Understanding Property Division Florida Law
Marital property in Florida is divided according to the law of equitable distribution. This means that a couple’s property and assets are not necessarily divided 50-50 throughout the course of a divorce. The assets and property accumulated during the course of the marriage are divided equitably at the discretion of court.
Types of Property considered for Equitable Division
Homes, property, and physical possessions are not the only types of assets that are subject to division.
Some of the types of monetary assets and accounts that may be divided upon a divorce include:
- Retirement accounts
- Health insurance
- Stocks and bonds
- Social Security disability benefits
Marital Debt is Also Subject to Division
The debt that is accumulated by the two parties throughout the course of a marriage is also subject to equitable division. This is designed to eliminate the possibility that a large amount debt left for the party with the lower income earning ability. We help clients understand marital debt division and how it may factor into other sects of the property division. If the debt was incurred by one spouse for their exclusive benefit it may be possible to it assigned to that spouse as a portion of their share of the divided debts.