Going through a divorce can mean significant upheaval in your personal life and dealing with a looming sense of financial instability. After all, unless you have a prenuptial agreement, the courts will be determining how to split up your assets, which can leave you feeling vulnerable and out of control.
The good news here is that Florida makes every effort to produce fair and reasonable outcomes when splitting assets, especially in high-asset marriages. If you and your spouse are about to split, you can expect that your marital assets will wind up split equitably.
What is equitable distribution?
The law in Florida instructs judges overseeing divorces to divide marital assets and debts in an equitable manner. Equitable means fair, and the judge has significant discretion in the terms they set and decisions they make.
For example, they might give one spouse more of the marital estate but also then expect that spouse to pay off the marital debt. Other times, the focus may be a more even split of both assets and debts. The courts look at many factors, including the age of the spouses, the length of the marriage and the financial and nonfinancial contributions of both parties to the marriage in order to determine what is fair.
You may have certain assets that are exempt from division in divorce, which include your separate property. Inheritances, items owned prior to marriage and certain gifts may all remain separate property even as you divorce. Most everything else you own and the debts you carry will likely be subject to division as the divorce proceedings.