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How to prioritize your interests when dividing assets in divorce

On Behalf of | Feb 22, 2024 | Divorce

When facing a divorce in Florida, the division of assets is important but can be overwhelming. It is important to prioritize your interests to ensure a fair outcome.

One thing to keep in mind is that in Florida, the principle of equitable distribution governs the division of marital assets. This means that assets acquired during the marriage are typically divided fairly, though not necessarily equally, between spouses.

Identify and classify marital assets

The first step in prioritizing your interests is to identify and classify marital assets. Marital assets include property, income and investments acquired during the marriage. Nonmarital assets, such as gifts or inheritances received by one spouse, are typically not subject to division. Clearly identifying and categorizing assets can help ensure that the division process properly accounts for them.

Consider your financial needs and goals

Think about your financial needs and goals both during and after the divorce. Consider which assets are important for maintaining your standard of living and achieving your future financial objectives. Prioritize assets that will best support your long-term financial well-being.

Evaluate the value and utility of assets

In Florida, the median value of a house is $292,200. Your biggest asset may be your home, or it could be an investment account or something else altogether. Not all assets are equal.

Some may have more significant financial value, while others may hold sentimental or practical value. Evaluate the worth and utility of each asset to determine which ones are most important to you. Consider factors such as liquidity, tax implications and ongoing maintenance costs.

Communicate and negotiate with your spouse

Effective communication and negotiation with your spouse are key to reaching a mutually acceptable asset division agreement. Clearly articulating your priorities and listening to your spouse’s concerns can help facilitate a fair and amicable resolution. While emotions may run high during divorce proceedings, a cooperative and respectful dialogue can lead to better outcomes for both parties.

A strategic approach helps you prioritize your interests and navigate the asset division process with confidence during a Florida divorce.