Property purchased while married divides by fairness under Florida’s equitable distribution statutes. When only one spouse worked, a nonworking spouse may request a fair portion of a couple’s marital assets. Fairness, however, may not always reflect an even division.
FLSenate.gov notes that each spouse’s contribution to a marriage determines fairness. A judge may consider the financial value that a nonworking spouse provided. Caring for a couple’s home and children, for example, provides value in allowing the other spouse to work or run a business. In some cases, both spouses may have shared an equal amount of work and domestic responsibility during a relationship.
Factors a judge may rely upon to divide property
Sunshine State couples generally negotiate who takes each individual asset. As reported by SmartAsset.com, the court may distribute property based on a spouse’s desire to keep it. A judge must, however, approve of a property split and may consider if an individual needs an asset for a business or residence.
In issues involving real estate, discussing economic circumstances may show how an individual could afford its upkeep. When taking custody of children, a judge may approve of a custodial parent keeping a home after a divorce. To help meet expenses, a judge may also award financial support from an ex-spouse.
Certain financial accounts may divide between spouses
Florida law considers contributions made to financial accounts as marital property. Even if a nonworking spouse did not fund it, a judge may divide it based on fairness. A working spouse, however, may not need to divide contributions made to a fund before the marriage.
Although couples divorcing in Florida must divide marital assets based on fairness, they may also negotiate what appears fair to both parties. A nonworking spouse may obtain a fair settlement that includes a formerly shared home and financial accounts.