Property Division During Divorce: What is Marital Property?
Hopefully you have read our blog titled “Property Division During Divorce: What is Non-Marital Property?” This blog will focus on what is considered marital property.
Generally speaking, any property, assets or money that is acquired during your marriage with marital funds or labor can be considered marital property. It is important to note that an asset may be considered marital property, even if one of the spouse’s names is not on the title to the property.
Below are a few examples of property that is marital property:
- Real estate that is held jointly
- Personal property that is held jointly
- Gifts from one spouse to another
- Pension benefits obtained during marriage
- Workers’ compensation benefits acquired during marriage
- Social Security income received during marriage
- Interests in pending lawsuits while married
- Stock options acquired during marriage
- Insurance benefits acquired during the marriage
- The increase in value of non-marital assets during the marriage
If one of the spouses holds a professional degree (such as a medical or legal degree), it is not considered marital property. However, if the professional has a practice associated with the degree, it can be considered marital property and included in the division of property and determining alimony.
In Florida, the court’s equitable distribution approach requires all property to be classified as marital or non-marital. The non-marital property is set aside and the marital property must be given a value. Once an overall value of the marital estate is determined, the court distributes the marital property as equitably as possible.
If you are facing divorce or you have other family law needs, our legal team is here to help. Contact the Men’s Divorce Law Firm to schedule a consultation with a caring professional, and aggressive advocate for men’s rights in divorce, child timesharing (custody), and paternity matters.