You and your spouse have likely put a lot of money, time, and effort into creating a life and marriage together. That means if things are not working out and you need to dissolve your relationship, it is crucial to ensure that this property accumulation is appropriately divided.
Divorce lawyers in Pasco County, Florida, can tell you that, in the Sunshine State, divorce law states that all assets and liabilities are distributed between the parties based on “equitable distribution.” That means that the marital property is divided equitably or fairly—not equally.
Generally, assets or liabilities that are non-martial are not subject to equitable distribution. It is the marital property that the two parties have purchased together that will be divided out with fair distribution. If the parties are unable to agree on a division of the debts and assets, then the court will step in to determine the equitable distribution based on several factors, including:
- The Financial Contribution of Each Spouse to the Marriage
- The Duration of the Marriage
- The Economic Circumstances of Each Spouse
- The Debt Accumulation by Each Respective Spouse
- The Best Interest of Children Regarding Living in the Martial Home