One of the trickiest parts in divorce is divvying up all the items you and your ex own together. And when it comes to shared properties, like houses or investments, it gets even more complicated. But don’t stress, lets break down how equity in shared properties is handled in Florida to make this whole process a bit easier for you.
What’s Equitable Distribution?
So, in Florida, they go by what is called equitable distribution when splitting up assets. But here’s the kicker—it doesn’t always mean a straight 50-50 split like you might think. Instead, it’s about divvying things up fairly, taking into account some things such as how long you’ve been married, what each of you contributed financially, and the lifestyle you had during the marriage.
Divvying Up Equity: Step by Step
Here’s how they tackle dividing equity in shared properties:
- Identifying Marital Property: First up, you need to figure out which properties are up for grabs. Basically, anything you acquired during the marriage is fair game, no matter whose name is on it.
- Putting a Price Tag: Once you know what’s on the table, it’s time to figure out how much it’s all worth. That might mean getting pros in to appraise or getting advice from real estate folks to value everything properly.
- Weighing Contributions: The court looks at what each of you put into the property—financially and otherwise. So, your sweat equity counts too, whether it’s renovations or just keeping the place running smoothly.
- Settling Up: Ideally, you and your ex can hammer out a deal on your own. It’s usually less messy and gives you more control over who gets what.
- Court as a Last Resort: If you can’t agree, the court might have to step in. They’ll weigh all the factors and make a decision on how to divvy things up.
Why You Need a Good Lawyer
Divorces are tough, and dealing with property can be a real headache. That’s where a divorce attorney specializing in family law comes in. They’ll make sure you know your rights, help you negotiate a fair deal, and be your advocate every step of the way
