How does divorce affect a couple’s assets?

When a couple divorces in Florida, the assets that they accumulated during the marriage must be divided equitably. This means that the division must be fair and just, although it may not necessarily be equal. The factors that a court considers include the length of the marriage, contributions to the marital estate, age and health of each spouse, standard of living, and the ability of each party to financially support themselves. When or how assets are divided depends on whether the couple has a marital agreement, such as a prenuptial or postnuptial agreement. If the couple does not have an agreement, the court will decide how to divide the assets. The court may give one spouse ownership of certain assets, while splitting up other assets, such as retirement accounts and investments, between the two spouses in different ways. Assets deemed to be “separate property” may be kept by the person who owned them before the marriage. This includes any gifts or inheritances given directly to one spouse, or any property purchased with separate funds or owned by one spouse prior to the marriage. The divorce decree is final and legally binding when it comes to division of property. It is important for both parties to consider their financial interests during a divorce and to understand the laws that govern asset division in Florida.

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How does divorce affect a couple’s assets?

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