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When couples begin the divorce process, one of the hardest parts will be splitting up their entire lives. From time with their children to their marital property, and everything in between will need to be carefully considered in order for two spouses to finalize their divorce.
For many going through a divorce, the process can be full of confusion, especially when it comes to how to split their property up. Are assets split evenly among spouses? Or does Florida law allow for the property to be divided in other ways? Our Bartow divorce lawyer explains below.
Is Property Split 50/50 in a Florida Divorce?
Florida is an equitable distribution state, which means marital assets are divided equitably, not equally. Under this process, assets are split in a manner that is fair for each party. Equitable division means that assets will more than likely not be split exactly 50/50.
Separate vs. Marital Property
There are two types of property that are looked at in the property division process of a divorce – separate and marital.
Separate property includes any asset or property that a spouse owned before their marriage. Inheritances and gifts may also be considered separate property.
On the other hand, marital property is the assets and property acquired during the course of the couple's marriage.
This may include:
- Homes and other real estate property
- Motor vehicles
- Jewelry, art, and other physical assets
- Income
- Debt
- Bank accounts
- Retirement accounts
- Stock
- Other nonphysical property
Only marital property will be divided in a divorce. Separate property is excluded from the property division process in most cases. The only exception is if separate property was commingled with marital property. When this happens, it may turn separate assets into marital ones.
If you have questions about your divorce and property division, call Advocate Law Firm, P.A. today at (863) 644-5566 to speak to our Bartow divorce lawyer.