Is Florida a Community Property State?

There might come a time in a marriage when the husband and wife both agree that ” this isn’t working.” Once you admit that, filing for divorce makes the most sense. Even though the couple agrees to the concept of divorce, getting down to the practical matters of dividing the marital assets is when things get complicated.

That’s especially true in Florida because of the state’s equitable distribution laws.

Unlike many other states, Florida is not a community property state. That means instead of dividing marital property as a mandatory 50/50 split, Florida family judges divide the property “fairly.”

That means you need to present compelling evidence to the judge to prove why you are entitled to a particular asset.

A skilled divorce attorney can prove to be an invaluable advocate to help protect your interests. It will also help you understand the applicable divorce laws, so you know what you are entitled to ask for and what you need to strengthen your claim.

The Principles of Equitable Distribution in Florida

No matter where you exchange your vows, your marriage is considered a legally binding contract in the state. To dissolve that contract, you need court approval. The guiding principles for the equitable distribution of assets in a Florida divorce are set forth in Florida Statutes § 61.075.

Before dividing anything, the court separates the couple’s property into two categories:

Marital Assets & Debts

The marital assets include all the income earned, debts incurred, and property acquired by either spouse during the marriage. That is, regardless of whose name is on the title or the account.

Non-Marital Property

These would be the assets that were owned prior to the marriage. They can also be assets acquired individually, such as gifts or inheritances. These items are typically kept by the original owner. The only exception would be if they were commingled with marital funds.

For instance, a husband could inherit funds deposited into a joint savings account that both spouses used. That would make it comingled.

A value has to be assigned to each item. Those values are provided by both parties through a comprehensive financial affidavit. That affidavit needs to list all the assets and liabilities. The court will assign a fair market value to each marital item. You are entitled to present supportive evidence to help the court appreciate what the fair market value might be.

Distinguishing Marital Assets From Separate Property

A marital asset is property jointly owned by the couple. Typically, this would include any item of value acquired during the marriage. As far as the state is concerned, the marriage starts when the couple is granted a license. These assets are also considered jointly owned, regardless of whose name appears on the title, account, or deed.

Marital Assets

Marital assets commonly include the following:

• Income & Earnings: This would be any money earned by either spouse during the marriage. That includes salaries, bonuses, and commissions.
• Retirement & Investments: These would include any portions of pensions, 401(k)s, and brokerage accounts that were accumulated during the marriage.
• Real Estate & Vehicles: Any home, vacation property, cars, boats, or other vehicles that were purchased using marital funds would be considered a marital asset.
• Debts: In addition to property and income, marital assets include outstanding credit card balances, loans, and mortgages acquired during the marriage.

Separate Property

Separate property refers to assets you or your spouse owned before the wedding.

They can also include items that were acquired individually during the marriage. These are the types of assets that will remain with their original owner.

Separate property includes the following:

• Pre-Marital Assets: Any property, bank balances, and investments that were owned by either spouse prior to the marriage are considered separate property.
• Inheritances & Gifts: If an asset, sum of money, or property was gifted or left in a will specifically to one spouse, it would be separate property.
• Personal Injury Awards: If you receive compensation for a personal injury settlement, you are entitled to keep those funds as your own.
• Prenuptial/Postnuptial Agreements: Assets may also be explicitly designated as separate property in a prenuptial or postnuptial agreement.

Protecting Your Assets with a Legal Strategy

The first decision you make in a divorce is to agree to file. What follows will be a series of additional decisions that can have a major impact on your financial future.

As a married couple, you might have accumulated a family home, retirement accounts, business interests, investments, or other valuable property. Those assets will have to be divided, and under Florida law, the division will be considered equitable rather than an automatic 50/50 split.

That’s when you need legal protection.

At Davis & Associates, our family law team understands that protecting your assets is more than preserving wealth. It is about securing your future and helping you rebuild your life.

Our attorneys have extensive knowledge of all applicable Florida statutes regarding divorce and the division of marital assets. We provide personalized guidance throughout every stage of the divorce process with the goal of protecting your interests while pursuing a fair resolution.

If you have questions about asset division, contact Davis & Associates today to schedule a consultation.

We’re standing by to answer all your questions.