Couples in Florida who are getting ready to go through a divorce have probably heard the term “equitable distribution” come up in their research about the legal process. At the same time, the word “fair” may arise quite commonly as well. So, what do you need to know about equitable distribution and, perhaps more importantly, how do you determine what is fair?
Equitable distribution basics
Equitable distribution is a legal term that applies in the issue of property and debt division in a divorce. In essence, the term means that property and debt will be split up between the divorcing couple in way that is fair – and that doesn’t necessarily mean that the split will be 50/50.
So, what is fair? That word is, of course, subjective. It can mean different things to different people. But, family law courts in Florida can use a few factors to help in determining what is fair, such as: each spouse’s source of income; any pre-marriage property owned exclusively by one spouse or the other; the value of assets in the marriage; how each spouse will be situated financially after the divorce; and the economic contribution of each spouse to the marital assets. Of course, depending on the situation, there may be other factors as well.
Make no mistake: if you are in a dispute about equitable distribution and what is fair, you will need to make a persuasive argument to try to get what you think is right. Be sure to get the right information about all of your options and how to craft the best argument possible.