When a spouse files for divorce, the judge then has authority of divide the assets and liabilities of the couple. Florida uses the term “Equitable Distribution”. Under Florida divorce law, the judge “must begin with the premise that the distribution should be equal”. Some of the factors that the judge must consider to decide whether the division should be equal include:
(a)The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as homemaker.
(b)The economic circumstances of the parties.
(c)The duration of the marriage.
(d)Any interruption of personal careers or educational opportunities of either party.
(e)The contribution of one spouse to the personal career or educational opportunity of the other spouse.
(f)The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party.
(g)The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the nonmarital assets of the parties.
(h)The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, when it would be equitable to do so, it is in the best interest of the child or that party, and it is financially feasible for the parties to maintain the residence until the child is emancipated or until exclusive possession is otherwise terminated by a court of competent jurisdiction. In making this determination, the court shall first determine if it would be in the best interest of the dependent child to remain in the marital home; and, if not, whether other equities would be served by giving any other party exclusive use and possession of the marital home.
(i)The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition.
(j)Any other factors necessary to do equity and justice between the parties.
The division of marital assets can often times be more complicated than first thought. Many times, there are disputes over the value of the assets, who will keep certain assets, and whether the assets are marital or separate.
If you need an Orlando Lawyer who does Property Division, please contact The Law Offices of Wade P. Luther, P.A. (407) 835-9900, or visit the website at: www.FamilyLawofOrlando.com