Division of Marital Property in Florida
The Law Office of Cohen & Storie
Orlando, Florida
407-246-0888 ∙ E-Mail
When it comes to the division of marital property during a divorce, Florida is what is known as an "equitable distribution" state, as opposed to a "community property" state.
Under rules of equitable distribution, there is no legal requirement that marital property and marital debt be divided completely equally. Instead, the judge will divide property in a way that is fair to both parties.
For example, in a case where one spouse has an advanced education and a high salary and the other spouse has little education and no work history, a judge may award the unemployed spouse a higher percentage of the marital assets.
It is important to remember that a negotiated agreement regarding the division of marital property is likely to be more fair and agreeable to both parties than a decision handed down by a family court judge.
What Is Marital Property and Marital Debt?
As part of divorce proceedings, the spouses have to agree on how to divide marital property, or else a judge will make the decision and the spouses will have to abide by the judge's decision.
Marital property is any asset or real estate that was acquired during the course of the marriage. Marital property may include increased value of real estate that one party purchased prior to the marriage, and marital property also includes the value of any retirement plans.
What About the Home Mortgage?
Just like marital property must be divided, so must the spouses divide responsibility for debt acquired or increased during the marriage. Debt acquired during the marriage must be divided equitably, which means that divorcing spouses usually must make arrangements for continuing mortgage payments — especially in situations where the home value has decreased to less than the value of the mortgage.
Contact the Law Office of Cohen & Storie
If you are considering a divorce and have questions about division of marital property, it is important to get early legal advice from attorneys who understand the concepts involved in equitable distribution and can give you a clear picture of the likely outcome.
Contact the Law Office of Cohen & Storie today to schedule an appointment with one of our experienced divorce lawyers.
Call 407-246-0888 or send us an e-mail.
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