Debunking Common Myths About Property Division In Florida
If you are going through a divorce in Florida or if a divorce is looming, you need to gather as much information as possible about the divorce process. It is vital that you have as much information as possible about the divorce-related matters involved in your divorce. For example, you need to possess as much information as possible about property division. In an attempt to gather information, you might approach friends or family members or conduct research online. When gathering information, it would be best to keep in mind that some of the information you might get from friends, family members, or the internet might be inaccurate. Property division is one of the topics related to the divorce process that has the most misconceptions associated with it.
Because we want you to only possess accurate information, below we debunk some common myths about property division in Florida.
Myth #1: Marital Property Is Divided Equally Between Spouses
Florida is one of the equitable distribution states in the U.S. During a divorce, marital property is divided between parties in a just proportion but not necessarily in equal proportions. Usually, Florida courts begin with the assumption that marital property should be divided equally between spouses. However, if there is justification for an unequal division, the court is allowed to order such a division.
Myth #2: The Spouse Who Earned the Most Money Gets More
When a couple gets married without a prenuptial agreement, all property acquired during the marriage is considered marital property. Just because a spouse earns more during the marriage does not mean they are entitled to more money during a divorce. The court does not only consider the monetary contribution to the marriage when dividing property between divorcing couples. It also considers the non-monetary contribution.
Myth #3: Businesses Cannot Be Considered Marital Property
If a business was formed or acquired during the marriage, it is a marital asset subject to equitable distribution. However, if a prenuptial agreement exists that shows one spouse waived their interest in the business, the business would be considered separate property. Additionally, you should know that even if a business was formed or acquired before marriage, it might have a marital component. For example, if a business formed by one spouse before marriage increases in value during the marriage, a portion of the business may be considered marital property.
Myth #4: A Cheating Spouse Receives Nothing
In Florida, adultery generally does not impact the division of property. The mere fact that a spouse cheated does not mean they will not receive anything. However, if the extramarital affair had an economic impact on the marriage, the outcome of property division may be affected. For example, if the cheating spouse used marital funds on their lover, the court may consider such behavior as wasteful dissipation of marital funds. In such a case, the cheating spouse may receive a lesser share of the marital property than the other spouse.
Myth #5: Divorce Court Is the Only Way To Resolve Disputes Over Property Division
Divorcing spouses in Florida can resolve disputes over property division outside of court. For example, you can resolve disputes over property division through collaboration, mediation, or arbitration.
Contact an Orlando Divorce Lawyer
If you’re going through a Florida divorce or if a divorce is imminent, contact our Orlando divorce lawyers at The Arwani Law Firm for legal guidance.