Your property settlement agreement represents one of the most important parts of your Florida divorce. Most couples arrive at a fair and equitable property division on their own, but a court can decide this issue if you and your spouse fail to agree.
You may never have thought about it before, but Florida is a fair distribution state when it comes to marital property divisions, not a community property state. But that leaves you and your spouse to determine what constitutes a fair and equitable division. The Huffington Post reports that whatever "fair and equitable" may mean, the one thing it does not mean is that the two of you must split your marital property 50/50. Rather, since "fair and equitable" has no precise meaning, you and your spouse can divide up your property in whatever manner your situation calls for, as long as it does not leave one of you in a disadvantaged position.
Fair and equitable considerations
Remember, your property settlement agreement excludes the property that you and your spouse each owns separately. Only your marital property counts. Here are some things you and your spouse should consider when arriving at your agreement:
- What are your respective ages and respective health conditions?
- How much does each of you currently earn in salary or wages?
- How much more - of less - will each of you expect to earn in a few years?
- How much has each of you contributed to the marriage in nonfinancial ways?
- How long has your marriage lasted?
- What standard of living have you achieved during it?
This is general educational information and not intended to provide legal advice.