Florida Statute 61.075 sets out criteria for classifying assets and liabilities. The first step to understanding what you and your significant other have in the marital estate is to determine two key periods of time. First, you must determine the date of your marriage. That date will be the starting point for classifying marital versus nonmarital assets and liabilities. Second, pursuant to Florida Statute 61.075(7) the “cut-off” date for determining assets and liabilities is the earliest of the date the parties either enter into a valid separation agreement, or the date of the filing of the petition for dissolution of marriage. That is, if you don’t have a valid separation agreement prior to the filing of the divorce, any and all assets and liabilities incurred during your period of separation may be classified as marital until you or your significant other file for the divorce.
Once the assets and liabilities are classified, the marital estate then needs to be equitably divided. Florida Statute 61.075(1) states that “the court shall set apart to each spouse that spouse’s nonmarital assets and liabilities, and in distributing the marital assets and liabilities between the parties, the court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors…” Those factors can be found in Florida Statute 61.075(1).
If you or someone you know needs assistance with a dissolution of marriage, it is always best to seek the counsel of an experienced family law professional.