Although divorce is not a right legally or constitutionally, courts warrant it because it best serves public policy. Consequently, it is the legitimate way couples can formally dissolve marriages. When a divorce occurs, the question of what constitutes marital property and how you should divide it arises.
At the Day Law Office, we understand the procedures that couples should follow when initiating a divorce. Also, we focus on helping you divide marital property equitably.
The Florida law covers not only divorce procedures but also property division. Even though it advocates for equitable division, you should not interpret it as halfway; it is dependent on several elements. Therefore, marital property distribution requires expert knowledge if it is to ensure transparency and accountability.
According to Cornell Law school, property distribution faced rampant unfairness, especially on women whose involvement at the workplace was not as much as it is today. However, modern courts now draw a line between separate and marital property, bringing about fairness.
Any property that you acquire in marriage, whether jointly or individually, is marital property. When dividing this property, the court considers some factors and allocates a fair and just share that satisfies both parties. Also, it aims at making sure both parties can lead a financially self-sufficient life after separation.
Some of the factors used in determining the fair share are common to most jurisdictions. For example, the duration of the marriage, the contribution made by each party in accumulating the wealth, the value of separate property owned by each spouse, and employability or their earning capabilities. Many other unmentioned factors may come into play for other jurisdictions.