What assets are marital assets and what assets are not marital assets in Florida?

What assets are marital assets and what assets are not marital assets in Florida?

Property acquired before and within the marriage is a source of conflict in Florida divorce. Knowing what assets are considered marital property under the Florida divorce code is very important to obtaining a successful divorce.

Therefore, here we will see everything about how to know what assets are included in the division of the assets of the divorce.

61.075 Equitable distribution of marital assets and liabilities.

First, you should know that in Florida the assets acquired within the marriage are called marital assets, other names can also be social assets, or marital property.

What is marital property in Florida?

• In Florida, marital property This is any property acquired by either party during the marriage ... any property acquired before or during the marriage is also considered marital property if the other spouse does not show the court that this is not the case. It is the disagreeing spouse who must show that the property should not be considered marital property because it is not one of the following:

•. The improvement in the value and appreciation of non-marital property. Example: you buy a house for one hundred thousand dollars before you get married, but the house now that the years have passed has a value of five hundred thousand dollars, this increase of four hundred thousand dollars would be considered marital property.

•. Payment of a note and mortgage secured by non-marital real property if the note and mortgage secured by the property are paid with marital funds during the marriage. Example, if you bought a house on credit with a mortgage, before the marriage, but the payment was made during the marriage, this house is considered marital property.

•. Gifts between spouses during marriage. Example: you receive a house from your spouse as a donation, this house is considered marital property.

All acquired and uninvested benefits, rights and funds accumulated during the marriage in retirement plans and programs, pension, profit sharing, annuity, deferred compensation, and insurance plans and programs.

What properties are not considered marital property in Florida?

In Florida the properties that are not considered marital property are the following:

 

• The properties or goods acquired before the marriage, and also the goods acquired within the marriage, but in exchange for those acquired before the marriage. Example: you bought a house before you were married. When you are already married you sell that house, and with that money you buy a new house. This last house would not be considered a marital property, even though it was acquired when you were already married.

• Assets acquired separately by either party through donation, bequest, legacy or non-marital descent, and assets acquired in exchange for said assets. Example: you are given a house when you are already married, or your parents leave an inheritance for you. Or you sell the house that was donated to you and with that money you buy a new house, this new house would not be considered marital good either.

• All income derived from non-marital assets during the marriage, unless the parties have treated, used or depended on the income as a marital asset. Example: you lease the house that you bought before the marriage, and for that you receive a thousand dollars a month. This money would not be considered marital property.

• Assets and liabilities excluded from matrimonial assets and liabilities by valid written agreement of the parties, and assets acquired and liabilities incurred in exchange for said assets and liabilities. Example, you buy a house when you are already married to your spouse, but make an agreement with your spouse in which you agree that this house should not be considered marital property.

Do I need to prove that the property is marital property in Florida?

In Florida it is not necessary to show that the property is marital property. Because all movable or immovable property acquired by either party during the marriage is presumed to be marital property.

All acquired assets and liabilities incurred by either spouse after the date of the marriage and not specifically established as non-marital assets or liabilities are presumed as marital assets and liabilities. Such a presumption is overcome by showing that assets and liabilities are non-marital assets and liabilities.

Who Must Show Property Is Not Marital Property In Florida?

The spouse who considers that any property should not be considered as marital property must prove that said property is one of the properties that is not considered as marital property.