How Do You Divide Property in a Florida Divorce?
In a Florida, property division in a divorce may seem like a big task, but Florida law can help to make it more manageable. This blog explains how you make property decisions, helping you approach the process with clarity and confidence.
What is a Marital Asset?
In Florida, property division follows a system called equitable distribution. This means that assets acquired during the marriage, typically from earned income, are considered marital property. Those marital assets include:
- Income earned from jobs
- Contributions to retirement accounts and appreciation on those contributions during your marriage
- Real estate purchased using joint funds owned with your spouse
- Artwork and collectibles purchased during your marriage using earned income
- Gifts given to each other during the marriage
On the other hand, non-marital assets are items you owned before the marriage or gifts or inheritances you received during your marriage. Examples may include:
- Inherited property and retirement accounts
- Personal gifts from someone other than your spouse
Typically, non-marital assets remain with the original owner unless marital funds were used to improve or pay for them. For example, if you owned a home before your marriage, but your spouse contributed to the mortgage, they might have a claim to some of the value of the home.
Dividing Marital Assets
In Florida, the total value of marital assets and liabilities are usually divided equally. If the total value of marital assets and liabilities is $100,000, each spouse would receive $50,000. The division is based on dollar value, not emotional ties to specific items.
Most couples can agree how to divide their assets without needing a judge. However, if you cannot come to an agreement, a judge will make the final decision for you.
Retirement Accounts
Dividing retirement accounts can be tricky. Contributions made before your marriage and the appreciation thereon are considered non-marital, while contributions made during the marriage and the appreciation thereon are marital. If you and your spouse cannot agree on how to divide these accounts, a judge will look at evidence to determine their value before and during the marriage.
Often, couples can negotiate a division of retirement accounts directly, which allows for more flexibility. For example, one spouse may keep a retirement account, while the other receives other assets of equal value.
Benefits of Mediation and Collaborative Divorce
Using Mediation or Collaborative Divorce can make asset division simpler. These methods allow you and your spouse to discuss and agree how to divide your property without going to court. This approach often leads to more satisfactory outcomes, as you each express your needs and preferences, and it should save you money that would have been spent on battling attorneys.
Keep It Simple
It is important to approach property division with a practical mindset. You and your spouse know your situation best, so try to work together to find a fair solution. The more logical and straightforward you can be, the easier the process will be. Discussing your options openly and aiming for a solution that benefits both of you can help to avoid unnecessary costs.
Contact the Law Offices of Robert J Merlin
If you have questions about dividing property in a divorce, the Law Offices of Robert J. Merlin are here to help. Our experienced team can guide you through this process and ensure you understand your rights. Schedule a consultation today by calling (305) 448-1555. Our office is located at 250 Catalonia Avenue, Suite 706 Coral Gables, Florida 33134.
Robert J. Merlin is Board Certified in Marital and Family Law by The Florida Bar since 1994 and a Florida Supreme Court Certified Family Court Mediator. He is also an Accredited Collaborative Professional through the Florida Academy of Collaborative Professionals and is widely respected for his commitment to non-adversarial divorce and family law solutions.
Robert has been recognized as one of the Top Lawyers in Florida by Florida Super Lawyers Magazine since 2009, named to the Florida Legal Elite by Florida Trend Magazine since 2008, and listed among the Top Lawyers in South Florida by the South Florida Legal Guide Magazine since 2003.
Bob Merlin is a Florida Bar Board Certified Family Law Specialist, he practices in the areas of divorce, time-sharing of children and parenting plans, child support, alimony, paternity, pre-nuptial and post-nuptial agreements, and cohabitation/partnership agreements.
As an experienced Collaborative attorney, Bob continually hones his skills in the Collaborative Process and trains other professionals how to become a Collaborative professional as he is.
“My goal is to help divorcing and other family law clients make well-informed decisions so they experience a more efficient process and feel more in control over their futures.”
