The division of assets can be a concern at the top of the list of many divorcing spouses. Divorcing couples may wonder how their property will be divided if they divorce. In Florida, equitable property division rules are followed which means that the court will seek to arrive at a property division settlement agreement that is fair and equitable for the divorcing couple.
The division of assets can be a complex and emotional process and it can be challenging to achieve an even fifty-fifty split of assets which will guide the court in the divorce settlement process. The process of dividing assets typically involves an equitable, rather than equal, division of assets which is more practical than dividing assets in half. It can result in compromises such as one spouse keeping a family business and the other spouse keeping the family home which may be viewed as a fair outcome.
When dividing marital property, it is also important to know how to classify property and what separate property, not subject to division, includes such as gifts, inheritances and property one spouse owned prior to the marriage. Only marital property is subject to division. Property division disputes, and disputes during the divorce process in general, can sometimes lead to a more costly and lengthy divorce process. To save time, money and acrimony during the divorce process, it is helpful to have trained guidance and be able to reach as many shared resolutions regarding divorce-related concerns as possible.
The property division process can be complex and involve classifying property and correctly valuing it which can include financial professionals and valuation experts. As a result, it is helpful for divorcing couples to fully understand the property division process and what to expect from it.