When couples begin the divorce process, they undoubtedly will have to split their entire life up. From time with their children to their property, and everything in between will need to be carefully considered in order for two spouses to finalize their divorce. For many going through this transition, the divorce process can be confusing – especially in terms of property division. Often people wonder whether or not their property will be evenly split 50/50 between each other or if other factors determine how much property is allocated to each person.
Is Florida a 50/50 Divorce State?
Florida operates as an equitable distribution state. Under this approach, marital assets are divided equitably. It should be noted that equitably does not mean equally. Instead, assets are split in a fair manner, which means that divorcing couples may or may not split their assets 50/50.
What is Separate and Marital Property?
There are two types of property that are considered in a divorce – separate and marital.
Separate property includes all of the assets and property that a spouse owned prior to marriage. Additionally, inheritances and gifts are considered to be separate property.
On the other hand, marital property includes the assets and property acquired while the couple was married. This is anything from homes, vehicles, jewelry, art, and other physical assets to income, debt, bank accounts, retirement accounts, stock, and other nonphysical property.
When dividing assets in a divorce, only property that is categorized as marital property will be considered. Separate property is not subject to property division. However, there are certain instances where separate property can become marital property. For example, if separate property was used to increase the value of a marital asset, it could be comingled together, thus making it marital property in the divorce.
If you have questions about how equitable distribution will impact your divorce, call The Law Offices of Jonny Kousa, P.L. today at (954) 626-8071 to speak to our Coconut Creek divorce lawyer.