In Florida, property division during a divorce is governed by the principle of equitable distribution. This means that the court will strive to divide the couple’s marital assets and debts in a fair and just manner, taking into account factors such as the length of the marriage, each spouse’s financial situation, and the contributions made by each spouse to the marriage.
Here are the steps involved in property division in a divorce in Florida:
- Identification of Marital Property: The first step in dividing property in a divorce is to identify which assets and debts are considered marital property. Marital property is defined as any assets or debts acquired by either spouse during the marriage.
- Valuation of Marital Property: Once the marital property has been identified, it must be valued. This is usually done by hiring a professional appraiser or using market value to determine the worth of each asset.
- Negotiation or Litigation: After the marital property has been valued, the couple can either negotiate a property settlement agreement or litigate the issue in court. A property settlement agreement is a legally binding agreement that lays out the terms of the divorce and property division. If the couple cannot reach a settlement agreement, the court will make a decision based on the evidence presented.
- Equitable Distribution: The court will then distribute the marital property in an equitable manner. This does not necessarily mean equal distribution, but rather a distribution that is fair and just based on the circumstances of the marriage and the individual needs of each spouse.
- Order of Dissolution: Once the property has been divided, the court will issue an Order of Dissolution, which is a final decree of divorce that includes the terms of the property division.
Property division in a divorce in Florida is governed by the principle of equitable distribution, which aims to divide the couple’s marital assets and debts in a fair and just manner. The process involves identifying and valuing marital property, negotiating or litigating the issue, and dividing the property equitably, followed by the issuance of an Order of Dissolution.