James R. Schaffer, P.A.

What should you understand about property division issues?

| Aug 8, 2019 | High Asset Divorce |

Florida residents who are getting ready to go through a divorce understand that they will need to sort through quite a few issues — even more if there are minor children involved. But, aside from issues having to do with children, perhaps, the most contentious issue in a divorce case is how to divide assets and debts. So, what should divorcing spouses understand about property division issues in a divorce case in our state?

Well, for starters, the most important aspect of property division in a divorce to understand is that assets and debts will not be split “50/50.” In Florida, the law asserts the concept of “equitable distribution” for assets and debts. This means that, if the parties cannot agree on their own as to the overall distribution of assets and debts, the family law court will determine what is fair and just — which does not always come out to an even split. If one of the soon-to-be ex-spouses appears to be situated with better financial prospects post-divorce, the other spouse may end up with more in assets and less in debt once the case is all said and done.

Leaving these important issues in the hands of family law judges — qualified though they may be — is often a result that neither party in a divorce wants to see. That is why so many divorce cases involve mediation, collaborative efforts or even direct negotiations between the sides in order to attempt to reach an agreement, which can then simply be ratified by the court — if it is fair.

Overall, property division is an issue that can cause any given divorce case to get complex. Keeping an eye on the goal of getting through the case and getting it finished can help divorcing couples approach this sensitive issue with the right frame of mind.