Most people assume that the most contentious part of any divorce proceeding will be something explicitly personal—like child custody, child support, or possible alimony obligations. However, those matters often take a backseat to a purely financial one, namely, how financial assets, property, and other things with specific economic values will be split between the two spouses trying to end their marriage.
Florida state law has specific rules and procedures that courts must follow when dividing marital assets, and a knowledgeable family attorney can provide more information about how those rules work. A Miramar Beach property division lawyer from Emmanuel Sheppard & Condon can also help you protect your financial best interests during this part of the separation process, whether that involves negotiating in private or taking your case before a family court judge.
Understanding “Marital” Versus “Separate” Property
One important thing to understand about how property division works in Florida is that not everything each person in a marriage owns is subject to division during divorce proceedings. Only “marital property,” which was acquired individually or jointly by the involved parties during their marriage, may be divided during a divorce. This includes things like:
- Property value increases
- Interest and other gains on financial instruments
- Gifts the spouses gave to each other
“Separate property,” which each party owned before getting married, will generally remain with the person who owns it without being subject to division, as will things like:
- Income from assets owned entirely by one person
- Gifts or inheritances received specifically by one party from outside the marriage
- Debts accrued through one party forging the other party’s name or otherwise acting unlawfully
As a Miramar Beach property division attorney can explain, spouses can also voluntarily designate certain property as either “marital” or “separate” through a valid marital agreement. Sometimes, separate property can become marital property in this context if it is “commingled” with property that is already considered marital property.
What Will Courts Consider During Property Division Proceedings?
Florida courts take an “equitable distribution” approach to dividing marital property. This means they will try to divide assets in a way that is fair and “equitable” rather than assuming a 50-50 split is always the best approach. When deciding what would be equitable in a particular situation, a court may consider factors like:
- How long the parties involved were married to each other
- The best interests of children produced by the marriage
- The degree to which each spouse contributed to generating the marital assets subject to division
- Any sacrifices one spouse made for the sake of the other’s career—for example, staying home to raise children while their spouse worked
- Any possible interference one spouse might try to inflict on a specific property interest
Support from a seasoned lawyer can be essential during this stage of the property division process in Miramar Beach. They can help encourage the court to prioritize certain factors over others to pursue a more favorable final order.
Get Help from a Miramar Beach Property Division Attorney
Even if you have a thorough understanding of how Florida law governs property division during a divorce, navigating this part of the process can still be challenging. Having skilled legal representation on your side can help protect your rights and future prospects during this and all other parts of your divorce.
If you have further questions about how a Miramar Beach property division lawyer can help you, our team of legal professionals can provide the answers and information you need during a confidential consultation. Call Emmanuel Sheppard & Condon today to schedule yours.
