The Items to Be Divided
Prior
to any division of property in a divorce case, the court needs to determine
exactly what it will be dealing with. This includes determining all financial
information like bank accounts, mortgages, car payments, joint or individual
credit cards, as well as any joint investments.
This
step is important since not all items are considered the same when divided. For
example, an asset may be categorized as marital or non-marital, whereas debt is
classified as either separate or marital. First, the court determines what
needs to be split prior to making any decisions regarding its allocation.
Marital
versus Non-Marital Property
One
of the main issues that needs to be determined in the course of divorce
proceedings is the nature of particular assets; whether they should be
considered marital or non-marital. The former term refers to any asset or piece
of property accumulated throughout the duration of marriage.
On
the other hand, non-marital assets are those that belonged to a person prior to
marriage or those that have been inherited from relatives or received as a gift
from another party. However, even an item that was originally purchased before
the marriage can be considered partially marital.
The
Importance of Equity in Distribution
When
dividing marital assets and liabilities, divorce laws Florida prioritizes
equitable distribution. However, it does not necessarily imply equal. It
implies fair, depending on the unique circumstances of each particular case.
Thus,
such factors as the duration of the marriage and each spouse's financial
condition should be taken into consideration. Moreover, a judge will likely
consider the contribution of the parties in terms of the work done in the
household.
For
instance, in many cases, one party works while the other takes care of children
and maintains the house. In addition to that, each party's waste, dissipation,
or depletion of joint assets may be considered by a judge too.
Dividing
Business or Retirement Accounts
Sometimes,
there are complex issues related to a business owned by one or both parties or
their retirement accounts. Such assets require a special approach since they
need valuation. In some cases, such valuations are performed according to
professional standards by independent third parties.
As
far as dividing such assets is concerned, a lot of evidence can be submitted in
court, such as expert appraisals and testimonies.
Execution
of the Order
When
all decisions are made, a court divides marital property in writing, as well as
the rest of the issues involved in divorce proceedings. An order may be
included in a divorce judgment or issued separately as a property settlement
order. However, regardless of how a person feels about the decision, it should
be executed without fail.