Equitable Distribution in Florida: (fair but not necessarily equal).

During your marital mediation, one aspect to be determined is the division of assets, know as equitable distribution. Equitable distribution is the fair, but not necessarily equal, division of all marital property, assets, and debts. This complex concept is discussed in Section 61.075 of the Florida Statutes.

the court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors, including:

Typically, one spouse is more knowledgeable about family finances. If you are the spouse that is less informed, now is your chance to get caught up – fast. In order to negotiate and participate meaningfully in the mediation process both spouses should be aware of what was owned and owed prior to the marriage, what has been acquired since the marriage, and what is currently owned and owed.

You and your spouse will decide how to divide or distribute all of your assets and debts so that you can achieve a financial divorce. Your assets are your home, retirement accounts, bank accounts, investment accounts, possessions, businesses, insurance policies, cars, etc. Your liabilities will include debts – such as your student loans, credit card debts, car loans, mortgage debt, etc. If you and your spouse do not agree on how to divide your assets and debts the Judge will do this for you based on the criteria in 61.075.

Feel free to Contact Rich Smukler with any questions (or) to schedule a complimentary 30 minute meeting via zoom or telephone.