The property division stage of a divorce can be a complex process, particularly for older couples who have accumulated homes, businesses, and other assets in multiple states over the years. For Florida couples considering divorce, it’s critical to understand how Florida’s equitable distribution laws apply to out-of-state property.
Understanding Equitable Distribution in Florida
Florida is an equitable distribution state, meaning that marital property is divided fairly, though not necessarily equally, during a divorce. Under Florida law, the court must consider several factors when distributing assets, including the duration of the marriage, each party’s economic circumstances, and contributions to the marriage.
Importantly, the court distinguishes between marital and non-marital property. Marital property typically includes assets acquired by either spouse during the marriage, while non-marital property encompasses assets owned individually prior to the marriage or received as a gift or inheritance.
Handling Out-of-State Property
When it comes to property located in other states, Florida courts have jurisdiction to include these assets in the equitable distribution process, provided they are classified as marital property.
However, the court cannot directly affect the title to real estate in another state. Instead, the court may order one spouse to convey their interest in the property to the other, effectively distributing the asset as part of the divorce settlement. If necessary, the court may impose a monetary award to ensure equitable distribution, compensating one party for their share of the out-of-state property.
Steps to Prepare for Property Division
To effectively navigate the division of out-of-state property, it is advisable for individuals to take certain preparatory steps. First, gather all relevant documentation related to the property, such as deeds, mortgage statements, and tax records. This information will be essential for accurately determining the property’s value and ownership status.
Second, consider obtaining a professional appraisal of the property to ensure a fair assessment of its market value. An accurate valuation is crucial for equitable distribution, especially when balancing assets located in different states.
Finally, seek guidance from an experienced family law attorney who can provide insight into how Florida law applies to your specific situation and help develop a strategy for property division. An attorney can also coordinate with legal experts in other states to address any interstate issues that may arise.
Older couples facing divorce in Florida and holding property in other states must navigate a multifaceted legal process. By understanding how Florida’s equitable distribution laws apply to out-of-state assets and taking proactive steps to prepare for property division, individuals can better position themselves for a fair and equitable outcome. Consulting with knowledgeable legal professionals will be instrumental in achieving a resolution that respects both parties’ interests and complies with the law.