There is a presumption of equitable distribution of assets in a divorce in Florida
Many factors will be taken into account when reaching a financial settlement in divorce in Florida.

Under Florida law, there is equitable distribution of assets on a divorce. This does not necessarily mean that the assets are simply divided in half but that the financial arrangements are fair to both parties. All marital property such as the family home, other properties, vehicles, stocks and shares, business interests and money in bank accounts are taken into account and divided between the two parties in an arrangement agreed between the divorcing spouses or if no agreement can be reached, then a judge will make the final decision, based on evidence presented at a trial.

When one party requires financial support, or alimony, from the other, all relevant economic factors are taken into consideration such as the standard of living prior to the divorce, the length of time the parties have been married and the reason for the divorce can be used as a factor.

The tax consequences of any financial settlement are also taken into account. Any debts that require settling are looked at to agree who should be responsible for the repayments. This includes mortgages on properties, tax liabilities and credit card debts.

If the matter proceeds to trial because no agreement can be reached amicably between the two parties then the court will first set aside all assets and liabilities not considered marital. Then the starting point is that all the marital assets should be divided equally, unless there are good grounds not for equal distribution. Factors that will be taken into account are the length of the marriage, the contribution to the marriage by each party (not restricted to financial contributions but looking after the home and raising the children will also be taken into account), the economic situation of both parties, how each party has helped the other in terms of career and education, if either party has given up opportunities for the sake of the marriage, the effect of losing a particular asset by either party (such as a business interest or the matrimonial home) and the contribution of each party to joint income or liabilities of the family. If either party has intentionally dissipated any assets since the divorce petition was filed, this will also be taken into account.

If you are considering getting divorced in Florida and would like to speak to a Florida Divorce Lawyer, visit the Jodat Law Group in Tampa, Florida.