One of the areas of confusion for clients who are getting a divorce in Florida is what constitutes marital and non-marital assets and liabilities for purposes of equitable distribution. The following is a list delineating each:
Marital Assets and Liabilities:
Assets (and liabilities) that have been obtained/incurred during the marriage, by one or both spouses;
The increased value of non-marital assets due to the actions of either spouse or because marital funds were used to add that value;
Gifts from one spouse to the other
Vested and non-vested benefits and funds (retirement accounts, pension plans, profit-sharing, annuities, insurance plans, deferred compensation, bonuses) that came during the marriage
Real and personal property held jointly, whether purchased before or after the marriage.
Non-Marital Assets and Liabilities:
Assets (and liabilities) that were obtained/incurred before the marriage;
Assets acquired individually via bequest, inheritance, non-spousal gift;
All income received from non-marital assets unless that income was used by both parties during the marriage;
Assets precluded per a written agreement (i.e., pre- or post-nuptial agreement);
Liabilities incurred by one spouse via fraud or forgery.
If you are considering divorce in Florida and need more information about property division and what constitutes marital assets, consult with a Florida divorce attorney.