Dividing Property in a Florida Divorce: Who Gets What?
Transcript
When people divorce, who gets the house, the cars, and the boat?
Hi, everyone. I’m A.J. Grossman, CEO and Managing Attorney with LeapFrog Divorce. My entire legal career has been dedicated to helping people with divorce and paternity cases.
At LeapFrog Divorce, we do divorce better.
Okay, let’s go.
Let’s start with defining some legal terms first.
Splitting up a married couple’s assets and debts in Florida is called equitable distribution. “Equitable” is another word for fair and does not necessarily mean equal.
Florida law actually requires judges to begin with the premise, or assumption, that the distribution should be equal. However, there may be some considerations in your situation that your judge may think justifies an unequal distribution.
Second, marital property and debt. In general, this is anything that was acquired or incurred during the marriage by the two of you or by either one of you individually.
It will also include gifts that you give to each other during your marriage, accumulated retirement benefits, brokerage accounts, real property like your home or vacant land, and personal property like cars, boats, airplanes, and valuable collections.
Third, non-marital assets and debts. In general, these are those things acquired or incurred prior to your marriage, like an inheritance, as long as you do not mix up your inheritance money with your other marital accounts, like putting it into a joint savings account with your spouse.
It also includes gifts given to you or your spouse individually from someone other than either of you.
The best answer to who keeps the house, the cars, and the boat is: it depends.
Let’s take your home as an example.
If you and your spouse purchase the home during your marriage, the home will most likely be considered a marital asset. There are some exceptions, but that discussion would make this video too long.
Florida law is not generally interested in how something is titled, and this is where many people are mistaken.
I talk to countless people who have the mistaken belief that because a car, a boat, or the home is only titled in their name, that they will get to keep it.
That’s not how Florida law works.
The basic premise behind dividing up assets and debts in a Florida divorce is that the State of Florida does not want either spouse going into the poor house or becoming rich from a divorce. Instead, Florida generally wants each spouse to walk away from a marriage on relatively equal footing.
Of course, there are exceptions and a lot of complexity to this particular issue in divorces, so it’s important to consult with someone like me who can help you understand your rights, duties, and obligations for your particular circumstances.
Well, that’s all for now. I hope this information is helpful for you.
If you have any questions or need help, please give me a call or send me an email. I’d be happy to help.
Have a wonderful day.
