One of the biggest questions couples have when they divorce is how assets are divided. Both spouses may want to keep specific assets, such as the house, vehicle, pet or valuable collection. During the divorce process, there may be lengthy sessions to decide who gets to keep what after the divorce.
While some states divide marital assets 50/50, Florida is an equitable distribution state. Understanding what equitable distribution means can help couples decide what assets they want to keep. Here is what you should know:
What is equitable distribution?
Equitable distribution means that marital assets are divided fairly. However, what is considered fair division is unique for every marriage. There are a few deciding factors a court may consider when deciding what is fair, such as:
- The length of a marriage
- Each spouse’s medical conditions
- The age of each spouse
- Each spouse’s income, training and education
- Each spouse’s financial contributions
- The number of children
- Tax considerations
The distribution of marital assets may not always seem fair. It may be important to come prepared for a trial.
How can you protect your assets?
There are a few things couples may want to know about the division of marital assets. Certain assets are protected from distribution. For example, assets that were acquired before marriage are considered separate property. Couples may also agree to a prenuptial or postnuptial agreement to protect specific assets from the distribution process.
Legal guidance can help people identify separate assets and protect marital assets.