St. Petersburg Marital vs. Non-Marital Property Lawyer
In any Florida divorce, marital property is divided according to the equitable distribution laws of the state. Equitable distribution means that marital property is divided fairly, but that does not necessarily mean it is divided equally. Before marital property is divided, it must first be identified, a task that is not always easy. Below, our St. Petersburg marital vs. non-marital property lawyer outlines some of the most common marital and separate property in divorce cases.
Marital Property in Divorce
The Florida Statutes are very clear about what constitutes marital property. Some of the most common marital property divided in divorce includes:
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Assets acquired during the marriage: Any property acquired after the marriage is considered property. This includes property that is in the name of one spouse only, such as a house or a retirement fund. It is a common myth that keeping an asset in one name only will protect it from property division hearings.
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Appreciation and enhancement of non-marital assets: If the value of a non-marital asset appreciates or enhances after the marriage, that enhancement can be considered marital property if one or both spouses worked for the appreciation or used marital funds to increase the value of the property.
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Spousal gifts: Gifts between spouses during the marriage are considered marital property, regardless of the funds used to purchase the gift.
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Real and personal property held as tenants by entireties: Tenants by entireties is a specific type of ownership reserved only for married couples, and this type of property is considered a marital asset during divorce.
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Certain retirement accounts: Under the law, vested and non-vested rights, benefits, and funds that accumulated during the marriage are all considered marital property.
Non-Marital Property in Divorce
Sometimes known as separate property, non-marital property is not subject to property division by the courts. Some of the most common types of non-marital property in divorce includes:
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Assets acquired before the marriage: Generally speaking, any assets obtained by a spouse before the marriage is considered non-marital property.
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Inheritances and non-spousal gifts: Any inheritance or gift obtained by one party from someone other than their spouse is considered non-marital property, even if it was acquired during the marriage.
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Income derived from non-marital property: This issue usually arises when one party owned rental property during the marriage and that asset produced income during the marriage. In order for that income to be considered non-marital property, it is critical that it is not commingled with marital assets, or it will be subject to division.
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Property and assets excluded by agreement: When couples have a premarital or a postnuptial agreement that outlines marital and non-marital property, the court will likely enforce the provisions contained within it.
Call Our Marital vs. Non-Marital Property Lawyer in St. Petersburg for a Consultation
If you are going through a divorce, our St. Petersburg marital vs. non-marital property lawyer at Greene & Greene can help protect the assets most valuable to you. Call us now at (727) 821-2900 or contact us online to schedule a consultation and to learn more about your legal options.
