Common Misconceptions About Property Division In Florida Divorces
Going through a divorce can be a traumatic experience, and the confusion about how your property will be divided only makes things more stressful. With so many misconceptions about how Florida handles property division in divorces, we are here to clear things up.
Myth 1: Equitable is the same as equal.
“Equitable” sounds like “equal,” but it does not guarantee that everything is split right down the middle. Florida’s courts focus on ensuring a “fair” division considering many factors like the length of the marriage, each spouse’s contribution (financial and non-financial), and each person’s financial situation.
Myth 2: Only what we get during marriage is divided.
Generally, every asset you bought or earned during marriage (marital assets) gets split. But sometimes, assets you had acquired before marriage (non-marital assets) can also be considered, especially if those assets got mixed up with your marital assets or if marital funds were used to grow or improve them.
Myth 3: If it’s in my name, it’s mine.
Not always. Even if something like your house or car is titled under your name, it may still be considered a marital asset and divided if it was acquired during the marriage or comingled after the marriage.
Myth 4: Gifts stay with who got them.
If one spouse gifts the other something expensive like a watch or a necklace during the marriage, it might be up for division unless it was explicitly meant to stay separate.
Myth 5: My separate bank account is safe.
Just because the money is in a different account does not mean it is safe from division. It could still be considered a marital asset if you saved that money while married.
Myth 6: I will always keep my inheritance.
Inheritances are often personal. But if you mix them with marital assets or use them for mutual benefits, they might be considered for division.
Myth 7: The court will favor the one who earns less.
Although a spouse’s financial standing is undoubtedly a factor in property division, courts primarily want fairness. They look at everything, from financial to non-financial contributions and each spouse’s future earning prospects.
Myth 8: We will split the debt equally.
Like assets, debts are not always split 50-50. This often involves the same analysis as marital assets.
Myth 9: I can do this without an attorney.
Divorce proceedings can be complicated. Having a divorce attorney in Miami, FL, can help ensure you make informed decisions and get a fair deal.
Contact The Kirlew Law Firm!
Having knowledgeable legal representation is crucial when facing divorce proceedings in Florida. By arming yourself with factual information and hiring the Kirlew Law Firm, one of the best law firms in Miami, you maximize your chances of ensuring a fair outcome in your divorce proceedings. Contact the Kirlew Law Firm for a free phone consultation today!