If you’ve been doing your homework on divorce in Florida, then you’ve probably heard of “equitable distribution” in various contexts. But what exactly is it and how is it determined?
Equitable distribution is a standard legal divorce action. The Florida Court seeks to produce a fair and equal division of assets and property between the two divorcing parties. Under Florida Statute Section 61.075 Equitable Distribution, the Florida Courts will consider the following factors in the equitable distribution process:
Equitable distribution agreements can be made without the court’s interference, and can even be handled by a mediator. However, the Court will need to step into situations when the two divorcing parties cannot reach an agreement surrounding marital assets and liabilities.
Marital property is included in the equitable distribution proceeding.This means that any and all property acquired during the marriage and the increase in value of a non-marital asset resulting from the efforts or either party during the marriage or from the contribution of marital funds will be subject to distribution.
This can include marital debt, hidden assets, family businesses, partnerships, real estate, retirement funds, etc…
Some of this property can be difficult to divide and division may sometimes require the couple to sell and split the profits of that sale as their fair distribution.
It is not uncommon for couples to disagree about what is a “fair” distribution of their marital assets and liabilities. But, it is in the best interest of both parties to come to an agreement rather than leaving the decision up to the family court judge.
By working closely with your soon-to-be ex and your attorneys, you may be able to come to an agreement that prevents the court from deciding on your behalf.
It is in your best interest to have an experienced divorce attorney Miami by your side. Florida Statutes regarding equitable distribution are difficult to decipher and do not always work in favor of both spouses. Therefore, having an attorney by your side may ensure that you truly receive a fair distribution.
Your divorce lawyer Miami can represent your interests prove your financial need for specific assets, and provide you with sound legal advice whether your case will be resolved through an agreement or at trial.
Even if a homemaker that did not contribute financially to the household, could be entitled to a large portion of the marital assets under Florida Statute Section 61.075.
Contact the Estevez-Pazos Law Firm, P.A. today for an initial consultation regarding your equitable distribution case, 305-717-7130. Serving Miami area from our offices at 135 San Lorenzo Avenue, Suite 650, Coral Gables, Florida 33146.