Will I Lose Half of Everything During an Orlando Divorce?

Many spouses focus on financial concerns during divorces in Orlando. Spouses without children may be particularly focused on preserving their wealth after divorce, and it is true that many experience serious economic challenges after ending their marriage. But is it true that you will lose half of everything during the property division process in Florida? This is something you might want to discuss with a lawyer.

You Don’t Have to Divide All Your Property 50/50 During a Divorce

Florida follows a system of “equitable distribution,” which does not necessarily divide all of your various property in a 50/50 manner. First, you can take your “separate property” out of this equation entirely.

Separate property includes things you received as gifts or inheritance, even during your marriage. It also includes assets you acquired prior to signing the marriage contract or after your date of separation. The date of separation in Florida occurs when at least one spouse moves out of the family home.

You do not have to divide your separate property with your ex during a divorce. That property remains yours, and you can keep 100% of its value after the marriage ends.

Will I Have to Divide All of My Marital Property in a 50/50 Manner?

Marital property includes most of the things you acquire or purchase during marriage. This might include real estate, vehicles, collectibles, stocks, retirement assets, and much more. You will probably have to divide most of this property in a 50/50 manner with your ex. However, this is not always the case.

If you can establish that you contributed to the value of an asset in some way during the marriage, you might be able to receive a greater share during property division. For example, you might have worked tirelessly to renovate your family home over the years. If you created this “sweat equity” with no help from your spouse, you may be entitled to a share of the family home that reflects your contributions.

On the other hand, you might receive a lower share of the marital property if your ex can establish that you reduced the value of certain property during the marriage. For example, you might have used the family savings to gamble at a casino. Perhaps you invested in a questionable cryptocurrency scam, causing significant losses for the family. You might have also used marital property to fund an extramarital affair, perhaps spending these funds on gifts or vacations. These are factors that can reduce your share of the marital property.

Can a Divorce Lawyer in Orlando Help Me Preserve My Wealth?

Yes, one of the key goals for divorce lawyers in Orlando is to help preserve the financial security of their clients. While the Florida equitable distribution process can cause notable economic challenges, you will not necessarily lose half of everything during a divorce. Various strategies could help you enjoy economic stability after your marriage ends, and you can discuss these strategies with Steve Marsee, P.A. today.

Source:

 floridabar.org/the-florida-bar-journal/a-seven-step-analysis-of-equitable-distribution-in-florida-part-1-classification-and-valuation-of-marital-property/