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How are Assets Divided in a Divorce

Anyone who is planning for a divorce in Brandon or is considering the possibility of divorce may be wondering about how assets are divided in a Florida divorce. Florida is an equitable distribution state, which means that all assets will be divided in a way that the court considers to be fair or equitable to both parties, as opposed to splitting the assets 50/50 between the parties. Yet before assets can be divided in a Brandon divorce, the court must first determine whether those assets should be classified as separate (non-marital) property or as marital property. Then, only marital property will be divided in the divorce and will be distributed between the spouses equitably. Our Brandon family law attorneys can provide you with more information about the division of marital assets in a divorce.

Classifying Assets in a Divorce Case

Before the court can divide any assets in a Brandon divorce, it will need to determine whether assets should be classified as separate or marital property. Both spouses will be required to provide a full accounting of all property. If you have concerns that your spouse is trying to conceal assets, you should speak with a divorce lawyer in Brandon about working with a forensic accountant in order to identify any hidden property so that it can be properly classified and, if appropriate, divided in the divorce.

How are assets classified prior to division? Any assets acquired prior to the date of the marriage will be classified as separate property. These assets will not be divided in a divorce. Then, in general, any assets acquired after the date of the marriage by either spouse will be considered marital property and will be divisible unless one of the following is true:

In some cases, separate and marital assets have been mixed or “commingled.” If assets have been commingled, the court will try to determine which percentage or portion is separate property and which is marital property.

Determining What an Equitable Distribution of Assets Looks Like

Once the court classifies marital assets that are divisible, it will divide them. According to the Florida Statutes, the court will “begin with the premise that the distribution should be equal unless there is a justification for an unequal distribution based on all relevant factors.” It will look to the following factors cited in the Florida Statutes to determine what an equitable distribution of those assets will look like:

Contact a Brandon Divorce Attorney

Our experienced Brandon divorce lawyers can speak with you today about the division of assets in your Florida divorce. Contact Carman Bevington & Finegan today for assistance.