Equitable distribution is how the court will approach the division of marital assets and debts. First and foremost, you will need to be prepared to prove which of yours and your spouse's assets and debts are marital versus non-marital.
Pursuant to section 61.075, Florida Statutes, a marital asset, or debt is:
An asset or debt that was acquired or incurred during the marriage whether it was acquired or incurred in individual or joint names.
The enhancement in value of non-marital assets due to efforts from either party during the marriage or if the value was enhanced due to expenditure of marital funds or assets on the non-marital asset.
The paydown of the principal of a mortgage of a non-marital property with marital funds and the passive appreciation (using a coverture fraction).
Interspousal gifts during the marriage.
All vested and nonvested benefits, rights, and funds accrued during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs.
Pursuant to section 61.075, Florida Statutes, a non-marital asset, or debt is:
An asset or debt that was acquired or incurred prior to the marriage, and assets or debts acquired or incurred in exchange for such assets and debts.
Assets acquired by non-interspousal gift, bequest, devise, or descent, and asset acquired in exchange for such assets.
All income derived from non-marital assets during the marriage unless the income was treated, used, or relied upon by the parties as a marital asset.
The cut-off date for determining what is marital versus non-marital is the date that you file a Petition for Dissolution of Marriage or enter into a valid separation agreement. Only those assets categorized as marital will be subject to division by the court. Unless there is justification for unequal distribution, the court will typically divide marital assets 50/50.
Speak with one of our attorneys today regarding the equitable distribution portion of your divorce case.
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