Asset division can be a significant point of contention during divorce proceedings, especially if the couple had an asset-heavy marriage.
Florida is an equitable distribution state, which means the court orders an equitable division of marital property.
What happens to the marital home?
You can choose to sell the home you purchased with your spouse and spilt the cost. However, sometimes one spouse keeps the home and agrees to make the full mortgage payment alone. In this case, both ex-spouses would be liable if the loan went into default. You may also choose to refinance, releasing one spouse from responsibility, or have the spouse remaining in the home buy out the other.
What about student loans and credit card debt?
Student loans and credit card liabilities incurred during the marriage are also subject to equitable distribution, even when only one spouse’s name is on the contract. There are few exceptions that can change that, but one is a prenuptial agreement.
Who keeps the pets?
Florida does not provide court-ordered split custody agreements for pets. One spouse or other will receive ownership rights, and pets typically go to the spouse who cared for them the most. However, ex-spouses can establish their own plans for shared custody of pets.
How does the court define separate property?
Separate property generally includes any assets acquired prior to the marriage. This can include gifts or inheritance given to only one spouse or any income from separate property generated during the marriage as well.
The fastest way to handle asset division is if both spouses can agree outside of court.