What is Marital Property in Florida?

Florida is an equitable distribution state when it comes to divorce, which means the assets and liabilities of the couple are divided fairly, although not necessarily equally. One of the key concepts of property division in Florida divorces is that only marital property is divided, so it is important for anyone going through a divorce to understand what is considered marital property, and what the courts will deem as non-marital property. The distinctions are not always as clear as they sound, and it can often become confusing for divorcing couples.

Marital Property

Generally speaking, marital property is considered any property the couple acquired together during the marriage. However, there are other types of property the court may also deem as marital property during property division hearings. These include:

• Non-marital value that has appreciated in value: In some cases, a person may bring non-marital property into the marriage and the couple improves it or enhances it so it becomes greater in value. For example, one spouse may have a business of their own when they enter the marriage. During the marriage, both spouses work on the business to increase its value and so, it then becomes marital property.
• Spousal gifts: Spouses often give each other presents during the marriage and regardless of what funds were spent on it, these are typically considered marital property.
• Retirement savings: Retirement savings are some of the trickiest assets to divide during a divorce. Any savings that were accrued prior to the marriage are usually considered non-marital property. However, any additional funds or even interest collected on retirement savings are typically considered marital property.

Non-Marital Property

Non-marital property, also sometimes referred to as separate property, typically includes any assets or liabilities a spouse brought into the marriage. Again, there are exceptions to this and they include:

• Inheritances: When one spouse receives an inheritance from another family member, it is typically considered non-marital property, even if the spouse received it during the marriage.
• Income obtained from non-marital assets: The income derived from a non-marital asset, such as a separate rental property, is usually deemed to be non-marital property when the spouse has kept all income separate from marital funds.
• Assets included in a premarital agreement: As long as a premarital agreement is deemed fair by the courts, any assets included within the contract are considered non-marital property as the agreement dictates, regardless of their classification under Florida law.

Our Florida Family Lawyers will Protect What is Yours

Property division in Florida can quickly become confusing, as it is sometimes difficult to differentiate between marital and non-marital property. At All Family Law Group, our knowledgeable Tampa family law attorney will help determine what assets are yours, and what is subject to property division. We always work in the best interests of our clients and will fight to protect what is most valuable to you. Call us today at (813) 672-1900 to schedule a free consultation and to learn more about how we can help during your divorce. Se habla Español.

What Happens To The Rental Property In Divorce?

Married couples often have many ways of earning income for their household and one of these is investing in rental property. Whether it is an entire apartment building or just one unit that is used as an Airbnb, rental property can be a very lucrative investment.

When a couple gets a divorce though, that property is subject to division just as any other. The manner in which it is divided on the other hand, has the potential to become much more complex. If you are going through a divorce and it involves rental property, below are some guidelines that may suggest how you and your spouse will divide it.

Reaching an Agreement with Your Spouse

Like all other property division issues, you can reach an agreement with your spouse on how you will divide the rental property. One spouse may keep it outright and become responsible for the maintenance, property taxes, and other issues that involve the property. Or, you and your spouse may even decide to continue co-owning it while dividing the responsibilities of upkeep, as well as the income it generates.

Reaching an agreement with your spouse is very beneficial. It puts the control back in your hands, which often makes it more plausible that you and your spouse will abide by the terms of your agreement. Unfortunately, you and your spouse may not reach an agreement and when that is the case, the matter will go to the court.

Factors the Court will Consider

Allowing the court to divide property in any divorce always comes with some risks because judges are able to use their own discretion when making these decisions. A judge will consider many factors including who made the most contributions to the rental property, and whether it makes sense to allow one person to keep it entirely or whether the property should be sold with both spouses dividing the profits.

A judge will also determine whether the property is considered separate or marital property. Even when one spouse owned the investment property prior to the marriage, this does not necessarily make the investment marital property. If the proceeds used from the investment contributed to the household, a judge may deem it marital property. Also, if the household income was used to pay the mortgage or property taxes on the investment property, that is another factor a judge will use to determine that it is marital property.

Clearly, dividing investment property is no easier than dividing any other type of property in a divorce. You should always contact a Florida family lawyer that can advise on how the property may be divided, and that can help you reach an agreement with your spouse.

Call Our Family Lawyers in Florida Today

If you are going through a divorce that involves the division of complex assets, our Tampa divorce lawyers are here to help. At All Family Law Group, P.A., our seasoned attorneys can advise on the property division laws of the state and help you obtain a settlement that is fair. Call us today at 813-672-1900 or fill out our online form to schedule a free consultation. Se habla Español.