When you file for divorce in Florida, there are many issues you must negotiate before finalizing the divorce settlement. For some couples, dividing marital property may be one of the most complicated and overwhelming.
Although determining who should receive what can lead to strong emotions, it is critical for you and your spouse must disclose all marital property in your possession to ensure everything is split fairly.
What is marital property?
Also referred to as community property, marital items include assets and property accumulated during your marriage, according to MyDomaine. Separate property, on the other hand, are items and/or money you owned prior to marriage. This property may turn into marital property if it is mixed into a joint bank account or if the other spouses’ name is added to the title.
What are less common types of marital property?
While everyone thinks of the family car, home, furniture and knick-knacks as marital property that is divided in the divorce decree, there are other less common items that are also considered community assets. These include the following:
- Intellectual property, such as patents, copyrights and trademarks
- Frequent flier miles and rewards points
- Retirement accounts, 401k plans, stocks and term life insurance policies
- Expensive collections, such as art, coins, antiques, wine and classic cars
- Memberships to exclusive country clubs and golf courses
- Lottery ticket winnings and income tax refunds
Any gifts you and your spouse exchanged while married is marital property as well, and the judge may divide it in the final deree. If either you or your spouse loaned money to another person during the marriage, both parties are entitled to half the amount once it is repaid.