What is Marital Property?
During a Florida divorce, one of the largest and most significant aspects of the divorce settlement is the distribution of marital property. However, many people do not understand when they enter into a divorce what is considered marital property and what is not. Furthermore, there are cases where property that was not marital can be converted over the course of the marriage. At the law office of Blair H. Chan, III, our Tampa marital assets lawyers understand the complexity and confusion that surrounds the identification and distribution of marital property in a Florida divorce and are here to help. Call the office or contact us today to learn more about marital property in Florida.
Marital and Non-Marital Property
Under Florida law, everything owned by a couple going through a divorce can either be identified as marital or non-marital property. Non-marital property is anything that either spouse brought with them into the marriage. This includes real estate, cars, and other personal property. Inheritances, gifts, and other exceptions apply to some property that is received during the marriage that is also included as non-marital property for the purposes of a divorce. Marital property is all property acquired during the course of the marriage. While most people think of marital property as the house, cars, furniture, and personal items in the home it can also include bank accounts, retirement funds, and other less tangible property acquired over the course of the marriage.
It is also important to note that marital property includes the assets of the estate and the debts. When distributing marital property between the spouses during a divorce, this includes splitting what a couple owns and what they owe. In certain situations, liabilities like credit card debt, student loans, and other significant debts may be classified as either marital or non-marital property depending on when the debt was accrued. Talk with an experienced divorce attorney to learn more about what is considered a marital asset or debt in your divorce.
Conversion of Non-Marital to Marital Property
In certain circumstances, property that was initially classified as non-marital may be converted to marital property over the course of the marriage. Property can be converted if one spouse brought the property into the marriage and it was then improved upon or contributed to with marital funds. The most common example of this is a home. If one spouse owned a home prior to the marriage and the other spouse moved in after the wedding, contributing marital funds to its upkeep and improving the home, it can be converted to marital property upon divorce. The same can also be true to separate bank accounts or funds that are commingled during the course of the marriage. Converting non-marital into marital property can have a significant impact on your divorce, so be sure to speak with a knowledgeable divorce attorney about your case.
Call or Contact Us Today
To learn more about the distribution of marital property during a Florida divorce, call or contact the law office of Blair H. Chan, III in Tampa today to schedule an initial consultation of your case.