When a divorce is pared down to its basic elements, it is an undeniable fact that financial issues often take center stage. The only issue that garners more attention than property division is the fate of any children involved, and even then, finances are an important consideration. Both parties will benefit by entering into settlement negotiations with at least a basic understanding of the financial implications of a divorce.
In Florida, marital assets are to be equitably divided between the parties, which typically means that each spouse will leave the marriage with close to 50 percent of the marital property. Moreover, nearly every asset acquired by the couple during the marriage could be subject to property division in a divorce. This includes property such as individual retirement plans, bank accounts and investment accounts that a person may believe are separate property. Under certain circumstances, some assets may be considered separate property, but that may only apply to that portion of the asset that was acquired prior to the marriage.