A major part of any divorce case will likely be the equitable division of assets as directed under Florida law. Not all assets owned by the divorcing spouses will be subject to division, however, as only assets considered to be “marital property” must be divided. Marital property is anything owned by both spouses together while separate property is only owned by one spouse (and the owner spouse will get to keep that property). It is important to take particular care when you are deciding which property is classified as marital and which is separate. If you misclassify certain property, you may lose valuable assets in your divorce to which you otherwise would have been entitled.
Marital assets generally include any property that is acquired by either spouse through the duration of the marriage. This can include real estate, investments, retirement accounts, cash, and personal property. Even if only one spouse purchases a property or opens a retirement account, if he or she uses would-be marital funds to do so, the property will be considered marital regardless of the name(s) on the title. All too often, a spouse believes that because he or she started a business or titled a vehicle in only one name, that the property will be considered separate. In fact, in these situations, any business proceeds or vehicle equity acquired during the marriage should be divided between the spouses. If marital funds were used to acquire the property or if the proceeds of the property/assets would benefit both spouses, the classification should generally be “marital.” This can be confusing in many situations, so it is wise to review all property and asset classification with an experienced divorce attorney who understands Florida law. Continue reading