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Accounting for all marital property in a divorce

People who file for divorce in Florida, must face a myriad of issues, including child custody, alimony and child support. One of the most difficult may be that of property division, as people may develop an emotional attachment to the items accumulated during the course of the marriage. During a divorce, however, all marital property is subject to division and both parties must disclose all property. While family homes, vehicles, electronics and furniture are obvious components of marital property, there are other less common items that may not be considered.

Items that may be considered marital property and assets include the following:

  •          Expensive collections, such as art, antiques, coins and cars
  •          Lottery ticket winnings and tax refunds
  •          Golf course and country club memberships
  •          Term life insurance policies and 401k plans
  •          Intellectual property, such as trademarks, copyrights, patents and royalties
  •          Gifts given to one another during the marriage

If one spouse lent money to a third-party during the marriage, the other spouse is entitled to half of that amount once it is repaid. This holds true even if the money isn’t paid back until after the divorce is underway. In some cases, one spouse will give property and assets to friends and family in an attempt to hide that property. Once the divorce is finalized, they will reclaim it. Since each party is responsible for identifying all property, however, both spouses are entitled to these gifts given to a third-party if they are returned.

People should keep in mind that everything amassed during the time of marriage is eligible for division.

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Schipani and Norman, P.A.
1605 Main Street, Suite 1110
Sarasota, FL 34236

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