Factors Considered When It Comes to Equitable Division
When moving to dissolve a marriage in Florida, you need to have an understanding of the concept of equitable distribution. Essentially, the state requires all marital assets to be divided in a manner that is fair.
Because divisions aren’t necessarily made by a 50-50 split, there are a variety of factors that need to be considered, such as the length of the marriage, marital debts, tax responsibilities, and other assets and liabilities. Bring your questions about equitable division to a seasoned Port St. Lucie family law attorney.
Length of the Marriage and Tax Responsibilities
Courts recognize the need for a fair agreement whether a marriage was short or long, but the length can impact how assets and debts are divided. Short-term marriages may involve a more straightforward division, while long-term marriages often involve a more intricate assessment of contributions and sacrifices made by each spouse over the years.
It is also important to recognize that equitable distribution isn’t limited to assets, it also encompasses marital debts. In Florida, both assets and liabilities acquired during the marriage are subject to distribution. This means that debts accrued, such as mortgages, car loans, and credit card balances, must be divided fairly between the spouses.
There are even situations where tax implications significantly impact an equitable distribution of assets. Certain assets, like retirement accounts and investment portfolios, have varying tax consequences. While these calculations can be complicated, a skilled family lawyer can help spouses understand the tax implications of different asset division scenarios, ensuring a more informed decision-making process.
Economic Circumstances and Multiple Properties
The economic circumstances of each spouse, and the contribution of one spouse to the career or education of the other, is also reviewed when determinations are made in connection with marital assets and debts. For instance, if one spouse worked to support the other getting an advanced degree and now that education has led to a high income, there could be an argument that the spouse who worked so the high earner could receive their education should have access to the gains their education yielded.
Additionally, owning multiple properties, such as a primary residence and vacation homes, adds nuances to the equitable distribution process. A Port St. Lucie family law attorney can assist in evaluating the fair division of these assets, considering factors like the use of each property, financial contributions made by each spouse, and the overall financial impact on both parties.
Legal professionals are available to provide valuable guidance throughout the divorce process, helping you understand your rights, negotiating on your behalf, and ensuring that the division of assets and liabilities aligns with Florida’s equitable distribution principles.
Who will retain high-worth assets? If you and your soon-to-be-ex spouse have significant assets, it is important to have a comprehensive understanding of how your assets and liabilities will be handled. Talk to the legal team at Baginski, Brandt & Brandt to learn more about how you can access a fair and equitable divorce agreement. To book your no-cost consultation, simply contact us.
