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How does asset division work in Florida?

One of the most complex aspects of divorce is asset division. As an equal distribution state, Florida courts aim to divide all shared assets equally between the two parties.

However, many couples face a more complex process, one that requires a further review of the situation. The following are a few factors courts use when deciding how to split marital assets.

Contributions to the marriage

Shared assets typically include any money or property accrued after the marriage. If the court sees no fair way to divide these assets between spouses, then they may look at each party’s contribution to the marriage. This contribution can also involve matters not related to financial standing, such as child care. For example, if one spouse is a primary breadwinner and purchased a home, but the other provides essential support to the household and the children, the court will look to separate the property equitably.

Financial status

Each party’s financial status and earning capability are also factors. Using the example of stay-at-home parents, these individuals may lack the training and job experience necessary to support themselves after the marriage has ended. However, their spouses’ will possess essential training and experience to be able to maintain gainful employment for years to come. If there are disparities between the two, the court might choose to award the stay-at-home spouse with a larger share of assets to ensure they maintain their current standard of living.

How long the marriage lasted

The duration of marriage is often considered when it comes to matters involving alimony. Longer marriages also usually mean an intermingling of both parties’ finances to a greater degree than if it were a short relationship. For example, a spouse is more likely to receive alimony if the marriage lasted many years.