Divorcing couples do not always understand what equitable distribution of marital assets means under Florida statutes. In the view of the court, both people in a marriage make contributions to establishing and running the household, and each should come away with a fair share of the assets. The goal is to give both parties the ability to continue the standard of living they established during their marriage — and in some cases, this means the spouse with less income gets a greater portion of the assets.
If both partners have comparable incomes and no children living at home, the most equitable way to divide a family residence might be to sell it and split the profits. Alternately, one party can buy out the other party. However, if there are dependent children, the court may rule that the parent with the most custodial care can remain in the house.
Putting a value on the contributions of each party can be more complicated. For example, someone with a lucrative career may receive a smaller part of the marital assets if the other spouse contributed to this success with practical or financial support, or gave up a promising career to take care of the kids and run the house.
The theory behind equitable distribution is sound, but to ensure that the court makes a decision that is fair, you need to have a skilled divorce attorney who presents your side of the story and negotiates a mutually agreeable deal.
Posted in Divorce, Family Law
Tagged asset division, equitable distribution, Florida divorce lawyers, Florida family law, property division, Sarasota family law attorneys