Although division of property can be a difficult process during divorce proceedings, the rule of thumb is for equitable distribution, where property acquired during the course of the marriage is split 50/50. This will be done no matter whose name the property is actually in. However, the courts do have flexibility in changing these percentages but that normally occurs only under extraordinary circumstances.

If one of the people owns a business, the other person may be entitled to half of the business as well including equipment, accounts receivable, and goodwill. However, if the business has ceased to generate a profit, the non-owning party may not want to have fifty percent of the goodwill.

In cases where a house was purchased before the marriage and then transferred into joint names, even this property can be determined eligible for 50/50 split status. The court will recognize the transferring of the names as the intention of the owner to present the house as a gift to his or her new spouse. The same can happen for money that was commingled with a joint account after marriage. It will be recognized as marital property that is subject to equitable distribution as well.

If you are going through a divorce and would like to understand what might happen to your property, contact us to work with a Jacksonville family law attorney.

The state of Florida follows the laws of equitable distribution during divorce and legal separation proceedings.  Under equitable distribution, property is either considered separate or marital.  The court deems the following marital property when distributing assets:

Assets acquired by one or both spouses during the length of the marriage.

Gifts given by one or both spouses during the marriage.

Tested and non-vested benefits or funds occurred throughout the marriage in pension, retirement, insurance and annuity programs.

Debt and expenditures accrued throughout the duration of the marriage.

Property may include, but is not limited to:  homes, vacation homes, vehicles, furniture, jewelry, savings accounts, boats, etc.

Do you have questions about equitable distribution laws in the state of Florida?  Contact Ellerin Hutchinson today to speak with a Jacksonville family law attorney.  A lawyer from our team will take the time to listen to your questions and provide you with guidance and reliable answers.

It is important to understand the difference between marital and separate property when heading into a divorce. 

Marital property is considered any property or debt that is acquired by either spouse during the course of the marriage, where as separate property refers to property or debt acquired before the marriage began or after a divorce.  Separate property also includes inheritances, gifts from third parties, and restitution. 

Equitable Distribution of Marital Property

Florida is an equitable distribution state, which means that all marital property is to be divided “equitably” during a divorce.  It is important to understand that “equitable” does not mean “equal.” Equitable means fair.  Instead of dividing marital property equally between the spouses, the judge will divide the property in a way that he or she thinks is fair based on each spouse’s financial situation and contributions to the marriage.  Other factors a judge is likely to take into consideration include:

• Each spouse’s current income

• The duration of the marriage

• Each spouse’s non-financial contributions to the marriage, such as if one spouse stayed home from work to care for the children and tend to the house

• If either spouse owns a business

• If one spouse worked to support the family while the other went backed to school to pursue a career or trade skill

• Each party’s desire to keep the family home

• How dividing the assets and debt will affect children

Contact a Knowledgeable Jacksonville Divorce Attorney

If you are interested in learning more about marital versus separate property or have any questions in regards to your property rights, Jacksonville divorce lawyer Scott Ellerin would be more than happy to meet with you. Mr. Ellerin has handled countless divorces on behalf of clients throughout the Jacksonville area, and has a great deal of knowledge in regards to Florida’s equitable distribution laws.

If you are interested in scheduling a consultation with Mr. Ellerin, you can contact the office today by calling (904) 866-4489 or by clicking here to fill out an online case evaluation !