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5 common questions about assets during a divorce

On Behalf of | Feb 4, 2025 | Family Law |

One of the main focuses couples have during a divorce is asset division. Many couples want to keep what they believe is theirs in a divorce.

The asset division process can be a long and complicated part of a divorce. Couples who understand Florida division laws may be better equipped to reach an asset division settlement. Here is what you should know:

1. What assets need to be divided?

Assets that are part of the marital estate are typically divided in a divorce. Assets acquired before a marriage are often retained by the owner. Marital assets can include anything that was acquired during a marriage, except for gifts and inheritance. Some common assets that are part of the marital estate include real estate, vehicles, bank accounts, retirement accounts, jewelry, art and business interests. 

2. How are assets divided in Florida?

Unlike a few states that divided marital assets evenly, Florida follows equitable distribution laws. Equitable distribution means that marital assets are divided by what is fair. Since every divorce is unique, there are a few factors that are considered to help ensure the equitable division of assets. A court may consider the following factors when deciding on asset division:

  • The length of a marriage
  • The age of each spouse
  • Each spouse’s earning capacity
  • Each spouse’s education and skills
  • Each spouse’s standard of living
  • Each spouse’s contributions to the marriage
  • Tax considerations

Not all of these factors are considered. However, spouses can attend a hearing where they can negotiate the division of assets.

3. How are debts divided?

Just like marital assets, debts acquired during a marriage may be distributed by what is fair. For example, a judge may believe that the higher-earning spouse is responsible for more debts. Or, the spouse who acquired unnecessary debts is responsible for those financial obligations. 

4. How can I keep more of my assets?

There are a few ways to keep assets in a divorce. First, separate assets can be kept out of the divorce process. Alternatively, assets can be added to a pre- or postnuptial agreement. These agreements can prearrange the division of assets in a divorce. If you’re already in the middle of a divorce, you may be able to negotiate “trade-offs” with your spouse or buy-outs so that you can keep specific assets.

5. How are hidden assets uncovered?

A spouse may try hiding assets in a divorce. If there is evidence that there are hidden assets, such as unusual bank statements, a discovery phase can help reveal these assets. The spouse may face repercussions for hiding assets. 

To learn more about the asset division process during a divorce, you may need to reach out for legal guidance

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