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Orlando Office
390 N. Orange Ave. Ste 2300
Orlando, FL 32801
Miami Office
1100 Brickell Bay Drive. Box 310181
Miami, FL 33131
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Marriage is a partnership, and during the course of that partnership, couples accumulate assets and debts. When a marriage ends, regardless of the reason for the separation, the issue of dividing these assets arises. This process is known as equitable distribution, and the laws that govern it vary from state to state. In Florida, a law called the equitable distribution statute determines how property is divided in a divorce. In this blog post, we’ll be discussing what the equitable distribution law is and how it affects Florida marriages.
The Florida equitable distribution law is a legal framework that governs the division of property during a divorce. According to this law, assets and debts acquired during the marriage are classified as either marital or separate property, and only marital property is subject to equitable distribution. Marital property is any property acquired by either spouse during the course of the marriage, regardless of who holds title to it. Separate property, on the other hand, is any property owned before the marriage or acquired after the separation.
When it comes to dividing property in a divorce, Florida courts follow a four-step process. Firstly, the court classifies the property as either marital or separate property. Secondly, they evaluate the value of the property. Thirdly, the court considers how to divide the property; this includes factors such as the duration of the marriage, each spouse’s financial contribution, and the economic circumstances of each spouse. Finally, the court issues a final judgement, which outlines each spouse’s portion of the property.
When deciding how to divide marital property, courts consider several factors. One significant factor is the length of the marriage. Courts tend to be more likely to award an equal distribution of property in marriages that have lasted a long time. Additionally, courts consider each spouse’s income and future income-earning potential, as well as their ability to pay for living expenses. Courts may also look at each spouse’s health and age and the needs of any children.
Navigating the equitable distribution process can be challenging, and emotions can run high during a divorce. That’s why it’s important to have a knowledgeable attorney in your corner. At Schlegel Law Group, our skilled attorneys can provide guidance and support throughout the divorce process. Our team understands the equitable distribution laws in Florida, and we work hard to ensure that our clients receive a fair and just outcome.
When it comes to divorce, the issue of dividing property is often one of the most contentious. Understanding how the Florida equitable distribution law works can help you navigate this process with greater ease. At Schlegel Law Group, we’re here to help you through every step of the divorce process. Contact us today to schedule a consultation and find out how we can assist you with your divorce matters.
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Orlando
390 N. Orange Ave. Ste 2300
Orlando, FL 32801
Miami
1100 Brickell Bay Drive. Box 310181
Miami, FL 33131
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