When you file for divorce in Florida, you must deal with a host of issues while creating the final divorce settlement. One of the most trying may be that of dividing marital property that was accumulated during the marriage. Florida follows an equitable division of property method when determining who receives what in the settlement. This means that the judge presiding over the case separates the property after carefully considering several factors, such as the duration of the marriage, reason for divorce, each party’s contribution to the marriage and the health of each party.
Before the judge can come to such a decision, each party is required to disclose all martial property they have in their possession. While you may think of the family home, vehicles, furniture and bank account contents, there are some less-common items you must consider when labeling marital property.
Marital property also consists of the following:
- Lottery ticket winnings and income tax returns
- 401k plans, stocks, term life insurance policies and retirement accounts
- Expensive collections, such as antiques, classic cars, coins and art
- Intellectual property, such as copyrights, trademarks and patents
- Exclusive country club and golf course memberships
Any gifts you and your spouse exchanged during the course of the marriage is considered marital. Furthermore, if you or your spouse lent money or property to a third-party during the marriage, it is also eligible for division once it is repaid or returned. Fully understanding what marital property entails helps to ensure you receive your fair share in the divorce settlement.