Getting a divorce means a physical, emotional, and financial separation from your spouse. You are uncoupling all of the aspects that tie your lives together. You may even want to shed parts of your identity as you start completely afresh after a divorce.
In this second part of our series on the dos and don’ts of divorce, we’re going to dive into some important things to know when thinking about how your assets and debts will be divided during divorce. Take a look back at Part One to understand how to avoid post-judgment issues during divorce.
DO understand how Florida law treats marital property.
Each state has its own laws regarding marital property, which is important to understand when preparing for divorce. Unlike some other states, Florida does not recognize community property. Community property is a term used to classify property that is owned equally by both spouses during their marriage. In divorce, that property is then generally divided equally.
Florida, on the other hand, abides by equitable distribution as per Florida Statute 61.075, which means assets and debts may not necessarily be distributed equally during divorce. Factors a judge may use to determine when and where a disproportionate division of property is needed include when there are differences in earning capacity, health and physical conditions, and age differences, among others.
DON’T forget to account for all of your personal property when dividing assets.
It’s usually easy to remember the big-ticket items when it comes to marital property – things like your house, cars, and financial accounts, but there are many items within your home that add value. Things like artwork, collections, jewelry, and other furnishings should also be included in your marital property checklist.
DON’T attempt to hide assets in an effort to shield them from property division.
During the divorce process, you and your spouse will have to document your assets and debts. This is a time to be absolutely honest. Trying to hide something will only come back to hurt you.
Diving assets and uncoupling from your spouse can trigger many emotions. At the Vasquez de Lara Law Group, we understand the stress of divorce and will be at your side to help ensure your rights are protected. For questions or to schedule a confidential case evaluation, contact us today.