In a Florida divorce, the judge will make every effort to split assets equitably, but that does not necessarily mean they will be split equally. Before starting the process of distributing the assets, the court must first decide what is considered marital property and what is considered non-marital property. Once that is established, they will review a number of factors including each spouse’s contribution to the marriage, the length of the marriage, the desire to wholly own certain property such as businesses or homes, and many others.
Determining Marital Property
In Florida, marital property will primarily include any assets and liabilities that were acquired during the marriage. This includes purchases made jointly, as well as any individual purchases or acquisitions.
Additionally, marital property may include:
- Any benefits gained or accrued during the marriage from certain plans and programs including retirement accounts, pensions, annuities and similar.
- Any gifts the spouses give each other.
- Non-marital property which has been comingled with other marital property to the point it can no longer be separated or identified.
Non-marital property, on the other hand, includes any assets which were acquired individually before entering into a marriage. Additionally, any items that are excluded by way of a pre-nuptial agreement or similar legal agreement will be considered non-marital assets.
The Virga Law Firm, P.A. Can Help Defend Your Property
If you’re getting divorced, it’s important to retain a skilled divorce lawyer with the experience to defend your property. Your spouse’s attorney may make a compelling case for a larger share of the assets, so it’s vital you have strong legal representation during this trying time. At The Virga Law Firm, P.A., our Panama City divorce lawyer has the knowledge and experience to guide you through the process and secure a result which is in your best interests.
For personalized information regarding your assets, contact our firm.