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Understanding Florida marital property law

| May 20, 2015 | Property Division |

Many Florida residents who have never experienced divorce know very little about the state’s marital property laws. In an imminent divorce situation, this lack of knowledge can be a detriment, meaning those who have made the decision to split will want to learn about marital property division early on. A saving grace in many cases is that a divorce attorney can fill in any missing blanks to enhance a divorcing couple’s growing knowledge about marital property law.

Below are a few basic legal points to consider before you seek more in-depth knowledge from a lawyer, beginning with the court’s initial assumption that the distribution of property should be equal between both parties.

Factors that may have an impact on this initial assumption include:

— Length of marriage– Contributions to the marriage from both parties– One spouse forsaking his or her own career or education to assist the other spouse– The financial circumstances of both spouses– The individual income of both parties– Whether or not either party intentionally disposed of, hid or destroyed marital property assets– Valuation of shared and individual assets– The nature of any personal or shared debts— Expressed desire by one or both parties about retaining home or other assets– Valuation of business interests owned by the two parties

The above is merely a small sampling of the many factors that can make a difference when dividing marital property. One of the key concerns many divorcing couples have is whether or not they will receive their fair share when the divorce occurs. Other than studying and learning about the Florida marital property laws, a great way to protect one’s assets going forward is by working with an attorney skilled in practicing Florida law.

Source: Florida Legislature Website, “The 2014 Florida Statutes 61.075,” accessed May. 20, 2015

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