Marital and Nonmarital Property in your Florida Divorce

1. Marital and Nonmarital Property in your Florida Divorce

2. Marital Property These are assets that couples acquire during the course of their marriage. It doesn’t matter which party acquired these assets. For example, if a husband buys an expensive gift for his wife such as a vehicle, it will be considered marital property, even if only his name is on the title and he purchased it with money from his paycheck. In other words, property acquired during the marriage is considered marital property in Florida, even if the asset was kept in only one party’s name.

3. Calculating Marital Property When Enhanced When an asset becomes more valuable during the course of your marriage, or because you or your former spouse invested funds to enhance it, the increase in value is considered marital property. The same rule applies to business division. Businesses tend to increase and expand over the years, therefore, the increase in value also qualifies as marital property, even if the business belonged to only one spouse prior to marriage. In fact, any property whether it be a house or any other asset owned by only one spouse before getting married is generally considered marital property.

4. Gifts During the Marriage Gifts during the marriage are also considered marital property, regardless of who bought the gift or where they got the money form. Although it is advantageous for the giver, the recipient can only have half of these assets after a divorce. In order to treat these gifts as non marital property, you will have to present clear and convincing evidence.

5. Nonmarital Property This is separate property. In other words, the individual that owns a specific asset can keep them after divorce. The assets acquired before you got married are treated as separate property. The same rule applies for an inheritance or any income from non marital assets. Rental property, for example, as long as is kept separate from marital assets, the revenue it generates is appraised as marital property.

6. Retirement Benefits Any funds that were accumulated during the marriage, whether that includes a retirement or insurance plan are also considered marital property. If you are facing problems during divorce, you need an experienced Fort Lauderdale Divorce Attorney who can help you make smart decisions about your future.

7. Seek the Advice of an Attorney Once the court determines what marital or nonmarital property is and makes the final decision regarding property division, it is very difficult to challenge it. This is why you should consider hiring a Fort Lauderdale property division attorney early in a divorce case.

8. CONTACT US The Law Office of Gustavo E Frances PA Phone:- 954-297-6546 Toll Free: 1-866-435-4172 200 SE 6th St #402, Fort Lauderdale, FL 33301 https://www.lauderdaledefense.com/Contact.shtml