When a divorce occurs, states either divide marital property using community property laws or the principle of equitable distribution.
The state of Florida divides property based on equitable distribution. But what is equitable distribution and what are the implications of using this model?
Unlike community property states where marital property is divvied 50/50, courts in Florida have the discretion to award marital property in a “fair” manner in a divorce -which is not necessarily an “equal” division.
Courts always look at individual circumstances to determine what’s fair and often use a set of factors when making property division decisions. Such factors include but are not limited to:
- The duration of the marriage
- The age and health of each spouse
- The contribution to the marriage by each spouse
- The future earning potential of each spouse
Courts in Florida also turn to case precedent and existing court rulings when making such determinations.
Individuals contemplating divorce who have questions pertaining to specific items or property and their likely distribution are encouraged to consult with an experienced attorney who can provide guidance.
Questions about nonmarital property? Click here to learn more.