Florida residents going through a divorce tend to be very concerned about the costs of asset division and how much of their property they will be able to keep. What many people do not talk about, however, are the tax consequences of asset division during a Florida breakup. Every state has its own rules and guidelines on this topic, so it is important that one becomes familiar with the applicable laws to predict how they will apply.
Florida, for example, is not a community property state. In other words, the law does not require that marital property be divided 50/50. Instead, Florida law follows the standard of equitable distribution in which the divorce court will decide what is fair in terms of asset division. So long as both sides agree, Florida divorce courts will generally approve an asset division agreement arrived at by the couple themselves, even if it does not involve a 50/50 distribution.