When a Florida spouse files for divorce, it activates a series of events. Part of the process includes having to resolve property division issues, as well as child custody, parenting time, child support, alimony and/or other pertinent topics. The court must ultimately decide any material disputes and enter an order that, among other things, divides assets and liabilities between the parties.
Florida is an equitable distribution state when it comes to marital property, including financial obligations. This means that the goal in divorce proceedings is a fair division of assets and debts, which does not necessarily mean a 50/50 split. Numerous factors apply to property and debt distribution in divorce.
Economic status and the income level of both spouses are important considerations. The length of the marriage may also have an impact on the proceedings, especially if one spouse sacrificed a career to stay home and raise a family and must now reenter the workforce when starting over after divorce. Other issues, such as if one spouse has contributed funds to the education of the other, may be key issues in dividing assets and debt.
Florida property division proceedings can be complex and stressful, especially if one spouse is trying to hide assets or refusing to fully disclose debt or net worth. An experienced family law attorney can provide strong support to a concerned spouse, beginning with investigating hidden asset suspicions. The attorney can act as a personal advocate to protect a client’s rights and financial interests throughout divorce proceedings.