Florida’s Equitable Distribution
By Katz & Phillips
Dec. 17, 2010 10:20a
The manner of which property is divided in a divorce in Florida is covered by Chapter 61 of the Florida Statutes. As opposed to a community property state, such as in California, Florida has adopted the Equitable Distribution form of property division. Under Equitable Distribution, marital property is presumably divided fairly amongst both spouses. Unlike California where property is divided 50-50, the assets and property accumulated during the course of the marriage is divided fairly, and at the courts discretion. What types of assets are included in equitable distribution? They would include but are not limited to:
- Homes
- Vehicles
- 401 K
- Pensions
- Retirement accounts
- IRA
- Health insurance
- Stocks and bonds
- Social security disability benefits
Once the court has looked at all marital and non-marital property of both spouses, it will then determine how and to whom it will distribute the marital property. During the process, the court will take into consideration certain factors which are contained under the Florida Statutes, which are:
- Contributions made to the marriage by each spouse, including caring for the children and services as a homemaker.
- Both parties current economic circumstances
- The duration of the marriage
- The contribution of one spouse to the career or education of the other spouse
- The desirability of retaining an asset for either spouse
- The marital home, the children will be taken into account when determining who will keep the home and where the children will spend the majority of their time.
The most reasonable way to come to a decision about how marital assets will be divided is in an uncontested divorce. An Orlando divorce attorney can help you draw up what is called a Marital Settlement Agreement (MSA). The MSA can lie out who will keep what assets; it can also determine child custody issues. If an uncontested divorce is unrealistic, it's especially important to seek legal advice. At Katz & Phillips, PA, we helped our client's achieve successful outcomes in both their contested and un-contested divorces.
Contact an Orlando Divorce Attorney at our firm today for a free consultation.
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