Divorce raises important questions about your belongings, especially what you owned before marriage. In Florida, every asset you own falls into one of two categories: marital or nonmarital property.
This distinction determines what you can keep and what the court divides. To protect your assets, you must understand these property types and their roles in a divorce.
Marital property: Assets you own with your spouse
Your marital property refers to the assets and debts you acquire throughout your marriage. Florida law considers most things you buy while married as marital property. This applies even if your name is the only one that appears on the title, deed or account. Common examples of marital property include:
- Income earned during your marriage
- Houses purchased with your spouse
- Debts acquired during your marriage
During a divorce, courts divide marital property equitably between spouses. Courts achieve fair distributions by examining various factors, such as the marriage’s duration or each party’s earning ability.
In Florida, a fair split is not necessarily an equal one. The court might decide that one spouse should receive a larger share than the other.
Nonmarital property: What you own alone
Whether you are married or not, your nonmarital property consists of assets that solely belong to you. Common types of nonmarital property include:
- Property you owned before your marriage
- Inheritance you received before or during your marriage
- Gifts given specifically to you
Unlike marital property, you do not always have to divide your nonmarital property in a divorce because you are its only owner. However, complications arise when you “commingle” your assets by mixing the two property types. For example, depositing your inheritance money into a joint bank account can make it harder to claim it is nonmarital.
How vigilance protects your assets
Understanding the difference between marital and nonmarital property helps you defend your belongings during a divorce in Florida. This knowledge can prevent mistakes like commingling, which means mixing the two types of property. By separating your property, you make a big difference in determining what you keep, safeguarding your wealth and your future.