How Is Marital Property Divided In Florida?
If you’re resolving the challenges of a divorce in Florida, a important question you might have is, “How is marital property divided in Florida?” Understanding how assets and liabilities are distributed can alleviate some of the stress and uncertainty. Florida law aims to divide marital property equitably, but what does that mean for you? Let’s delve into the specifics of property division in Tampa and Hillsborough County.
Understanding Marital Property
The first step in answering the question, “How is marital property divided in Florida?” is understanding what constitutes marital property. In Florida, marital property includes assets and debts acquired during the marriage, regardless of whose name is on the title. Examples include:
- Homes and other real estate
- Vehicles
- Retirement accounts and pensions
- Bank accounts and investments
- Businesses or business interests
- Debts like mortgages, loans, and credit card balances
Non-marital property, on the other hand, includes assets and liabilities each spouse brought into the marriage, as well as inheritances and gifts received by one spouse.
Equitable Distribution in Florida
Florida follows the concept of equitable distribution, meaning marital property is divided fairly but not necessarily equally. The court considers several factors to achieve this equitable division, including:
- The length of the marriage
- Each spouse’s economic circumstances
- Contributions to the marriage, including homemaking and child care
- Interruptions in personal careers or education
- The contribution of either spouse to the other’s career or education
- Desirability of retaining an asset, such as the family home, for the benefit of a parent with custody of minor children
- Each spouse’s debts and liabilities
- Any intentional destruction, waste, or dissipation of marital assets
Types of Property Division
Real Estate
For real estate, like the family home, the court may order the property sold and the proceeds divided, or one spouse may be awarded the home and required to buy out the other spouse’s equity.
Retirement Accounts and Pensions
Retirement accounts and pensions are also subject to equitable distribution. This often requires a Qualified Domestic Relations Order (QDRO) to divide these assets without triggering taxes or penalties.
Debt
Debts acquired during the marriage are divided between the spouses as well. How the debts are divided can significantly impact the financial situation of both parties post-divorce.
Marital Property vs. Non-Marital Property
In Florida, the distinction between marital and non-marital property is vital. To ensure fairness, the court will typically not mix non-marital property with marital assets. However, if non-marital assets are commingled with marital assets during the marriage, those assets might be considered marital property.
Florida Divorce Laws
The division of marital property in Florida is governed by Florida Statutes Section 61.075. You can read more about the statute here.
Frequently Asked Questions: How Is Marital Property Divided In Florida?
| Question | Answer |
|---|---|
| What is marital property? | Marital property includes all assets and debts acquired during the marriage. |
| Is marital property divided equally in Florida? | No, Florida follows equitable distribution, which means fair but not necessarily equal division. |
| How are debts divided? | Debts are divided between the spouses based on several equitable distribution factors. |
| Are retirement accounts considered marital property? | Yes, retirement accounts and pensions are subject to equitable distribution. |
| Can non-marital property become marital property? | Yes, if non-marital assets are commingled with marital assets, they may be considered marital property. |
Local Resources in Tampa and Hillsborough County
| Resource | Contact Information |
|---|---|
| 14th Judicial Circuit of Florida | https://www.fljud13.org/ |
| Hillsborough County Clerk of Court | https://www.hillsclerk.com/ |
| Florida Bar Association | https://www.floridabar.org/ |
Why Choose Mindi Lasley, P.A. for Your Divorce and Family Law Needs?
Divorce and family law matters can be emotionally taxing and legally complex. Having an experienced attorney by your side can make all the difference. At Mindi Lasley, P.A., we specialize in family law and are committed to providing compassionate, personalized legal services. Located at 11005 N Marion St, Tampa, FL, we are easily accessible for residents in the Tampa and Hillsborough County area. Call us at (813) 873-9047 to schedule a consultation.