Divorce is often a complicated process, as there are many topics to negotiate in the final divorce settlement. One of the most difficult issues to tackle may be that of property division. While separating marital property may seem like a somewhat simple process, it can be hard dividing possessions and assets you have accumulated throughout years of marriage.
Florida is an equitable division of property state like many other states in the nation. This means that all marital property is divided in a fair and equitable manner according to the judge presiding over the case. It does not, however, mean that everything is split equally in half.
It is critical that you understand what marital property is and what it entails so you are able to get everything you deserve from the divorce settlement. Not only is the family home, cars, furniture and bank account contents eligible for division, the following is considered marital property as well:
- Lottery ticket winnings and tax refunds
- Term life insurance policies, 401k policies, retirement plans and stocks
- Frequent flier miles and rewards points
- Memberships to exclusive golf courses and country clubs
- Expensive collections, such as antiques, art, coins and classic cars
- Intellectual property, such as trademarks, copyrights and patents
Any gifts exchanged between you and your spouse during the marriage is marital property as well. Furthermore, if you or your spouse loaned money to a third party at some point during the marriage, both parties are entitled to half of that amount once it is repaid. Both parties must disclose all marital property is their possession.
This information is intended to educate and should not be taken as legal advice.