In Florida, divorce lawyers often encounter situations regarding the concept of marital property during divorce proceedings. Understanding what defines marital property is essential for protecting one’s assets both before marriage and throughout the divorce process. Likewise, knowing what constitutes non-marital property may also be a helpful guide.
While specific questions can be answered by a Florida divorce attorney, the following items are typically considered marital property in the state:
Assets Acquired During Marriage
Any property or asset obtained during the marriage is usually considered marital property, regardless of whose name appears in the title. Many people wrongly believe that putting assets only in their name ensures that they will keep full ownership after divorce. However, this is usually not the case; assets acquired during marriage, regardless of ownership, constitute marital property.
Enhancement in Value and Appreciation of Non-Marital Assets
Assets that one spouse owned before the marriage are generally considered non-marital. Nevertheless, if the value of such assets increases as a result of one or both spouses’ work or financial contributions throughout the marriage, the growth in value may be considered marital property. For example, if a spouse’s pre-marriage property increases in value as a result of renovations or improvements funded by both spouses, the increased value may be considered marital property.
Interspousal Gifts During the Marriage
Gifts given by spouses throughout the marriage are usually considered marital assets unless a party can demonstrate that the gift was made as independent, non-marital property.
Certain Retirement Benefits
Retirement benefits, like vested/non-vested funds acquired during marriage via retirement or insurance plans, may count as marital property. For example, if you had $20,000 in a 401K before marriage and gained $40,000 during, $20,000 remains non-marital, and $40,000 is marital property.”
Other Considerations
The situation in which non-marital assets become marital by being mixed with marital assets is referred to as asset commingling. For instance, depositing marital funds into a pre-marital bank account or using marital assets to pay the mortgage on a non-marital property can lead to commingling. The court usually accepts an agreement if both parties can agree on which assets are marital and which are not. But, in the absence of an agreement, the court will make the decision.
The division of marital property can be complex, requiring the expertise of an experienced Florida Family Law attorney to ensure a fair and equitable distribution of assets during the proceedings. If you find yourself facing a divorce, seeking legal advice will help safeguard your rights and interests throughout the process.
Contact us here or at 772-236-4009 today for a consultation regarding your divorce case. Our team of skilled divorce attorneys commits to assisting you in achieving the best possible resolution. Schedule your consultation now and take the first step towards a brighter future.
