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Determining the division of your assets in divorce

| Jan 2, 2019 | High-asset Divorce |

With any divorce, one of the risks is that you will lose much of what you put into your marriage. The last thing you want is to see the assets you worked hard to obtain being given to an undeserving spouse.

Fortunately, Florida is an “equitable distribution” state. That means that you have the right to fight for the assets you want from your marriage. Even marital assets need to be divided equitably — which does not mean equally.

What are the benefits of equitable distribution?

Equitable distribution is beneficial because it allows each party in a divorce to fight for what they believe is a fair share of the marital property. In some states, known as community property states, you have to split marital property 50-50. That often leaves one spouse with far less than what they contributed to the marriage, which is unfair.

Can you craft your own agreement regarding the division of assets?

You and your spouse have a right to sit down and work out a separation agreement that fairly divides up your assets, including those you have in retirement accounts. In most cases, judges will approve any agreement you create, as long as it appears fair to the other party.

Here’s an example: If you own three properties that you purchased but allow your spouse, who did not purchase any of the properties, to keep one, the judge isn’t likely to ask you to change the arrangements. As long as your agreement is something you and your soon-to-be-ex-spouse agree on, it should be fine with the court. Your attorney can help you prepare the documents for your settlement, so they’re ready to go to the court.