Is There a Formula for Dividing Marital Property in Florida?
Whether you are considering divorce in Florida or your divorce case is in its early stages, you are likely wondering about the division of property. More specifically, is there a formula for dividing marital property in Florida? There is no specific formula that applies to every case, but there is a streamlined process for classifying and dividing marital property in Florida. Under the Florida Statutes, the divorce court must classify all property, which includes assets and debts, as nonmarital or marital property. Only marital property will be divided, and the spouses will be able to keep all nonmarital property (which is also known as separate property). Then, the court will consider a wide range of factors that are listed in the Florida Statutes to determine how to divide marital assets and liabilities according to the idea of “equitable distribution.”
Our Brandon divorce lawyers can provide you with more information about equitable distribution and how courts consider the factors listed in the statute.
Equitable Distribution Does Not Include a Formula But Instead Has Set Factors to Consider
The equitable distribution of marital property does not have a formula, but there are set factors that the court will consider under Florida law. It is important to know that Florida is slightly different from other equitable distribution states. Under Florida law, courts “must begin with the premise that the distribution should be equal unless there is a justification for an unequal distribution based on all relevant factors.
Examples of those factors include but are not limited to:
- Contribution of the marriage by each spouse;
- Economic circumstances of the parties;
- Duration of the marriage;
- Interruption of personal careers or educational opportunities of either spouse;
- Contribution of one spouse to the other spouse’s personal career or education;
- Desire for a spouse to retain a specific asset or assets;
- Contribution of each spouse to the acquisition of assets or liabilities;
- Desire of a spouse to retain the marital home; and
- Intentional dissipation or destruction of marital assets.
In addition to factors listed in the statute, courts can also consider “any other factors necessary to do equity and justice between the parties.”
Courts Consider the Equitable Distribution Factors Based on the Particular Circumstances of the Marriage
When courts in Florida divide marital property according to the idea of equitable distribution based on the factors listed in the statute, it is important to know that there is no set way of applying these factors. Rather, the court will look at the particular facts and circumstances of the marriage and, considering the factors, will decide whether the distribution of marital assets and liabilities should be equal, or unequal based on the facts of the case. In other words, the division of marital property is always done on a case-by-case basis, but courts always consider the same factors in each case.
Contact a Brandon Divorce Attorney Today
If you need assistance with the division of marital property or any other aspect of your divorce in Florida, one of our experienced Brandon divorce attorneys can help. Contact Carman, Bevington & Finegan today for assistance.