Whenever a married couple goes through divorce, various challenges can arise. From child support matters to alimony, there are many legal issues involving divorce. However, property division can have a significant impact on those filing for divorce, especially for individuals with a high net worth. In Lee County, and the rest of Florida, people in this position should familiarize themselves with the ins and outs of property division, such as the differences between marital property and separate property.
According to the Florida Senate, there are many types of assets that are considered marital property. For example, gifts that were exchanged between spouses while they were married are considered marital property. Also, assets that were obtained and debts that were taken on by either party during the course of the marriage constitute marital property and are subject to division. On the other hand, assets that either party obtained before the marriage are considered separate property. Furthermore, if a legitimate written contract signed by each party excludes certain assets, those assets are not considered marital property.
When it comes to distributing marital property, there are many factors that courts review, according to the Florida Legislature. Courts will look at the length of a couple’s marriage, the earning ability and contributions of each party as well as an individual’s unchallenged wishes to retain an asset. Those who are preparing to file for divorce should carefully examine the potential impact of separation, especially the possible financial outcome of splitting up with their spouse, and prepare beforehand.