If you have recently filed for divorce or are simply considering the prospect, there are a host of issues you must tackle when creating the divorce settlement. Property division may be one of the most overwhelming issues, as it is often hard to divide the possessions that were accumulated during the marriage. Florida is an equitable division of property state, meaning all marital property is divided according to what is deemed fair and equitable. However, not all items are considered marital in some divorce cases, and you may be able to keep possession of property without dividing it in the final divorce settlement.
These items are known as separate property and may consist of the following:
- Inheritance money or property
- Compensation awarded from a personal injury case
- Gifts given by a third party before, during or after the divorce
Any property you that you owned prior to becoming married may also stay in your possession once the divorce is finalized. For example, if you owned a home prior to entering into marriage and your name is the only name listed on the title to the home, it may be exempt from division in the settlement. If, however, you revised the title during the marriage to include the name of your spouse, the property becomes martial and thus eligible for division in the settlement. This is also true for separate money. If the money is deposited into a joint bank account shared with the other spouse, it may become marital property as well.
This information is intended to educate and should not be taken as legal advice.