Couples preparing for a divorce may have many questions about the process. They may not be sure about what assets they have to divide or how the courts resolve disagreements between spouses. Many people come to the negotiation table with unreasonable demands because they have limited information about their legal rights.
Others may waste time and money attempting to litigate in cases where the terms they seek are all but impossible to obtain through the courts. People who understand the basic rules that govern property division during Palm Beach County divorces can establish reasonable goals and take appropriate steps to minimize their time and effort spent on asset distribution matters.
Florida is an equitable distribution state
Every state has slightly different family law statutes. In Florida, lawmakers have adopted a law that requires the equitable distribution of marital property. Spouses can circumvent this law by negotiating a marital agreement that divides their property. Prenuptial agreements signed during engagements and postnuptial agreements negotiated during marriages can directly guide asset distribution.
Spouses can also reach a settlement by working directly with one another. If they cannot agree on terms, then the matter goes in front of a judge. Equitable property distribution requires disclosure of assets and obligations. A judge looks at details about the marriage, ranging from how long it lasted to the earning potential of each spouse.
From there, they split both shared property and debts in a manner that seems fair. That process may include making one spouse responsible for more debts because they have a higher income or giving a lower-earning spouse more marital property to offset the likely reduction in their standard of living after the divorce.
Judges also have the authority to order the liquidation of certain assets. Spouses may have to divide retirement savings accounts and offset the value of home equity. They may have to determine the fair market value of investments and even estimate what personal collections are worth.
If the matter goes in front of a judge, spouses have minimal control, and predicting the outcome is all but impossible. For many people expecting a complex divorce process because of high-value assets, settling an arrangement outside of court is preferable to leaving everything to the discretion of the judge.
Discussing personal priorities and holdings with a family law attorney can help spouses as they prepare for Palm Beach County divorce proceedings. Knowledge can make it easier for people to work cooperatively and recognize when litigation may – and may not – be necessary to obtain a fair property division outcome.