Founder
Navigating the complexities of asset division during a divorce can be daunting, particularly when distinguishing between marital and nonmarital assets. Understanding these differences is crucial for ensuring a fair division of property and can significantly impact the outcome of a divorce settlement. This blog aims to clarify the distinctions between marital and nonmarital assets under Florida law and explore the often-contentious grey areas surrounding asset classification.
What Are Marital Assets?
In Florida, marital assets refer to property acquired by either spouse during the marriage. According to Florida Statutes Section 61.075, all property obtained during the marriage, regardless of whose name it is titled in, is considered marital property. This includes:
- Real Estate: Homes and land purchased during the marriage.
- Bank Accounts: Joint and individual accounts funded with marital income.
- Retirement Accounts: Pensions, 401(k)s, and other retirement savings accrued during the marriage.
- Personal Property: Vehicles, furniture, and collectibles acquired during the marriage.
Marital assets are subject to equitable distribution, meaning they will be divided fairly but not necessarily equally between the spouses.
What Are Nonmarital Assets?
Nonmarital assets, on the other hand, are properties that belong to one spouse exclusively and are not subject to division during a divorce. Under Florida law, these assets include:
- Property Acquired Before Marriage: Any asset owned by one spouse prior to the marriage remains their nonmarital property.
- Gifts and Inheritances: Assets received as gifts or through inheritance, specifically if they are designated for one spouse.
- Income from Nonmarital Assets: Earnings or income generated from nonmarital property during the marriage can also be considered nonmarital, provided they are not commingled with marital funds.
Establishing nonmarital status typically requires evidence to support the claim, such as documentation proving the asset was acquired before the marriage or was inherited.
The Grey Area: Contested Assets
While the definitions of marital and nonmarital assets may seem clear-cut, numerous grey areas can lead to disputes during divorce proceedings. These contested assets often arise when:
- Commingling of Assets: When marital and nonmarital assets are mixed, it can be challenging to determine which portions remain separate. For example, if one spouse inherits money and deposits it into a joint account, it may be considered a marital asset, complicating matters.
- Appreciation of Nonmarital Assets: If a nonmarital asset appreciates in value during the marriage due to the contributions of the other spouse (e.g., maintenance or improvements), determining how much of that appreciation is subject to division can be contentious.
- Business Interests: If one spouse owns a business prior to marriage, the increase in value during the marriage can raise questions about how much of that appreciation should be classified as marital property, especially if the other spouse played a significant role in the business’s success.
- Inheritance Issues: If an inheritance is received during the marriage but used for a marital purpose (such as purchasing a family home), determining its status may lead to disputes.
The Attorneys at Orlando Family Team Help Floridians Navigate Divorce
If you find yourself navigating the intricacies of asset division in a divorce, it is essential to consult with an experienced attorney who can guide you through the complexities of Florida law and help protect your rights and interests. By understanding these distinctions, you can be better prepared for what lies ahead and work toward a fair resolution.
If you have concerns about how your assets will be divided in your divorce, contact the team at Orlando Family Team. We can help guide you through the process and protect your financial future. Contact us today to learn more!
