The end of your marriage signals many significant changes for your life, and you may be wondering what this means for your possessions. Property division is one of the most complicated aspects of a divorce, and you will find it beneficial to know what to expect and how you can protect your interests during this time.
The process of dividing property during a divorce is complex, lengthy and emotional. While some couples are able to do this through an amicable agreement worked out through negotiations and discussion, that may not be an option for you. In a Florida divorce, property division is equitable. This means that the court will strive to be fair, but a couple will not necessarily split property 50-50.
What is equitable division of marital property?
Equitable means fair, but it does not necessarily mean equal. A fair distribution of marital property generally depends on the type and value of marital debt and property that a couple accumulated over the course of their marriage. In order to better understand how this works, it can be useful to understand the different types of property, such as:
- Community property: This generally includes any property purchased, received or accumulated over the course of the marriage. Community or marital property is generally subject to division during a divorce.
- Separate property: This type of property includes anything owned by one of the parties before the marriage. In some cases, property that was once separate property could become marital property, such as a family-owned business.
- Co-mingled funds purchases: This property typically includes items purchased or maintained with funds from both partners, or property that is difficult to categorize.
It is normal to have concerns regarding the property to which you could have a rightful claim. From keeping the family home to dividing marital debt, these are real issues that will impact your life for decades to come. Property division is a major issue, and you will find it useful to know your rights and fight for an equitable share of all marital property.
How can you protect your interests?
Walking through the divorce process is never easy, but you do not have to do it alone. The guidance of an experienced attorney is an invaluable asset as this time, and your legal ally can work on your behalf to secure a fair and proportionate share property division settlement. The protection of your rights begins by seeking legal help as early as possible in the divorce process.