In the State of Florida, the marital or non-marital nature of assets and liabilities must be determined in the divorce process. Florida law requires the equitable (not to be miss-construed as equal) division of marital assets and liabilities with the ultimate goal of being fair to both parties but also ensuring the support needs of the parties and any children are met to the best extent possible.
What is the difference between marital and non-marital assets and liabilities?
Marital assets can include properties, homes, savings and bank accounts, art and other collections of high value, stocks, and jewelry accumulated throughout the marriage. Marital liabilities are debts amassed throughout the marriage—car or home loans and credit card debt included.
Non-marital assets or liabilities can include any assets or debts secured or accrued prior to the marriage. Under certain circumstances, some non-marital assets/liabilities may become marital. This can be the case when a new spouse is added to the deed of a home or lives in the home for a significant amount of time and contributes to its upkeep and/or mortgage without being on the deed.
Also, not all assets or liabilities gained during a marriage may be considered marital. Courts may determine an inheritance, business ownership, gift from one spouse to the other, or an accruement of debt to remain the sole responsibility of the receiving spouse.
Division of Marriage Assets and Liabilities
Legacy Law of Florida will aid in determining what is a marital and non-marital asset and/or liability as well as assist in protecting your property from becoming a marital asset unjustly.
Assets and liabilities are not distributed equally in the state of Florida; however, they are distributed equitably, or fairly, based on the couple’s specific circumstances. Considerations that are made can include:
We will review and discuss all potential outcomes and asset arrangements, working diligently to get you the equitable division you deserve during your divorce.