What Happens To All Of Our Assets And Debts In A Florida Divorce?
NEW TAMPA FAMILY LAW ATTORNEYS
Throughout a marriage, the parties typically build both assets and debts, and people are often worried about what will happen to these assets and debts in a divorce. It is difficult to think about the possibility of losing assets that the parties have spent years accumulating or about the possibility of taking on a large part of the debt that the parties have accrued.
Florida is an equitable distribution state meaning that the court will require that the marital assets and debts be divided fairly. Though there are several exceptions, the general rule is that any assets that are acquired over the course of the marriage will be classified as marital and will have to be divided fairly between the parties. Keep in mind that a fair and equitable division of assets does not automatically mean an exact equal division of assets. The court will consider a series of factors when determining a fair and equitable division of the marital assets.
Assets can include, but are not limited to, houses, vehicles, boats, bank accounts, retirement accounts, furniture and electronics. Not every asset is necessarily a marital asset and non-marital assets are not subject to equitable distribution. Therefore, a determination must be made as to which assets are marital assets and which assets are not marital assets.
Distribution of assets will also be affected by any pre-nuptial or post-nuptial agreements that exist between the parties. If you and your spouse signed a pre-nuptial or post-nuptial agreement, it is important to keep this document in a safe and accessible place and to let your attorney know such an agreement is in place during your initial consultation.
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