What Is the Difference Between Separate and Marital Property in Orlando?

As you learn more about how divorce works in Florida, you will likely encounter many new terms. Some are more important than others, and the distinction between separate and marital property may be especially crucial. If you understand the difference between these two concepts, it may become easier to determine what you can keep after your divorce has been finalized. In turn, this may allow you to accurately plan for your financial future. What is the difference between separate and marital property in Orlando?

The Basics of Marital Property 

Marital property includes the wealth you accumulate with your spouse during the marriage. If you receive income, make investments, and purchase assets during the marriage, all of this property is probably “marital” in the eyes of Florida family courts.

Why is this important? Simple:

Spouses must divide marital property in an approximately equal manner according to Florida’s equitable distribution system. Although courts may take numerous factors into account when determining an “equitable” split, both spouses generally receive about half of these assets.

Keep in mind that even if you use only your income to purchase an asset, it becomes marital property if you make this purchase during the marriage. For example, your former spouse might not have earned any income throughout your marriage, and you may have purchased the family home with only your income. In the event of a divorce, family courts would consider this marital property – and your ex would receive approximately half of its value.

 The Basics of Separate Property 

As the name suggests, separate property is kept “separate” from the property division process. In other words, your spouse will not receive any of your separate property. If you purchased an asset or made an investment prior to the marriage or after the date of separation, this is probably separate property. If you received a gift from a third party or inheritance at any point during your life, it is also separate property.

Can Separate Property Become Marital Property?

 Although this might seem obvious, you should always keep separate property separate from your marital assets – especially joint accounts used to pay family bills. If you mix or “commingle” these two assets together, the entire sum may become marital property. Sometimes, this is unavoidable. For example, your business or investments may be separate assets – but they may accumulate in value during your marriage. This increase in value may be classified as marital property.

Work With a Qualified Property Division Lawyer in Orlando 

If you’ve been searching for a qualified, experienced property division lawyer in Orlando, look no further than Steve Marsee, P.A. Over the years, we have helped numerous divorcing spouses throughout the Sunshine State – and we know how important financial planning is. With our help, you can begin to identify both separate and marital property in your upcoming divorce – allowing you to start thinking about how the end of your marriage will affect your financial future. Reach out today to learn more.

Source:

 leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html