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Equitable distribution is a concept used in Florida property division law, which attempts to ensure that spouses receive a fair and just outcome regarding the division of property during divorce. While this may sound simple enough, it can be an incredibly complex and nuanced process. In this blog post, we’ll discuss what equitable distribution is and the factors that determine how assets will be divided.
What is Equitable Distribution?
Equitable distribution is based on the idea that each spouse should receive a fair share of marital assets during divorce proceedings. However, it should be noted that equitable does not necessarily mean equal; depending on the circumstances surrounding the case, one spouse may receive more than the other. This concept exists so that no one spouse receives an unfair advantage due to their financial situation or any other factor outside of their control.
When Does Property Get Divided?
The process of equitable distribution begins when both divorcing spouses cannot come to an agreement regarding property division. It is important to note that all property acquired by either spouse during marriage, including gifts and inheritances, are subject to division in a divorce proceeding. This includes all vehicles, real estate holdings, bank accounts, stocks/bonds/securities, retirement benefits and pensions, personal items such as furniture or jewelry, debts owed by either spouse such as student loans or medical bills, business interests owned by either party, etc.
See Related Blog: “What is Marital Property?”
When determining how assets should be divided equitably between both spouses, courts consider several factors, such as:
- Length of marriage;
- Income/earning potentials;
- Age/health;
- Standard of living;
- Debts incurred by either party during the marriage;
- Contributions made by either party during marriage (financial or otherwise);
- Child support obligations;
- Tax implications for each party post-divorce, etc.
In cases where there are significant issues at play (abuse allegations or infidelity), courts will not take these into consideration when determining the final outcome of asset division unless their behavior affected the finances of the couple (i.e., hiding money, fraudulent transactions, etc.)
Dividing Property in a Divorce with the Help of Owenby Law, P.A.
The process of equitable distribution can be a stressful and complicated one, but you don’t have to go through it alone. At Owenby Law, P.A., we understand the importance of making sure everyone involved in the divorce receives an outcome that is fair and just. Our team of experienced divorce lawyers will work with you to ensure your rights are protected and that your assets are divided equitably.
If you are thinking about the divorce process and don’t know where to begin, contact us today at (904) 770-3141.