Is Florida a Community Property State in Divorce?

When couples are going through a divorce in Florida, one of the most common questions they ask is whether Florida is a community property state. How property is divided can have a significant impact on your future. While property is split 50/50 under community property rules in some states, Florida follows a different approach. Understanding how Florida handles asset division can help you plan smarter, whether married or divorced.

What Is a Community Property State?

In states that follow community property rules, anything acquired or earned during marriage, be it cars, homes, or investments, is automatically considered equally owned by both spouses. In the event of a divorce, everything is split 50/50, regardless of who earned more or paid for a specific item or investment.

The Law in Florida

Florida does not follow community property rules. Instead, the state uses an equitable distribution system. In this system, marital property is divided in a way the court deems fair but not necessarily equal. Marital property refers to anything acquired by the spouse during the marriage, including real estate, savings, and investments. However, some things like inheritances or personal gifts remain as separate property, especially if they haven’t been co-mingled with marital assets.

In determining what each spouse is entitled to, Florida courts consider several factors as outlined in Florida Statute 61.075(1). These include the following:

• Length of the marriage: Longer marriages may lead to a more even split, while shorter ones might be divided depending on each person’s contribution.
• Financial well-being: The court may also examine each spouse’s income, earning potential, and financial needs.
• Career or educational sacrifices: If one spouse puts their career or education on hold for the marriage, the court may award them more to make up for lost opportunities.
• The desirability of retaining any asset: The court might allow one spouse to keep certain assets, like a business, to keep it running smoothly or to prevent disrupting a child’s home life.
• Contribution to the acquisition of marital assets: If one partner helped grow or maintain an asset’s value, they could be entitled to a larger share.
• Other factors specific to the case: The judge may also consider anything else they believe is essential to ensuring the fair property division. This may include tax consequences or the need for spousal support.

How Can You Protect Your Assets During a Divorce in Florida?

To help you safeguard your financial interests, here are some strategies worth considering:

• Keep detailed records of your assets, debts, income, and expenses, which can help determine marital and separate property during divorce.
• Have a professional appraise your assets so the division is based on each asset’s actual value.
• Consider prenuptial or postnuptial agreements, as they can help clarify how assets will be divided in a divorce.
• Keep separate property separate by avoiding co-mingling them with marital assets. For instance, you could keep your pre-marital assets or inheritance in individual accounts and avoid using marital funds to enhance or maintain their value.
• Work with a qualified family law attorney to guide you through the process and protect your financial future.

Contact an Orlando Divorce Lawyer Today

If you’re considering divorce or going through one, contact our Orlando divorce lawyer at the Arwani Law Firm today to help you understand your rights and protect your assets.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html