Division of Assets
Division of Assets in Florida divorce law is frequently referred to as equitable distribution. Equitable distribution occurs as part of the dissolution of marriage process. The procedure for the Court to follow when considering the division of assets is found in Florida Statute 61.075. At the outset of the equitable distribution analysis, the court must classify the asset or liability. The Court will classify the asset as either marital or non-marital property. A party’s non-marital property will be distributed to them. Then the court will consider the division of assets that are marital based on factors found in the statute.
Equitable Distribution Factors
Florida Statute requires the Court to begin the division of assets with the premise that the distribution be equal. The Court must make findings of fact when making an unequal distribution of marital assets. The factors listed in the statute can be considered by the Court when deciding whether the division of assets should not be equal. One factor is the contribution of the parties to the marriage. Another factor is the economic circumstances or duration of the marriage. There are other factors such as the contribution of one spouse to the personal career or educational opportunity of the other spouse. This is not a complete list of the factors. Other factors are found in the equitable distribution statute and should be considered.
Justifying Unequal Distribution
Whether an unequal division of assets in a divorce action is justified turns on the case facts itself. There is a large body of appellate case law interpreting the equitable distribution statute and whether the Court’s application of the factors to justify an unequal distribution was appropriate. If a judge ordered an unequal distribution of marital assets, only a thorough review of the final judgment can determine whether the division of assets was in compliance with the law. An appeal might be necessary, which are oftentimes time-limited. Therefore, if you believe that the court has unequally distributed marital assets without justification, it is important to consider options for appeal immediately after the ruling.
Particular Assets
It is not uncommon for a spouse to have an emotional attachment to a particular asset. There might be other reasons why a party wants a particular asset, like a business they have specialized knowledge running. Whatever the reason, the Court has the power to distribute particular assets to one party or other other based on the circumstances. The equitable distribution statute also provides factors for the Court to consider in its division of particular assets, like the desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact.