In the state of Florida, an equitable distribution state, when a couple gets a divorce, the court divides their assets fairly. That does not necessarily mean that the assets divide equally, between the two parties involved. One of the most important things to consider is whether or not the assets are marital assets. Today we are looking at the difference between marital property and non-marital property. It is not always as simple as what you had before marriage and what you got during marriage. There are a few key factors that can influence what category as asset falls under.
As a general rule, marital property is any property that the couple acquired in the duration of the marriage. Other types include:
- Non-marital property that has appreciated in value. Any property acquired outside of the duration of the marriage. However, the value increased during the course of the marriage.
- Spousal gifts. Commonly, presents given to one another during the course of the marriage
- Retirement savings. Any savings accrued, or even interest on said savings, in the course of the marriage. Including a 401k, IRA, or the like. Any savings acquired prior to the marriage are non-marital. This is what makes retirement savings some of the most difficult assets to divide equitably.
Sometimes called Separate Property, non-marital property or assets typically includes anything acquired prior to and brought into the marriage. There are some exceptions to this rule, however, and below are a few of those exceptions to be aware of.
- Inheritance. If one spouse receives an inheritance from a family member, it is usually non-marital property. Even if they inherited during the course of the marriage.
- Income from non-marital assets. If one spouse derives income from a non-marital asset, such as a business or rental, the income is a non-marital asset. Provided that said income is separate from marital funds, i.e. outside of a joint banking account.
- Assets in a prenuptial agreement. Any assets included in a prenup, provided the prenup is fair and in good standing with the court.
If you need an attorney on your side to get you the best results, then call Valrico Law Group today. We will help you navigate the divorce process as seamlessly as possible. Additionally, we will help you determine what assets are yours and what is subject to division by the court.