Couples who file for divorce in Florida must negotiate a number of issues when creating a final divorce settlement. Whether you choose to customize the decree through mediation or leave the decision to a judge presiding over the case, you must disclose all marital property in your possession.
Determining who is entitled to what in the divorce settlement may be one of the most complicated issues to tackle. It is critical to know what constitutes marital property to ensure you receive all that you are entitled in the final settlement.
Equitable division of property
Florida is an equitable division of property state, meaning all marital property is divided according to what the judge deems fair. The judge makes his or her decision after carefully considering several factors, such as the length of marriage, reason for divorce and specific details regarding the case.
Accounting for everything
Marital property includes more than the family home and vehicle. Shared property includes everything that was accumulated during the course of the marriage. This includes some lesser known items, such as the following:
- Exclusive memberships to country clubs and golf courses
- Lottery ticket winnings and income tax refunds
- Term life insurance policies, 401k plans, retirement plans, stock options and IRAs
- Expensive collections, such as antiques, classic cars, coins and art
- Gifts given to one another during the marriage
- Intellectual property, such as patents, trademarks and copyrights
In addition to these items, any property and money that was loaned to a third-party during the marriage is eligible for division once it is repaid.