An Equitable Distribution Divorce State
Divorce laws regarding property division vary significantly across the United States. In EZ Florida Divorce, the state follows the principle of equitable distribution. Here’s what you need to know:
Marital vs. Non-Marital Property
Equitable Distribution
In EZ Florida Divorce, marital property is generally divided 50/50. However, the court aims to ensure a fair though not necessarily equal) distribution.
Marital Property
This includes anything acquired during the marriage with money earned during the marriage, regardless of whose name is on the title. Examples include homes, cars, and interspousal gifts.
Non-Marital Property
These are assets acquired before the marriage, by gift or inheritance from someone other than a spouse, or excluded by a valid prenuptial or postnuptial agreement. The owner retains these assets after the divorce.
Key Points on Marital Property
Assets Acquired During Marriage: Any property bought or acquired during the marriage is considered marital property, regardless of whose name is on the title.
Example: If a husband buys a classic car during the marriage, it is considered marital property even if he used his own paycheck and it’s in his name.
Interspousal Gifts
Gifts between spouses during the marriage are considered marital property.
Example: If Tom gives Cindy a car for their anniversary, it’s marital property regardless of whose name is on the title.
Tenants by the Entireties:
Property held this way is presumed marital.
Requirements include joint control and ownership, identical interest in the property, acquisition during the marriage, and interest granted by the same instrument.
Key Points on Non-Marital Property
Assets Acquired Before Marriage: These remain the separate property of the original owner.
Example: A car bought before marriage remains non-marital, even if traded for another car during the marriage.
Gifts or Inheritance:
Property received as a gift or inheritance from someone other than a spouse is non-marital.
Example: If Tom’s brother gives him a car during the marriage, it’s considered non-marital property.
Income from Non-Marital Assets:
Income derived from non-marital assets remains non-marital if kept separate.
Example: Rental income from a property owned before marriage remains non-marital if not mixed with marital funds.
Excluded by Agreement: Assets can be excluded from division by a prenuptial or postnuptial agreement.
Example: A postnuptial agreement that specifies certain cars as separate property.
Liabilities:
Just like assets, debts are divided in a divorce. They are classified as non-marital or marital based on who incurred them and when.
Non-Marital Liabilities:
Debts incurred before the marriage remain with the spouse who incurred them.
Example: Tom’s student loans from before the marriage are his separate debt.
Marital Liabilities:
Debts incurred during the marriage are generally divided between both spouses.
Example: Credit card debts for purchases made during the marriage are likely marital liabilities.