Equitable and equal mean the same thing, right? Wrong. Unfortunately, many people believe these two terms mean the same thing, but Buckmaster and Ellzey is here to explain how these terms are different and what this means for future divorcees.
Equal Property Division
Equal property division is when marital property is split down the middle, in other words, “50/50”. The house, the car, the investments, and anything else that is obtained during the marriage is split evenly. Of course, anything obtained before the marriage is not split between the spouses because it was not obtained during the marriage. While some states follow an equal property division plan, Florida follows an equitable property division plan.
Equitable Property Division
An equitable division of property is not the same as a 50/50 split. Equitable property division is when marital property is split in a way that is “fair” based on several factors.
Some of the factors that can impact an equitable division of property include:
- Duration of the marriage;
- Each spouse’s wishes regarding the assets;
- Value of the marital estate;
- Occupations and employability of both parties;
- History of money squandering (gambling, drugs, shopping, and other costly addictions/hobbies);
- Non-monetary and monetary marital contributions; and
- Child custody scenario.
Based on all the above and other considerations, a judge will determine a division of property that is equitable given the circumstances.
Experienced Representation Matters
As you can see, equitable property division is not the same as equal property division. If you are planning on or are currently going through a divorce, an experienced divorce attorney will help you create and fight for a specific equitable property division plan.
Call (888) 785-6548 now to set up an initial consultation with Buckmaster & Ellzey!