Representing yourself within a Florida divorce can be done if you have correct specifics of your rights, what the law states and court procedures. You need to get it right initially. Changing a Final Judgment is not necessarily possible. If you make an error it can cost lots of money for attorney’s fees to mend it. This article will provide you with information regarding your property rights in the Florida divorce.
If you won’t educate yourself about your rights, you could potentially agree to accept a lesser amount of than what you happen to be entitled to. One recent divorce forum had this posting:
When I got divorced I didn’t fight for his business. He makes $200k/yr and I’ve been a work from home mom. I had a premarital IRA but I cashed it in when his business needed money. Now I get 2k/mo alimony but I are interested a house and have enough money. Someone laughed and said that if I have my boyfriend move it, I’ll lose my alimony. Help!
By not including value of the marital business in Equitable Distribution, this woman shortchanged herself and her children. Now she’s in distress. Don’t let that happen to you.
Is There a Formula for Equitable Distribution?
“Equitable Distribution,” Florida’s property division process, begins with a 50/50 split of marital assets and debts, but also in some situations the same split is probably not fair or equitable. There is no set formula for unequal splits. For example, considered one of you may plan to take numerous assets with the loans on those assets since you can afford to do it. Unequal splits are unusual when cases head over to trial.
Florida courts have ordered unequal splits when
One spouse is disabled along with the other is employed
One spouse is necessary to care for a disabled child
One spouse spoke little English, had no formal education and not worked
One spouse hasn’t worked for decades, another is nearing retirement
As you can observe, the situations for unequal distribution will not be typical situations. Since Florida law begins with a 50/50 split of “marital assets and marital debts” and unequal splits are unusual, most couples uses the 50/50 formula.
What is “Marital?”
“Marital property” or “marital assets” include everything else you spent money on during the marriage and have – things such as houses, cars, boats, televisions, dishes. Your “stuff” is named personal property. If you own property/house/dirt, it is referred to as “real property.”
“Marital debts” or “marital liabilities,” like marital assets, are definitely the loans you signed for over the marriage – stuff like mortgages, student education loans, bank cards. With a few exceptions, whatever you get or borrow is “marital” from the moment you said “I do,” before you sign a Marital Settlement Agreement or file the Petition for Dissolution of Marriage, whichever comes first.
If property is titled only in a single spouse’s name, it might still be marital property if purchased with marital money. For example, some couples each have an auto in individual names. If those cars were bought/leased throughout the marriage, these are “marital assets.” Even some non-marital assets becomes marital as discussed below. The forum writer missed this opportunity in their case.