So, what is marital property? According to Florida Statute 61.075, marital property includes: “Assets such as a house, car, and investment income that are acquired after the wedding day are considered marital property. It does not matter which spouse acquired the property, which spouse used the property or even which spouse’s name appears on the title of the asset.” Basically, the statute holds that any property acquired after you say “I do” is most likely marital property.
Some
examples of marital property are:
Vehicles purchased during the marriage. This is true regardless of whether or not your
spouse’s name is on the title.
Gifts from one spouse to another. Again, even if your name is in no way related to the
gift and regardless of how the gift was bought, it is still subject to
division.
Certain retirement benefits. It is possible that money put into your 401K before the marriage will be considered non-marital property, however, in Florida, courts can and do divide up money that was acquired in a 401K account during/after the marriage. In a majority of Florida cases, retirement plans that have money acquired after the marriage are divided.
In Florida, courts typically begin by dividing marital property through equitable distribution (50/50). That does not mean that everything is split automatically in half. From there, they refer to other Florida statutes and a case-by-case basis to change the percentages to make the division fair to each spouse. To do this, courts will consider many factors, such as:
Each
spouse’s income, debts, and property
How
long the marriage lasted and each spouse’s age
The
physical and mental health of both spouses
Tax considerations related to property division
It is important to be aware that there is property that you and your spouse own that is considered non-marital property. Some examples are:
1.)
Assets acquired prior to marriage. If you bought a car after graduating high school and
then got married three years later, the car counts as an asset acquired before
marriage and will likely be treated as separate property.
2.)
Property excluded by agreement. If parties have a valid prenuptial agreement, then
anything they agreed to keep separate in that agreement will not be treated as
martial property even if it was acquired after the marriage.
3.) Property acquired by inheritance. This type is also most likely going to be considered non-marital. For example, if your grandma leaves you a house in her will, that would be property that you inherit and is often kept separate from marital property.
Sadly, defining marital and non-marital property is not as clear many attorneys hope that it would be. That is why it is important to consult with an attorney and learn how the property that you have will either stay in your possession or be divided at the conclusion of your divorce. As I have said before, divorces can be chaotic, confusing, and stressful times in a person’s life. However, if you know the elements that are coming your way once you start a divorce proceeding, you’ll be better prepared to figure out what is best for you and your case. As always, Marcie would be happy to set up a free consultation with you to discuss any questions or concerns that you may have about your divorce and marital property.
***This
blog is meant to serve as informational only, and does not constitute legal
advice. If you have any questions or concerns about marital property please
fill out our contact form below or call our office at (813) 929-1900 to
schedule your free consultation with Marcie!
https://www.myfloridalaw.com/asset-debts/marital-property-vs-non-marital-property-florida/
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