Property distribution in Florida will follow an equitable distribution of all marital assets and equitable allocation of marital liabilities.  Property and debt distribution begins with the premise that distribution should be equal, but will not always end with equal distribution if the court finds justification that unequal distribution is required to balance the equities for both parties.

Marital assets and liabilities include all assets and liabilities, incurred either individually or jointly, the enhancement in value and appreciation of non-marital assets, inter-spousal gifts, and all vested and non-vested benefits such as retirement plans as well as rights and funds accrued during the marriage.  Property acquired before or during a marriage shall be presumed to be a marital asset, and any party claiming such property to be separate will have the burden to prove that such property is non-marital.  Other marital property includes personal property titled jointly by the parties as tenants by the entireties.  Benefits, rights and funds that will also be subject to equitable distribution include retirement, pension, profit sharing, annuity, deferred compensation, and insurance plans.

Marital property and liabilities will be equitably distributed to each party.  Distribution will depend on a number of factors, such as each spouse’s contribution to the marriage; the economic circumstances of the parties; the duration of the marriage; whether one party desires to retain an asset intact and free from claim or interference by the other; the contributions made by each spouse to the acquisition, enhancement, and production of income or improvement, of marital assets and non-marital assets to the other; intentional dissipation of assets; the desirability of retaining the family home as a residence for any dependent child or any other factors that would justify an unequal distribution.

In a marital dissolution, liabilities incurred during the marriage will also be divided between the parties, whether incurred individually or jointly. Marital liabilities will be allocated to each party and distributed in the same manner as property distribution.  Examples of marital liabilities include any obligations including credit cards and loans incurred during the marriage. Liabilities incurred prior to marriage are also presumed marital liabilities until rebuttal.  Generally, liabilities incurred by either spouse prior to the marriage will usually be charged to that spouse as a separate liability within the framework of a distribution of all assets and debts both marital and separate.

Distribution will require the identification and valuation of all marital assets.  The court will designate which spouse will be entitled to the respective asset.  The court must find good cause to allow an interim partial distribution while the dissolution is pending, such as temporary possession of the family residence.  A party desiring an interim partial distribution must demonstrate good cause that merits interim partial distribution.  Interim partial distribution will also be considered when the court decides upon the final allocation of marital assets and liabilities.

In effect, each party has the burden of proof when establishing that an asset or debt is separate from marital assets and liabilities. When all marital property and liabilities are established, the court will require valuation, and equitably distribute or allocate all assets and liabilities.  A monetary payment may be required in lieu of equitable distribution or to effectuate an equitable distribution.

A Fort Lauderdale divorce lawyer from our law firm can assess your situation and advise you about the best strategy for resolving your property and debt distribution issues in your divorce.  We offer a free initial case evaluation so contact us today!