Florida couples who are getting a divorce will have much to consider as the process moves forward. At the forefront will be children, custody, visitation and support. However, it is important to remember division of property and how that will be handled by the court. For those who are in dispute about property or are unsure as to what their rights are, it is important to have legal advice.
In some cases, the parties can come to an agreement through negotiation. The property division will be split in a way they believe is fair and they can move on with their lives. Other cases can have rampant disagreement. Regardless, understanding the law for non-marital assets and liabilities is key.
Non-marital assets and liabilities will be that which either party incurred before they were married. It will also include assets and liabilities that they incurred via exchange. If there was an asset that a party acquired separately as a gift, by descent or through a legacy, then it will belong to the spouse who received it. If income was received from non-marital assets while the couple was married, it will be separate unless it was treated, utilized or relied on as a marital asset.
If there were assets and liabilities that were excluded from marital property via a written agreement or these assets and liabilities were acquired in exchange for these properties, it is not considered a marital property. Finally, if there was a liability that came about from one spouse forging the name of the other spouse or there was an unauthorized signature, it will not be marital property. There can also be attorney’s fees paid to the spouse whose name was forged or if there was an unauthorized signature. If the spouse agreed to the signature after the fact, this does not apply.
During a divorce, a property dispute can be complex and difficult to navigate. Understanding the difference between marital property and non-marital property can be useful so the parties are aware of what they can receive as part of the settlement. Of course, there can be disagreements as to how a property was received and if it should be considered marital property. Whether it is a contentious case or one that is somewhat cordial and the sides can negotiate, having legal advice regarding division of property might be beneficial. It is wise to call for advice from a law firm experienced in property division and other aspects of family law.
