Divorce is a complex and emotionally taxing process and can become complicated, especially when it involves real estate division. In Florida, the division of marital assets, including real estate, is governed by specific laws and guidelines. This article will guide you on the key considerations and applicable legal rules and procedures when dividing real estate during a divorce in Florida.
Table Of Contents
How To Divide Real Estate During A Divorce
Equitable Distribution
According to Florida divorce law, a divorce must allow an equitable distribution of a couple’s assets and liabilities, including the parties’ real estate. However, it’s crucial to understand that equitable distribution does not oblige a 50/50 split of the assets. Instead, the objective is to achieve a fair and just division while considering several elements like financial situations and any asset dispersal.
Marital Vs. Non-Marital Property
Before dividing real estate in Florida, the difference between marital and non-marital property must be made. Only the marital assets and liabilities are subject to equitable distribution by a court; any independent assets belong to the spouse who owns them.
Marital property includes assets obtained by either spouse throughout a marriage. On the other hand, the non-marital property has assets owned by a spouse before marriage and those acquired by inheritance or received as a gift during the marriage (excluding presents from the other spouse).
Valuation Of Real Estate
Accurate valuation of real estate is essential for an equitable division. Using a skilled appraiser to determine the property’s fair market value is highly recommended. This evaluation considers several variables, including the state of the property, its setting, recent transactions, and market trends.
Additionally, it is crucial to consider any outstanding liens, mortgages, or other encumbrances on the property since they may affect its net value. A detailed and accurate appraisal will allow for a fair and open approach to the real estate division.
Considerations For Division
Various variables are considered when dividing real estate following a divorce in Florida to achieve a fair and equitable distribution. These factors include:
Contribution To Acquisition
The court weighs each spouse’s monetary and non-monetary contributions to the purchase, improvement, or maintenance of the property. This includes contributions made throughout the marriage, such as financial commitments or labor-intensive upkeep or restoration projects.
Economic Circumstances
The court evaluates each spouse’s financial condition, including income, assets, and liabilities. This evaluation assists in determining each party’s financial capacity and how that might affect the division.
Child Custody And Support
In cases involving children, the court puts their interests first. This might entail creating a steady living environment by considering elements such as closeness to educational institutions, accessibility to necessary resources, and continuity of regular routines.
Dissipation Of Assets
If one spouse purposefully wasted or dissipated marital assets, the court may modify the property divide to make up for the loss incurred by the other spouse. Such actions may be through excessive spending, gambling, or other reckless activities.
Wrapping Up
Dividing real estate during a Florida divorce requires careful consideration of several essential elements. Given the complexities it involves, it is advisable to seek the advice of an experienced divorce lawyer. They can offer professional support in navigating the procedure successfully and securing a fair resolution for all parties involved.
