Equitable Distribution is the division of the parties' marital assets and liabilities obtained during or as a result of the marriage, and is governed by Florida Statute §61.075.
Equitable Distribution does not mean equal distribution. While under most circumstance the court will equally divide the parties' marital assets and liabilities, equal division is only a presumption. This presumption can be rebutted by a showing of marital waste. Marital Waste is whereby one spouse uses marital assets for a non-marital purpose, i.e. an affair. However, it is critical to note, it is not the affair in and of itself, which creates the marital waste. It is the usage of marital property to fund the affair.
Generally speaking marital assets and liabilities include:
- Assets acquired and liabilities incurred during the marriage, individually by either spouse or jointly by them.
- The enhancement in value and appreciation of non-marital assets resulting either from the efforts of either party during the marriage or from the contribution to or expenditure thereon of marital funds or other forms of marital assets, or both.
- Interspousal gifts during the marriage.
- All vested and non-vested benefits, rights, and funds accrued during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs.