Unequal Division of Assets and Debts in Florida Divorce: Understanding Your Rights

One of the most contentious issues in divorce that often arises is the division of assets and debts. In Florida, the law stipulates that marital property should be divided equitably between spouses. However, "equitable" does not always mean "equal." Understanding how assets and debts are divided in a Florida divorce can help you navigate this challenging process more effectively.

At Borntreger Law in Tallahassee, we are committed to providing comprehensive legal support to those going through divorce. In this blog post, we’ll discuss what constitutes marital assets and debts, the principles of equitable distribution, and how you can protect your rights during the division process.

1. Understanding Marital Assets and Debts

In Florida, marital property includes all assets and debts acquired during the marriage, regardless of whose name is on the title. This can encompass:

• Real Estate: Homes, vacation properties, and investment properties.
• Personal Property: Vehicles, furniture, jewelry, and other personal items.
• Financial Assets: Bank accounts, retirement accounts, and investments.
• Debts: Mortgages, credit card debts, and loans taken out during the marriage.

It’s important to distinguish between marital and non-marital property. Non-marital property typically includes assets acquired before the marriage, inherited assets, or gifts received by one spouse.

2. Equitable Distribution in Florida

Florida follows the principle of equitable distribution when it comes to dividing marital assets and debts. This means that the court aims for a fair distribution based on various factors, rather than an equal split. The court considers several elements, including:

• Length of the Marriage: Longer marriages may result in a more equitable division of assets.
• Economic Circumstances: The financial situation of each spouse, including income, employment, and earning potential, plays a significant role.
• Contributions to the Marriage: This includes both financial and non-financial contributions, such as homemaking or child-rearing.
• Tax Consequences: The potential tax implications of asset division can influence how property is divided.

Understanding these factors can help you prepare for negotiations or court proceedings.

3. Circumstances Leading to Unequal Distribution

There are several scenarios in which a court may decide on an unequal division of assets and debts:

a. Misconduct or Dissipation of Assets

If one spouse has engaged in misconduct, such as hiding assets or spending marital funds on a paramour, the court may award a larger share of the remaining assets to the other spouse. This is often referred to as dissipation of assets.

b. Special Needs or Circumstances

If one spouse has special needs, health issues, or limited earning capacity, the court may consider these factors when determining an unequal division of property. This ensures that both parties can maintain a reasonable standard of living after the divorce.

c. Extraordinary Contributions

When one spouse has made an extraordinary contribution to the acquisition or enhancement of a marital asset, the court may award the spouse a larger share of the marital assets.

4. Protecting Your Rights During Asset Division

To ensure that your rights are protected during the division of assets and debts, consider the following steps:

a. Gather Documentation

Compile a comprehensive list of all marital assets and debts, along with relevant documentation such as bank statements, tax returns, and property deeds. This information will be crucial in negotiations or court proceedings.

b. Seek Legal Guidance

Engaging a family law attorney can provide you with invaluable support and representation during the asset division process. An experienced attorney can help you understand your rights and navigate the complexities of equitable distribution.

c. Consider Mediation

Mediation can be an effective way to reach an agreement on asset division without the stress and expense of litigation. A neutral mediator can facilitate discussions and help both parties come to a mutually agreeable solution.

5. Resources for Further Information

To better understand the complexities of asset division in divorce, consider the following resources:

• Florida Bar Association: This site provides comprehensive information on family law, including asset division and divorce proceedings. Florida Bar Family Law Section
• American Bar Association (ABA): The ABA offers articles and resources related to divorce and family law. American Bar Association Family Law
• National Center for State Courts: This organization provides information about state court systems and family law resources. National Center for State Courts

Conclusion

Navigating the division of assets and debts during a divorce can be daunting, especially when considering the nuances of Florida’s equitable distribution laws. Understanding your rights and the factors that influence asset division can empower you to advocate for a fair outcome.

At Borntreger Law in Tallahassee, we are dedicated to supporting you throughout your divorce process. If you are facing a divorce and need guidance on asset division, contact us today for a consultation. Together, we can work to ensure your rights are protected and that you receive a fair resolution.

‍