Property division is a significant portion of what must be determined during the divorce process. Property division can have a significant impact on the future finances of both parties. It can be a complex process and requires an accounting and valuation of all the assets and debts of the couple. In Florida, property is divided according to equitable division principles.
The equitable division process involves taking into account a number of factors and dividing property in a manner that is fair to both parties. Factors that are considered during the property division process include how long the couple was married; in what ways each of the spouses contributed to the marriage; and the earning capacity and career of each of the spouses. In addition, property is categorized as marital property, which is divided, and non-marital property, which is not divided, so determining marital and non-marital property is important.
Couples are also encouraged to agree to as many aspects of the divorce as possible, including how assets will be divided. The divorce process can be challenging which is why having trained guidance through it and avoiding disputes in favor of shared agreements can be helpful. It can reduce the amount of time, money and acrimony that are spent on the divorce even though the period is not without difficulties.
When couples understand how property will be divided once they have made the decision to divorce, it can help them better plan for and negotiate property division and other concerns that will likely come up including alimony, child support and child custody. The family law resources available to them, and how they apply to their situation, can help the couple resolve their divorce and move forward following it.