If you are worried about keeping them home, it’s important to understand how your marital assets will be divided by Florida courts. Keep reading to learn what Florida law has to say about dividing up the home so that you can start planning.
How are Marital Assets Divided in Florida?
Florida follows equitable distribution rather than community property guidelines for the division of assets in a divorce. In many cases, the largest asset to divide is the family home.
Equitable distribution means that assets will be divided fairly and equitably, which may or may not result in equal distribution depending on the couples’ circumstances. Florida Statute 61.075 orders courts to follow equitable distribution principles during a dissolution of marriage, and lays out specific guidelines and considerations for determining how to fairly divide marital assets.
Florida courts are ordered to divide assets equally, unless it is found that unequal distribution would be more equitable for the couple’s specific case. The factors they are encouraged to look at include:
- The contribution of each spouse to the household. This includes financial contributions as well as contributions to the care and education of the children, the other spouse, and the home.
- The economic circumstances of each party including their career prospects and education level
- The length of the marriage
- Whether it is in the children’s best interest to remain in the family home after the parent’s divorce.
- Any intentional depletion of marital assets by either party after filing for divorce or in the two years prior to filing.
- Any other factors the court deems necessary to come to an equitable and just division between the parties
Keeping the Home in a Divorce
There are several approaches that you can take to retain ownership of the family home. If you are concerned about keeping your home in the divorce, talk to a local attorney to understand your equitable claim to the home and your options for keeping it. You can find a reputable local attorney using our Lawyer Search.
They will be able to assist you in exploring avenues for keeping the home such as negotiating for the other party to retain ownership of other assets in lieu of their interest in the home, arguing that it is most equitable for you to keep the home, and advocating for your children’s wishes to stay in the family home.
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