How Is Property Typically Divided Between Spouses During an Uncontested Divorce?
Divorce is a challenging and complex process. The divorce process can be emotionally draining. While this is true regardless of the type of divorce, it is especially true for contested divorces. A contested divorce is one where the spouses cannot agree on one or more key divorce-related issues such as property division, alimony, or timesharing. Instead of cooperating to settle these matters outside of court, spouses rely on the court to resolve their differences. In contrast, an uncontested divorce is one whereby the spouses agree on all key issues. Uncontested divorces usually proceed more smoothly than contested divorces since there is no need for court intervention.
In an uncontested divorce, where both spouses are in agreement, the parties can work together to decide how property should be divided. They can do this with legal counsel or a mediator to guide the discussions. However, even in uncontested divorces, understanding the property distribution process is crucial to ensure fairness and equity for both spouses.
How Is Property Typically Divided in an Uncontested Divorce?
With uncontested divorces, when it comes to property division, every couple will come up with different solutions. However, the following are some guidelines to help you understand the process of property division to ensure fairness and equity;
- Identify Separate and Marital Property
The first step in ensuring fair property allocation is identifying all separate and marital property. Separate property is generally any property acquired before the marriage. In contrast, marital property is any property that was acquired during the marriage, regardless of whose name is on the account or title. However, anything you acquired before marriage that was mixed with marital assets or that is now under joint ownership is considered marital property.
- The Law Requires Marital Property To Be Divided Between Spouses
Florida law requires that marital property be equitably divided between spouses. This does not necessarily mean a 50/50 split, although such a split is possible and allowed. Instead, equitable distribution means that marital property should be divided fairly between spouses. According to Florida law, separate property remains the property of each party. While couples in uncontested divorces have the flexibility to divide their property according to their mutually agreed-upon terms, they need to ensure that the division complies with state laws. Couples in Florida must ensure that the division is fair.
- Valuation of Property
Before spouses divide marital property, they must ensure that all assets are accurately valued. It is best to obtain help from professionals such as appraisers, financial advisors, and accountants. These individuals can ensure fair and accurate valuation and, thus, fair division.
Court Approval
It is vital to note that while spouses in an uncontested divorce can negotiate to reach a mutually agreeable division of property, the divorce agreement outlining the terms of property division, alimony, timesharing, etc., must be submitted to the court for approval. If the court finds that the agreement meets legal requirements and is fair, it will finalize the dissolution of the marriage.
Contact Our Lakeland, FL, Divorce Attorney
If you are getting a Florida divorce and need legal help, contact the qualified Lakeland divorce attorney at Darla K. Snead. P.L.
