A lot of young people are waiting to get married these days. Most are waiting into their late twenties and early thirties. The sad fact is many are getting remarried in their forties, fifties and even later. With remarriage as common as it is, people have their own homes, cars, retirement accounts, etc., when getting married later in life.
One of the first questions parties in a divorce proceeding ask is whether a specific asset is marital property. The answer depends on when the asset was acquired, how it was acquired and whether the value of the asset was increased by marital funds or contributions.
As a general rule, under Florida divorce law, assets and liabilities acquired and incurred prior to the marriage are not marital unless co-mingled and therefore not subject to equitable distribution. In addition, assets and liabilities acquired or incurred in exchange for premarital assets and liabilities are also not marital.
The following types of property are frequently at issue in divorce cases in Florida:
- homes/real property,
- stocks, and
- retirement accounts.
Example: Inheritance from a spouse’s grandparent. After the parties are married, inheritances from a spouse’s family members such as a deceased grandparent, are generally considered nonmarital. However, if the inheritance funds are deposited into a joint account or otherwise intermingled with marital funds, the inheritance may be deemed marital. Personal property items, such as a diamond ring or other such property, will generally remain nonmarital.
With Mediation, all of these things can be agreed upon or not.
If the court has to enter into the equation, the court will classify the assets and liabilities as marital or nonmarital; it will then set apart all nonmarital assets/liabilities to each spouse. Then the court will distribute the marital assets and liabilities.
Related Florida divorce legal articles:
The Help You Need Filing for Divorce in Orange and Osceola Counties, Florida
If you would like more information about obtaining a divorce in these counties, please contact Attorney Steen J. Brown.