April 28, 2022
Property division is among the most significant concerns in a divorce. For many, this step can be emotion-filled. People are protective of their assets, and not only do you want to fight for your right to the things you own, but you may also want the whole ordeal to be over.
If you are filing for divorce in Florida, it’s important that you know the law regarding property division and how it can potentially affect how your divorce goes. Here’s what you need to know:
The law in Florida states that a property must be divided on an equitable division standard in a divorce. This means assets acquired while the couple was married, regardless of who purchased the asset, will be divided fairly and justly. These assets are called marital property. Those that do not belong to this category are considered separate property.
Separate property refers to assets brought into a marriage by a spouse who owned the assets before the marriage. It also includes assets discussed in the terms of a prenup agreement.
That said, some assets acquired during the marriage may still be considered separate property. For instance, if a spouse’s relative passes away and leaves that spouse inheritance or a gift in their will. That gift is considered separate property even if it’s received during the marriage.
Is It Possible for Separate Property to Become Marital Property?
In some instances, some assets could become marital property even if they would be typically considered separate property. One example is if a spouse is a homeowner prior to their marriage and they divorced, the home’s value will be calculated. If it increases, the difference between the home’s current value and its value at the time of its purchase would be considered marital property.
Similarly, if separate funds were used to purchase a family home or any community property, that would be classified as marital property. The same goes if both spouses have equal access to those assets throughout their marriage.
What Is Debt Division
It is not only assets that are divided during a divorce. Debt is also handled during property division and divided in a fashion similar to assets. Credit card debt and other types of debt accrued during the marriage are considered marital and are therefore divided equitably.
On the other hand, debt brought into the marriage is considered separate unless both spouses put effort into paying off that debt, which could be viewed as marital.
What Are Complex Assets?
Property division can indeed be complicated, especially when real estate and liquid assets are involved. On top of that, though, there are complex assets that need to be dealt with, including retirement accounts, multiple real estate properties, businesses, digital assets, and others. If you are dealing with such complex assets, it’s even more critical to work with a seasoned high-asset divorce attorney who knows exactly what to do in such situations.
Dorsey Law JAX is a reputable law firm offering the legal services of some of the best Jacksonville attorneys who specialize in family law. Dorsey Law JAX is here for you if you are looking for the best divorce attorney to help you get through your divorce and handle property division for you. Contact us today to set up an initial consultation!