When a divorce case is filed in Volusia County, the spouses involved usually need to divide a significant amount of property. Florida follows a legal principle known as “equitable distribution,” which governs how assets and debts are divided between spouses. This does not mean that everything that a couple owns mutually will be split exactly 50/50. Spouses can mutually agree on a division of assets. If they cannot come to an agreement, a court will aim to divide their marital property in a manner that is fair based on their unique circumstances.
Under Florida law, only marital assets and debts are subject to equitable distribution. This includes most or all property and liabilities acquired during a couple’s marriage. Common examples of marital property include a family home, retirement accounts, vehicles, investment portfolios and medical and credit card debts. Non-marital property may be excluded from division if it has not been commingled with marital property.
Seeking a fair resolution
Before any division takes place in a contentious divorce scenario – and, sometimes, in amicable divorce processes as well – both parties must go through the discovery process. This involves the full disclosure of all financial documents, including bank statements, tax returns, property deeds and loan documents. Accurate and honest disclosure is important, as a failure to provide a full picture can result in legal consequences and an unfair settlement.
The marital home often becomes a central issue in asset division. One spouse may wish to retain the home, especially if minor children are involved, while the other may request compensation through other assets or a sale. Retirement accounts are another important asset subject to division, and they often require a qualified domestic relations order (QDRO) to be split correctly. Debts are also generally divided based on fairness, not just whose name is on any particular account.
Because each case is different, and because Florida’s equitable distribution law allows for discretion based on fairness, having experienced legal counsel before engaging in negotiation or preparing for litigation is important. The stakes are too high to “go it alone.”
If you are facing asset division in a Volusia County divorce, know that seeking legal guidance can make a substantial difference in both the outcome and your peace of mind as you aim to move forward in healthy ways.