James R. Schaffer, P.A.

How does property division work?

| Nov 2, 2020 | Divorce |

Are you heading into divorce and expecting to leave with exactly half of all your marital assets? This is a common misconception. In Florida, you can expect to receive an equitable portion of the assets during property division. So what exactly does this mean?

Understanding property division

In short, it simply means that you will divide assets however is most fair. Of course, this could resemble close to a 50/50 split, but this depends on your situation. It might not be helpful to look to your friends’ or loved ones’ divorces either, as what was most fair for them may not be the same for you.

This means that you will need to be intimately familiar with all of your marital assets. You will need to gather information regarding a wide range of items, many of which can have a significant financial impact on your future. Consider just some of the following assets that get divided during divorce:

  • Debts
  • Bank accounts
  • Retirement savings
  • Business interests
  • Real estate property and investments
  • Investments

You do not want to leave your soon-to-be ex-spouse with less than he or she deserves, but you also need to be ready to advocate for your own needs during property division. This can be hard to do when navigating the emotionally draining process that is divorce.

Fortunately, there is no need for you to do so alone. Be sure to speak with an experienced attorney to learn more about the divorce process in Florida and how you can go about finding the right guidance.