May 18, 2023
Divorce can be a complex and emotional process, and property division is one of the most challenging aspects of divorce. Florida law requires an equitable distribution of property, meaning marital assets and debts must be divided fairly but not equally. Here are six things divorcing couples should know about Florida property division.
Marital vs. Non-Marital Property
The first thing to understand about property division in Florida is the difference between marital and non-marital property. Marital property is any property acquired during the marriage, regardless of whose name is on the title or deed.
This includes income earned during the marriage and assets such as cars, homes, and investments. Non-marital property, on the other hand, has assets acquired before the marriage or after the date of separation, as well as gifts or inheritances received by one spouse.
It’s important to note that non-marital property can become marital property if commingled with marital assets. For example, if one spouse owned a house before the marriage and then used marital funds to pay the mortgage or make improvements, the house may become marital property.
Equitable Distribution
Florida law requires an equitable distribution of marital assets and debts. This means that property is divided fairly but not necessarily equally. The court will consider a variety of factors when determining how to divide property, including:
- The length of the marriage
- The financial resources of each spouse
- Each spouse’s contribution to the marriage (including contributions as a homemaker)
- The value of each spouse’s non-marital property
- Any economic misconduct by either spouse (such as wasting marital assets)
It’s important to note that equitable distribution does not necessarily mean a 50/50 split of assets. The court will strive to divide property fairly and honestly, given the specific circumstances of each case.
Marital Home
The marital home is often one of the most valuable assets to be divided in a divorce. If both spouses agree on how to divide the home, they can do so without court intervention.
However, if they can’t agree, the court will consider various factors when determining who gets the home. These factors may include:
- Each spouse’s financial resources
- Each spouse’s ability to maintain the home
- The best interests of any children involved
If one spouse is awarded the home, they may need to buy out the other spouse’s share of the equity. Alternatively, the house may be sold, and the proceeds divided between the spouses.
Retirement Accounts
Retirement accounts, such as 401(k)s and IRAs, are often some of the most valuable assets to be divided in a divorce. In Florida, retirement accounts are considered marital property if accumulated during the marriage. The court will consider a variety of factors when determining how to divide retirement accounts, including:
- The length of the marriage
- Each spouse’s financial resources
- Each spouse’s contribution to the account
- The tax consequences of dividing the account
Dividing retirement accounts can be complex, and working with an experienced divorce attorney and financial planner is essential to ensure the division is fair and equitable.
Business Interests
If one or both spouses own a business, the business may be considered a marital asset subject to division. The court will consider a variety of factors when determining how to divide a business, including:
- The nature of the business
- Each spouse’s contribution to the business
- The financial resources of each spouse
- The value of the business
- The tax consequences of dividing the business
Dividing a business can be complex, and working with an experienced divorce attorney and business valuation expert is essential to ensure that the division is fair and equitable.
Debts
In addition to dividing assets, the court will also divide marital debts. This includes credit card debt, mortgages, car loans, and other liabilities. The court will consider a variety of factors when determining how to divide debts, comprising:
- Each spouse’s ability to pay
- The purpose of the debt (such as whether it was used for marital expenses or one spouse’s expenses)
- The value of each spouse’s non-marital property
- Any economic misconduct by either spouse (such as running up excessive debt)
It’s important to note that dividing debts does not necessarily mean a 50/50 split. Given each case’s specific circumstances, the court will strive to divide debts fairly and equitably.
Conclusion
Property division in a Florida divorce can be complex and emotionally charged. Working with an experienced divorce attorney who can guide you through the process and help you achieve a fair and equitable division of assets and debts is essential.
By understanding the differences between marital and non-marital property, the principles of equitable distribution, and the factors that the court will consider when dividing property, you can confidently approach the process and achieve a positive outcome.
How Can Attorneys Help
Dorsey Law JAX is top Jacksonville attorneys specializing in family law, criminal law, and personal injury. Clients seeking advice on a variety of family law concerns can turn to our firm. Our services include all aspects of family law, from urgent and short-term issues including restraining orders against domestic abuse to processing a final divorce and post-judgment adjustments of support and custody.
We make an effort to reach agreements through negotiation, but if required, we won’t hesitate to go to court or file an appeal. If our family law approach sounds like it might ease and resolve your divorce, contact The Dorsey Law Firm today to speak with family lawyers in Jacksonville!
May 18, 2023
As a parent, divorce or separation can be one of the most challenging experiences you can go through. You have to deal with the emotional stress of ending a relationship as well as figure out how to divide your assets and, most importantly, determine the custody of your children.
In Florida, child custody laws can be complicated, and understanding the different types of custody can be confusing. To help you navigate this process, we’ve put together this guide that outlines the different types of child custody in Florida and their legal implications.
Legal Custody
This custody refers to the right of a parent to make crucial decisions regarding their child’s upbringing, including education, healthcare, and religious practices. There are two types of legal custody: sole and joint.
Sole Legal Custody
When a court grants sole legal custody, one parent has the exclusive right to make all significant decisions regarding the child’s welfare. The other parent may be allowed to make minor decisions, such as when the child should go to bed or what they should wear, but they have no say in major decisions.
Joint Legal Custody
In joint legal custody, both parents have equal rights and responsibilities when it comes to making important decisions regarding their child’s upbringing. This means that both parents must communicate and work together to make decisions that are in the best interest of their child.
Physical Custody
Physical custody refers to the actual physical care and residence of a child. There are two types of physical custody: sole and shared.
Sole Physical Custody
When one parent has sole physical custody, the child lives exclusively with them, and the other parent may have visitation rights or no contact with the child at all.
Shared Physical Custody
In shared physical custody, the child lives with both parents, and they split their time between each parent’s home. This arrangement can be challenging and requires both parents to communicate and cooperate to ensure the child’s well-being.
Split Custody
Split custody is a rare but possible arrangement in Florida. It occurs when a family has more than one child, and each parent has physical custody of at least one child. This arrangement can be emotionally challenging for both parents and children and may require additional support from a mental health professional.
Factors Considered by Florida Courts
When determining the type of child custody, courts in Florida prioritize the best interests of the child. The court will consider several factors, including but not limited to:
- The child’s age, gender, and physical and emotional health
- The child’s relationship with each parent and other influential individuals in their life
- Each parent’s ability to provide for the child’s needs, including emotional and financial support
- Each parent’s willingness to encourage a relationship between the child and the other parent
- The child’s preference, if they are mature enough to express one
- History of domestic violence or substance abuse by either parent
Modifying Child Custody Arrangements
Child custody arrangements can be modified by either parent if there is a significant change in circumstances. For example, if one parent moves out of state or if the child’s needs change, a modification may be necessary. However, the court will only modify the arrangement if it is in the best interests of the child.
Conclusion
Navigating child custody in Florida can be challenging, but understanding the different types of custody and their legal implications can help you make informed decisions. Remember that the court’s priority is the best interests of the child, and both parents must work together to ensure their child’s well-being.
If you’re going through a divorce or separation and need assistance with child custody, it’s essential to seek help from an experienced family law attorney. They can guide you through the legal process and ensure that your rights are protected.
Do you need a family lawyer? Turn to Dorsey Law JAX. Our top attorneys specialize in family law, criminal law, and personal injury. Contact us!
May 4, 2023
Divorce is a difficult process, especially when it comes to dividing property. It is crucial to understand the property division laws in Florida to ensure a fair and equitable distribution. This article will explain what your lawyer wants you to know about property division in a Florida divorce.
1. Equitable Distribution
Florida is an equitable distribution state, meaning all marital property is divided fairly but not by definition equally. Marital property includes assets and debts obtained during the marriage, including real estate, bank accounts, retirement accounts, and personal property. Non-marital property, such as assets acquired before the marriage or through inheritance, is not subject to division.
2. Factors Considered in Property Division
Florida courts consider several factors when determining the equitable distribution of marital property. These factors include the full length of the marriage, the economic circumstances of each spouse, the contribution of each spouse to the union, and the desirability of retaining an asset, such as the marital home, for the benefit of any children.
Additionally, the court may also consider the contribution of each spouse to the acquisition, enhancement, or appreciation of the value of the marital property. This means that a spouse who contributed significantly to acquiring or improving a particular asset may be entitled to a larger share of that asset.
3. Debt Division
In addition to property division, debts incurred during the marriage are also subject to division. This involves credit card debt, student loans, and mortgages. Both spouses are responsible for repaying marital debts, regardless of whose name is on the account.
It is important to note that non-marital debts, such as those incurred before the marriage, are not subject to division. However, if a non-marital debt was paid off using marital funds, the court may consider that in the property division process.
4. Marital Settlement Agreement
In some cases, divorcing spouses may reach an agreement on property division without court intervention. This is a marital settlement agreement that an experienced family law attorney should draft.
A marital settlement agreement outlines how marital property will be divided, including real estate, bank accounts, retirement accounts, and personal property. It should also address the division of debts and any other financial obligations.
Once both spouses have agreed to the terms of the agreement, it must be signed and notarized. The agreement is then presented to the court for approval and becomes a legally binding contract.
5. Enforcement of Property Division Orders
If one spouse fails to obey the property division order, the other spouse may seek enforcement through the court system. This may include wage garnishment, seizure of assets, or other legal remedies.
Working with a seasoned family law attorney is important to ensure that the property division order is clear and enforceable. If there are any concerns about a spouse’s ability or willingness to comply with the order, it may be necessary to take additional legal action to protect your interests.
Conclusion
Divorce is a difficult process, especially when dividing property and debts. It is important to understand Florida’s equitable distribution laws and work with an experienced family law attorney to ensure a fair and equitable distribution of assets and debts.
A marital settlement agreement can help prevent conflicts and ensure both spouses are satisfied with the property division. If you have any concerns about property division in a Florida divorce, contact an experienced family law attorney today.
If you need assistance with family law in Florida, contact Dorsey Law JAX today. Our experienced attorneys are dedicated to helping you achieve a fair and equitable property division in your divorce. Don’t face this difficult process alone, let us guide you through it. Contact us now for a consultation.
