state where you could potentially lose more than half of your marital estate after a divorce. This is why both spouses are urged to come to an understanding concerning the division of their property if the marriage should end. Such an agreement can save all concerned parties a great deal of stress, time, and money.
Some parties who are considering entering a marriage decide to draw up a prenuptial agreement. Such a document can go a long way toward making a positive identification of the property that both parties own as single people. This can help individuals limit their total losses after a divorce.