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Understanding marital property in Florida

On Behalf of | Jul 6, 2022 | Child Custody

When a couple gets married in Florida, they are automatically granted certain rights and protections under the law. One of these is the right to share in marital property. Several factors are at play during the split of these assets; you can get half or even 20% depending on what the judge considers fair.

Marital property definition

In general, anything purchased with joint funds or used for the family’s benefit is considered marital property. Also, anything acquired while you’re married belongs to you both. This includes houses, cars, furniture, bank accounts, retirement accounts, and even pets.

Splitting marital property

In Florida, marital property is divided equitably between the spouses in a divorce. This means that the court will take into account a variety of factors when deciding how to divide the assets, including each spouse’s contribution to the marriage, their financial needs after the divorce, and their ability to support themselves. The court will also consider any child custody arrangements that are in place.

In most cases, the court will order an equal split of the assets between the spouses. However, there are some circumstances where this may not be possible or fair. For example, if one spouse accumulated more wealth than the other, the court may give them a more significant share.

When the separate property becomes marital

Separate property is any asset that one spouse owns before the marriage, or that is inherited or gifted. They are not subject to property division in a divorce. However, there are some circumstances where the court might give part of your separate property to your ex. For example, if you inherit a house from your parents and then move your spouse into the house and start paying the mortgage with joint funds, the house will likely be considered marital property in a divorce.

Knowing what to expect during divorce can help you prepare well for it. By understanding Florida laws about asset division, you can put yourself in a position where you are getting what’s rightfully yours.

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