There are two kinds of assets in divorce proceedings; Non-marital and Marital.
“Non-marital assets” include:
- Assets acquired by either spouse prior to the marriage, and assets acquired in exchange for these non-marital assets;
- Assets acquired separately by either spouse by gift from someone other than a spouse, or through an inheritance and assets acquired in exchange for these non-marital assets;
- All income derived from non-marital assets during the marriage unless this income was treated, used, or relied upon by the spouses as a marital asset;
- Assets excluded by a written agreement such as a prenuptial agreement or postnuptial agreement and assets acquired in exchange for such assets.
What Happens to Non-Marital Assets?
Non-marital assets are merely determined by the Court to be non-marital, set aside by the Court and belong to the spouse who has proven that the non-marital asset belongs to him or her. They are not a part of equitable distribution and will not be divided between the spouses.
Florida divorce courts only divide (equitably distribute) “marital” assets between the Husband and Wife. Generally, a marital asset is an asset acquired during the marriage. But the increased value of a premarital asset (such as a business created by one spouse before the marriage) as a result of one spouse’s contributions of marital funds or labor is also a marital asset that can be divided between spouses. Your attorney must know the difference between a marital and non-marital asset.
What Happens to Marital Assets?
There is a presumption of an equal division (a 50/50 split) of marital property. In distributing the marital assets and liabilities between the spouses, the court must begin with the premise that the distribution should be equal (Section 61. 075(1)) But under some circumstances, one of the spouses can be awarded more than 50% of marital assets.
High Asset/ High Income Divorces are different from less complex divorce cases for a number of reasons.
Greater Variety Of Assets Exist: First, there tends to be a greater variety of assets and liabilities that must be located and valued. Such couples often have very valuable assets, such as:
- Profit sharing plans
- Professional practices
- Military retirements
- Real estate (both residential and commercial)
- Special works of art
- Bank accounts
- Investment accounts
- Stock options
- Special collectibles (antiques, oriental carpets, crystal, silverware, etc.)
- Motor vehicles (automobiles, RV's, boats, airplanes, etc)
- Contents of the home (special collectibles)
The assets to be valued and then divided include but are not limited to: the marital home and other residential and commercial property, bank accounts, investment accounts, retirement accounts, stocks and stock options, bonds, notes, annuities, trusts, businesses, the content of the home (antiques, oriental carpets, special collectables, gun collections, tools, special works of art, jewelry), motor vehicles like cars, recreational vehicles, boats, air planes, gliders, etc.
Contact our firm for any questions or anything else you need!