Equitable Distribution of Property in Florida Dissolution of Marriage
Anything obtained during a marriage is presumed to be marital. This includes real property, cars, retirement accounts and accumulated value in retirement accounts, debt, funds and any other asset. Notably, it does not matter haw the property in question is titled or held by either party. In other words, property or funds obtained during a marriage could be held in one parties’ individual name but, nevertheless, it is presumptively marital nonetheless.
Nonmarital Property
The court will first identify the marital and nonmarital property. Nonmartial property must be set aside and awarded to the party who owned the property. This includes property obtained prior to the marriage, and property gifted to a party or inherited by either party. Notably, nonmarital property can become marital property if it is commingled with marital property, or retitled in the name of both spouses.
EQUITABLE DISTRIBUTION
MARITAL PROPERTY AND EQUITABLE DISTRIBUTION
After the non-marital property is identified, the court will then determine how to divide the marital property. Certain statutory factors must be considered, including:
(a) The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as homemaker.
(b) The economic circumstances of the parties.
(c) The duration of the marriage.
(d) Any interruption of personal careers or educational opportunities of either party.
(e) The contribution of one spouse to the personal career or educational opportunity of the other spouse.
(f) The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party.
(g) The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the nonmarital assets of the parties.
(h) The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, when it would be equitable to do so, it is in the best interest of the child or that party, and it is financially feasible for the parties to maintain the residence until the child is emancipated or until exclusive possession is otherwise terminated by a court of competent jurisdiction. In making this determination, the court shall first determine if it would be in the best interest of the dependent child to remain in the marital home; and, if not, whether other equities would be served by giving any other party exclusive use and possession of the marital home.
(i) The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition.
(j) Any other factors necessary to do equity and justice between the parties.
The court will use these factors to determine how to distribute the marital assets and liabilities, and the distribution must be based upon “competent and substantial evidence.” Unlike child support or alimony, the trial court’s equitable distribution of assets and liabilities is final and not subject to modification at a later point in time (it is final).