The end of the relationship is often messy, and there’s certain to be some messiness in any divorce. When spouses in Florida decide to untangle their property and part ways through dissolution, it is likely that they will encounter issues, disagreements and even fights over certain property. While property division is a contentious issue that is common to many divorces, it is very possible to work through the matter and reach a resolution.
Date of separation
While the state of Florida does not recognize legal separation, the date of separation is still important to note, as it plays a role in how property is distributed in a divorce. The date of separation signals which income and assets are considered marital or non-marital property. Additionally, the date of separation could also dictate the value of an asset. The value of property changes over time and with the market. Depending on the date of separation, the value of an asset could be greater or lesser than the value at the time of divorce.
Marital and separate property
While this varies from state to state, separate property is often defined as property that is owned by either spouse before entering into the marriage and anything that was inherited during the marriage. Absent a prenuptial agreement, the income made by each spouse and the assets acquired during the marriage is considered to be marital property.
There are some exceptions to this. For example, if one receives a gift, such as a family heirloom, this is likely considered to be separate property. Additionally, if a spouse received payment from a personal injury judgment, this is likely to fall in the non-marital category. If there are disagreements about value and whether as asset is marital property or not, a forensic accountant could help review assets and statements.
When two marry, they often take on the stance of what is mine is yours; however, this is not always the reality. Untangling property can be a complex task, but it is a task that can be successfully completed. A spouse should gain a clear understanding to their rights to separate and marital property, as this can help one ensure their rights and best interests are protected.