Property Division Information Center
PALM BEACH DIVORCE RESOURCE: DIVISION OF PROPERTY
One issue that is inherent to almost every divorce is the division of assets and liabilities between spouses. In some divorces this issue is simple, and in other divorces, the valuation and division of property can be complex. Regardless of the dollar amounts, the general concept applying to the division of property in Florida is that marital assets and liabilities are split equally.
In Florida, with few exceptions, the law requires all marital assets and marital liabilities to be split equally between the parties. In most instances, an asset or liability is "marital" if it was acquired during the marriage. Practically, this means that nearly everything purchased during the marriage is a marital asset regardless of title, especially if the purchase was made using money earned during the marriage. Likewise, nearly all debts incurred during the marriage are marital liabilities, regardless of whose name is on the credit card or whether one spouse approved of the purchase.
Gifts or inheritances represent one of the few exceptions to the general "everything is marital" rule described above. An asset that is inherited before or during the marriage is a non-marital asset, and is not subject to splitting upon divorce as long as the asset was not "commingled" (mixed) with other marital assets during the marriage.
Another exception to the "everything is marital" concept comes up with assets or liabilities owned by a spouse prior to a marriage. Assets owned prior to the marriage are generally exempt from consideration upon divorce unless a premarital asset has been commingled with other marital assets.
Below are answers to some of the commonly asked questions that Palm Beach Divorce Lawyers are asked about dividing property (assets and debts) in a divorce:
- What laws allow a Florida divorce court judge to divide property between my spouse and I in a divorce?
- What are "non-marital" assets and liabilities in Florida? Does my spouse have any right to receive my non-marital assets and liabilities in a Florida divorce case?
- Do marital assets including the amount non-marital assets appreciate during the time of my marriage?
- What about the engagement ring? Will a Florida court factor in the value of the engagement ring when dividing property between spouses upon divorce?
- What if there is a business? How will a Florida judge deal with dividing a business in my divorce case?
- What about the marital money my spouse spent on their affair? Do I can an offset for money my spouse spent on a secret girlfriend or boyfriend?
For more information about the division of property upon divorce, call (561) 844-1200 to arrange a consultation with Nugent Zborowski & Bruce divorce lawyer.