One of the most common questions we get asked is “Who gets what when I get divorced?” When you get divorced in Florida, marital property is divided using equitable distribution, where each spouse receives an equal and fair share of marital property, instead of splitting possessions 5/50. Property division is one of the most contentious parts of divorce proceedings, with conflict and emotions rising as you and your ex divide up the possessions you once shared. This raises many questions about what you and your ex are entitled to after you get divorced. Below, our divorce attorney in Lake County answers some of the most frequently asked questions about dividing marital property during a Florida divorce.
What Is Considered Marital Property?
Florida Statute 61.075 defines marital property as possessions, assets, and liabilities acquired during the marriage by one or both spouses. An asset is considered marital property if either spouse contributed to owning, using, purchasing, or maintaining the item during the marriage. Assets and funds that gained value during the marriage are also considered marital property. Most assets that were purchased or attained during the marriage are considered marital property, even if one spouse paid for them. During the divorce, these shared assets are divided in a fair and equal manner, not a 50/50 split.
What are Some Examples of Marital Assets?
Any asset or possession that was purchased or gained value during the marriage is considered marital property. Some examples of marital assets include:
- Cars
- Golf carts
- Boats
- Life insurance plans
- Retirement plans
- Joint bank accounts
- Stocks and bonds
- Mortgages
- Marital debt
Are Separate Bank Accounts Considered Marital Property?
Most joint bank accounts that you utilized during your marriage are considered marital property. Individual bank accounts established before the marriage that did not contain any marital funds would be viewed as nonmarital assets and would not be subject to equitable distribution. However, if marital funds were deposited into the account or your spouse contributed to its value in any way, the account’s increased value would be considered marital property and your spouse would receive a fair share of the account’s value.
Is an Asset Marital Property if I Keep it in My Name?
Yes, an asset may be considered marital property even if you’re the only person listed as the owner or operator. Marital property is not determined by whose name is on the asset. Instead, it’s defined by how both spouses contributed to and used the asset during the marriage.
Is My 401(k) Considered a Marital Asset?
Retirement plans, such as 401(k)s, are considered marital property if you and your spouse contributed to them during the marriage and the value increased during the marriage. For example, if you started your 401(k) account before marriage with $5,000 and it increased in value to $20,000 during your marriage, the increased value of $20,000 would be subject to equitable distribution.
Is a Car Considered Marital Property?
If the car was bought during the marriage, it’s likely considered a marital asset and would be part of how you divide your possessions during the divorce. In most cases, cars are marital property if they were purchased during the marriage, regardless of who is listed as the owner or who paid for the vehicle.
How Long Do You Have to Be Married to Split Assets?
Your marital assets are subject to equitable distribution for all divorces in Florida, regardless of how long you were married. However, the length of your marriage is a contributing factor in determining what assets are considered marital property and when calculating alimony.
What Happens to Property You Owned Before the Marriage?
Property and possessions you owned before getting married are considered nonmarital property and are not subject to equitable distribution in a divorce. However, if these possessions or assets increased in value during the marriage based on the contributions of both spouses, the increased value would be considered marital property.
Who Gets the House When You Get Divorced?
Your home is one of the largest assets you own, so it’s natural to be concerned about what will happen to it when you get divorced. If you and your spouse bought your house when you were married, the house would be considered part of equitable distribution. One spouse may request to remain in the marital home with dependent children if it is financially reasonable to do so. In this case, the other spouse will receive a comparable amount of other assets to offset the value of the home when property is divided during a divorce. If you wish to move and sell the house, you and your spouse will split the proceeds from the home sale evenly.
Are Gifts Marital Property?
Yes. Gifts that you give your spouse or gifts you receive from your spouse are considered marital property. It doesn’t matter who paid for the gift or who is listed as the owner of the gift. However, inheritances from a loved one who passed away are not considered marital property and belong to the spouse who received them.
Can Separate Property Become Marital Property?
Yes, there are some instances where individual property may be considered marital property when getting divorced in Florida. This typically happens if you owned an asset before the marriage that you and your spouse both utilized or contributed to it during the marriage. For example, you may have opened a Roth IRA account before your marriage. If you contribute to the IRA with funds from a joint bank account, the increased value is considered marital property.
Avoid Marital Property Disputes with a Lake County Divorce Attorney
The best way to avoid conflicts when dividing your property during a divorce is to work with a Lake County divorce attorney, like our team at Remsen Family Law Firm, to help you determine the best outcome when it comes to dividing your assets with your spouse. There will likely be conflict about how your assets are divided during a divorce.
