Does My Spouse Get Half Of Everything In A Tampa Divorce?

If you are going through a divorce in Tampa, one of your chief concerns is likely how marital property and assets get divided. Getting what you are entitled to in a settlement plays a vital role in divorce recovery. Your spouse may assume they are entitled to half of everything, but that is not always how it works.

Florida follows the law of equitable distribution rather than strict equal division. Marital property and assets-as well as debts-are divided in a way that is fair, though not necessarily equal. Our Tampa divorce lawyer explains more about equitable division and the process of determining who gets what in a settlement.

How Equitable Division Works in a Tampa Divorce

Under Section 61.075 of the Florida Statutes, property and assets are divided equitably in a Tampa divorce. Unlike some other states, in which each spouse is entitled to half of everything, the court aims for a settlement that takes into consideration the specific circumstances and is fair to both parties involved.

Equitable division applies only to marital assets, which is anything earned, acquired, or otherwise accumulated during the marriage. This includes:

• Real estate, such as the marital home, land, and vacation properties;
• Vehicles, including cars, motorcycles, campers, and ATVs;
• Household furnishings and collectibles, including furniture, artwork, and antiques;
• Money in bank accounts, both checking and savings;
• Retirement funds, including 401(k)s, pensions, and IRAs;
• Shares in any business started or built during the marriage;
• All personal property, including jewelry and furs.

Keep in mind that equitable division in a Tampa divorce also applies to all marital debts, including mortgages, car payments, credit card balances, and other loans.

Factors That Influence Tampa Marital Property and Asset Division

While both spouses are entitled to a fair share of all marital property and assets, that does not automatically mean your spouse is entitled to half of everything. When dividing assets during a divorce in the Hillsborough County Family Court, the judge considers multiple factors to determine what is fair to both parties involved. This includes:

• Each spouse’s income and individual financial resources, including premarital property;
• Each party’s contributions to the marriage, which includes financial contributions, as well as homemaking and child-rearing efforts;
• The length of the marriage, in which longer marriages typically result in a more equal distribution;
• Future financial needs, such as medical expenses and childcare responsibilities;
• Misuse of marital funds and attempts to hide assets;
• Marital misconduct, such as abandonment, adultery, domestic violence, and addiction.

To Get The Total Amount You Are Entitled To In A Settlement, Contact Our Tampa Divorce Lawyer

Dividing marital property and assets in a Tampa divorce can be complex, and getting the best possible outcome requires strong legal representation. Bubley & Bubley, P.A. provides the trusted, experienced legal help you need throughout the process. To get the total amount you are entitled to in a settlement, call or contact our office online. Schedule a consultation with our Tampa divorce lawyer today.

Sources:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

hillsclerk.com/court-services/family-law