Marital property refers to any assets or debts acquired by either spouse during marriage. Though this is a straightforward concept, how a court divides marital property is not always clear.
In Florida, there are several frequently asked questions about marital property that many people have. See below if you have any worries about your marital and separate property.
What does Florida consider marital property?
Marital property in Florida includes any property acquired during the marriage, with some exceptions. This can include things like a home, a car, bank accounts, retirement accounts and even personal property like furniture and jewelry. However, any property, gifts or inheritances acquired before the marriage usually count as separate property.
How do Florida courts divide marital property?
Florida divides marital property in a way the judge considers fair and equitable to both parties. This may not necessarily mean an equal split. According to the Florida Statutes, a judge considers factors such as the length of the marriage, each spouse’s contributions to the marriage and whether the marriage interrupted either spouse’s career or education.
Who gets the home?
The court will divide the marital home like other marital property. In some cases, one spouse may get the house. In other cases, the court may order the sale of the home. If the couple has children together, the court usually attempts to keep the disruption of the children’s home life to a minimum and award it to the parent that will provide more stability for them.
Understanding the laws and processes surrounding marital property in Florida during a divorce is essential. Take time to prepare financially for any equity or net worth loss, so you do not receive a nasty surprise during property division.