During a divorce, there are many settlements that need to be done. Significant importance is placed upon the distribution of marital property, which must be fair and impartial among the parties involved. Before tackling Florida rulings regarding property division in divorce, here are some facts about marital and non-marital property:
• Marital property. All the properties a couple acquires after marriage and until the date of division of properties are considered marital property. This can include real estate, bank accounts, appliances, and vehicles. There are some instances, however, that a property acquired during the marriage can be considered as non-marital, i.e. if it is given as a gift by a third party to a specific spouse only.
• Non-marital property. Typically, non-marital property describes the property possessed by either party before the marriage. Also termed as separate property, possessions classified as non-marital are not subject to division after a divorce is finalized. As mentioned before, some possessions can be considered as non-marital property even if they had been acquired after marriage. If there are marital properties that either couple wishes to consider as separate properties, they would have to sign a legal agreement.
In Florida, courts generally perform an equitable distribution of marital property and let both parties keep their non-marital property. The principles of equity are utilized in dividing the marital property; Florida law usually states that assets be divided equally. However, the court can also make a decision in such a way that both spouses are treated fairly, although the division might not exactly be 50-50. The court will have to consider relevant factors during this process, such as the length of the marriage and the economic status of each spouse. Marital debt is also divided during the divorce process, while maintaining the principles of fairness.
Property distribution could be a difficult and challenging time. If you wish to have a family law attorney in Cape Coral and Fort Myers, Florida, guide you throughout the entire process, Atty. Mellany Marquez-Kelly has the necessary experience and expertise to protect your rights. Atty. Marquez-Kelly’s thorough understanding of Florida law has helped many clients during this difficult time. Contact her today at 239-214-0403.