Dinsmore, FL Divorce Law Firms & Lawyers

It appears you are asking about how property will be divided upon dissolution of your marriage. In Florida, property is divided the way the parties agree, or if they do not agree, pursuant to statute. Florida is an equitable distribution state. Equitable does not necessarily mean equal, but equal is the starting point when it comes to dividing marital property. In order to make an equitable distribution, the Court goes through several steps. It will first be certain it is aware of all of the assets and debts. Once it knows what assets and debts exist, it will categorize them as either marital or non-marital. The date for determining whether an asset or debt is marital or non-marital is the date on which the action for dissolution of marriage is filed, the date on which the parties reach an agreement, or the date the parties designate in their agreement. Non-marital assets are things you had prior to the marriage, things you got in exchange for things you had before the marriage, things you received by gift or inheritance unconnected with the marriage, things that you and your spouse agreed in a prenuptial or postnuptial agreement would be non-marital, and passive appreciation in the value of non-marital assets. Once non-marital assets and debts are identified, they are set aside to the party who is entitled to them and they are not divided as a part of the equitable division of property. Marital assets are things you acquired during the marriage through your efforts and labor; the money you earned at work during the marriage; gifts you gave each other during the marriage; real property acquired during the marriage regardless of whose name is on the deed; real property titled in joint names no matter when it was acquired; pension or retirement rights, plans, and benefits accrued or accumulated during the marriage; active appreciation on non-marital assets; and everything which is not specifically found to be non-marital. Once the marital assets have been identified, the Court will then determine their individual values. The valuation date is the date which the Court finds to be just and equitable under the circumstances. Assets may or may not be valued as of the date of filing and different assets may be valued as of different dates. The Court then attempts to divide the marital assets and allocate the marital debts in a way that puts approximately 50% of the overall net value into each party's pile. If a party wants something other than a 50/50 division of the marital assets and debts it is his or her obligation to convince the Court why some other division would be fair and equitable. There is also special consideration given to the former marital home. It can sometimes be awarded to one party as support or based on special need.