Navigating Marital and Non-Marital Property in Florida Divorce

Hello, and welcome back to our blog! Following our previous discussion on the importance of a will as a new parent, let's delve deeper into something equally crucial but perhaps less understood: the distinction between marital and non-marital property in Florida divorces.

Understanding Marital Property in Florida

In Florida, marital property is considered anything acquired during the marriage with money earned while married, regardless of whose name is on the title. This includes everything from real estate to personal possessions acquired during the marriage. It's important to note that gifts, inheritances, retirement accounts, and family businesses all have unique rules that govern their status in a divorce.

When a couple divorces, the court aims to divide marital property equitably. This doesn't always mean a 50/50 split but rather a division that is fair and considers the contributions and needs of each spouse. Florida's approach to property division is based on equitable distribution, which starts with the presumption of an equal split but adjusts based on various factors to achieve fairness.

Key Components of Marital Property:

• Assets Acquired During Marriage: Virtually anything purchased or obtained during the marriage falls into this category. For instance, if one spouse buys a classic car during the marriage, it's likely considered marital property even if purchased with their individual earnings and titled in their name alone.

• Enhancement in Value of Non-Marital Assets: If a non-marital asset, like a business or real estate owned before the marriage, increases in value due to the efforts or investments of either spouse during the marriage, that increase in value may be treated as marital property.

• Interspousal Gifts: Any gifts between spouses during the marriage are typically regarded as marital property. For example, if one spouse gives the other a car for an anniversary, it would likely be considered marital property.

Non-Marital Property: What Stays Yours

Non-marital property, or separate property, includes:

• Assets Acquired Before Marriage: Properties or assets acquired before tying the knot remain the sole property of the individual unless mixed or commingled with marital assets.

• Inheritances and Gifts from Outside the Marriage: Inheritances received by one spouse, even during the marriage, typically remain that spouse's separate property unless commingled with marital assets.

• Income from Non-Marital Assets: This applies as long as the income was not dependent on the efforts of the other spouse or mixed with marital funds.

The Challenges of Property Division

Determining what constitutes marital vs. non-marital property can get complex, especially when assets have been commingled during the marriage. Florida courts have considerable discretion in these matters, guided by statutes but also influenced by the specifics of each case.

The Role of Tenancy by the Entireties

Properties held under tenancy by the entireties, a form of ownership exclusive to married couples, are presumed to be marital assets. This form of ownership requires joint control, identical interest by both spouses, acquisition during the marriage, and the same instrument of granting.

Division of Liabilities

Just as assets are divided, so too are liabilities and debts. Debts incurred during the marriage are typically considered marital and divided between the spouses. Debts incurred before the marriage or individually (like student loans) usually remain the responsibility of the spouse who incurred them.

Why Legal Guidance is Crucial

Finalizing property division in a divorce is complex and usually irreversible once decided. It's essential to fully disclose all assets and discuss their origins and handling during the marriage with your attorney. Understanding what is meaningful and what can be negotiated is crucial in protecting your interests and achieving a fair settlement.

At The Soto Law Office, we specialize in helping individuals navigate the intricacies of marital and non-marital property in divorce proceedings. By consulting with us early in the process, you can ensure your assets are protected and your divorce settlement is equitable.

If you're facing a divorce or need advice on property division, don't hesitate to reach out. Our experienced family law attorneys are here to help you understand your rights and options. Contact us today at The Soto Law Office for professional and compassionate legal support.