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Florida operates under the laws of equitable distribution, which essentially means property acquired during the marriage belongs to the spouse who earned it, and during a divorce all assets and liabilities are to be divided between the spouses in a fair and equitable manner.

Equitable distribution is the distribution of property and debt obligations used by courts in most states when dividing marital property during divorce proceedings. Equitable distribution does not mean equal division it means fair division.

Marital assets refers to all property acquired during the course of the marriage, regardless of ownership or who holds the title to it. Examples of marital assets may include, among others, house(s), cash, stocks, bonds, cars, pensions, and insurance.

Each spouse will get personal property, assets, and debts whose worth adds up to his or her percentage. (It is illegal for either spouse to hide assets in order to shield them from property division.) Nolo's Divorce & Money book can help you learn more about dividing money during divorce.

Although most jurisdictions do not recognize a professional license as a marital asset, professional goodwill is considered marital property that may be equitably distributed.

Generally speaking money received as part of the equitable distribution of property incident to a separation is not taxable. ... It is important to note that this non-taxable status of money transferred from one spouse to another, is ONLY applicable to the equitable distribution of property.

What is Marital Property in Florida? Unless a couple has a valid written agreement stating otherwise, marital property in Florida includes all assets and debts either spouse acquires during the marriage. It doesn't matter if the property or debt is titled jointly or is only in one spouse's name.

Non-Marital Property Law and Legal Definition. ... The property that each spouse brings into the marriage, that is, the property that s/he owned before the marriage and property acquired by individual as gift or inheritance either before or during a marriage, is considered to be "separate" or "non-marital" property.

Marital property is a U.S. state-level legal term that refers to property acquired during the course of a marriage. Property that an individual owns before a marriage is considered separate property, as are inheritances or third-party gifts given to an individual during a marriage.

A common question we hear in Florida divorces is, "Does the property always get divided 50/50?" The law requires that the assets and debts of the marriage are to be divided "equitably". That technically means that it will be done fairly, but not necessarily equally.

the recipient spouse keeps the gift as separate property, but the gift's value is factored in when dividing marital property, or. the gift or inheritance is classified as marital property, which can be divided between the spouses.

The distribution of property in a divorce in Florida is covered by Chapter 61 of the Florida Statutes. Rather than a community property state, such as California, Florida has adopted what is known as Equitable Distribution. Under the Equitable Distribution scheme, marital property is fairly divided between the parties.

Florida is not one of the 10 community property states wherein courts consider marital assets as jointly owned by the spouses. In those states, marital property and debts are distributed equally between divorcing spouses except under special circumstances.

Florida Statute 61.075 describes what constitutes marital property. It includes: Assets acquired during the marriage. If a particular property or asset was purchased or otherwise acquired (in most cases) during the marriage, it is considered marital property.

Unless a couple has a valid written agreement stating otherwise, marital property in Florida includes all assets and debts either spouse acquires during the marriage. It doesn't matter if the property or debt is titled jointly or is only in one spouse's name.