When you enter into marriage, the property that you and your spouse purchase together becomes known as marital property. Under Florida law, this includes homes, cars, businesses, furniture, electronics and more. This marital property is considered joint assets, meaning it is owned by both parties.
When a couple decides to end their marriage, their marital property, as well as debts, must be split in a fair and equitable manner under Florida law.
What does this mean for you? There are many ways to divide things up, and the court will look at the big picture. You will not necessarily end up with 50 percent of everything. For example, one spouse may be awarded $100,000 of the equity in the family home, while the other spouse could receive $100,000 in retirement funds. Anything of value will be added and divided to get a fair and even split between the two parties.
While this might sound simple, it is not always an easy thing to do. In fact, property and asset division is a hot button issue in most divorce proceedings. The first step in property division is to determine which assets are marital property and which assets are separate property. Assets may need to be appraised to understand their full value. The hope is that both parties can work together and come to an agreements on property and asset division that the court can approve.