What should I expect from property division?

On behalf of South Tampa Law Group posted in child custody on Wednesday, January 9, 2019.

When you divorce, you have to divide your marital property with your soon-to-be ex-spouse. Florida law mandates that property division be equitable, which most people wrongly interpret as meaning equal. You should not expect your division of assets to be exactly equal, but you should expect a fair share of marital assets.

Deciding what is fair is not always easy. Both you and your ex have assets and financial interests you would like to protect, and you probably both have slightly different views of what would constitute a “fair” division. This is especially true when there are many different types of property to consider, which is common for most married couples. Such property might include:

  • Homes or investment properties
  • Family businesses
  • Retirement accounts
  • Family heirlooms or inherited money
  • Collectibles, artwork or other valuables
  • Savings or investment accounts

An equitable distribution does not mean that a 50/50 split of your marital assets is out of the question. In many cases, an equal split is an obvious solution. However, courts often look at details specific to the couple when considering these issues, so your division could be influenced by outside matters, including alimony orders.

No matter how pressured you may feel to quickly agree to a property division agreement, make sure that you are not being rushed to further your ex’s financial interests over your own. Dividing your marital property can have long-term implications, including tax, property upkeep costs and more. To be certain that your rights are respected and upheld throughout the entire process, consider consulting with an attorney who is well-versed in Florida family law.