How is property divided at divorce in Florida?
How is property divided in Florida?
As a general rule, property acquired by either spouse during the marriage is considered marital property and is divided 50-50, regardless of whose name it's in. This includes property you bought together, as well as gifts made by one spouse to the other and both parties’ pension rights, retirement accounts, and businesses (including good will, equipment, and accounts receivable).
Property that you owned before the marriage and didn’t mix with marital property is considered your separate property, and in most cases you will keep all of it when you divorce. Property that just one spouse inherited or received from a third party is separate property, unless it was mixed with marital assets.
What happens if I owned assets before the marriage and put them into joint ownership with my spouse during the marriage?
In the case of a house, it is presumed that you intended to make a gift to your spouse, and it will be marital property that you’ll have to divide upon divorce. You can try to rebut (argue against) this presumption with proof that you put it into both names for some other reason other than making a gift. If you put money that you had before the marriage into a joint account where it was mixed up with marital funds, the court will likely rule that all the money is marital property.
What if my separate property grew in value during the marriage?
Distinguishing separate from marital property can sometimes be complicated, but generally, if the property grew in value because of market forces or overall inflation, then the increase is considered your separate property. However, if the property became more valuable as a result of either spouse’s efforts — for example, by working in a business — then the increase in value may be divided 50-50.
If I move out of my home, have I given up any rights, and do I still have to help with the mortgage?
You will not be giving up any rights to the property by leaving. And you still have an obligation, as a co-owner, to share expenses of this marital asset.
If my spouse gets to keep the marital home as part of the divorce settlement, can I still be held responsible for the mortgage?
Yes, if you don’t remove yourself from responsibility for the mortgage. You can do this by having your spouse buy you out of the house through a refinancing process that creates a new loan on which your spouse is the only person responsible for paying the mortgage. If you don’t do this, then as long as you stay on the mortgage you are responsible for paying it. Even if you and your spouse agree otherwise, if your spouse fails to pay the mortgage, the bank can come after you. If your spouse isn’t able to qualify to refinance the house, you might want to think twice about keeping it, and sell it instead.
Who must pay marital bills and debts?
Commonly, the court orders each spouse to pay a portion of the marital debts, consistent with their income. For example, a husband who makes twice as much as his wife might be ordered to pay twice as much toward the marital obligations. But a spouse who ran up unnecessary bills may be responsible for a larger share, and you might both agree to an unequal distribution as part of your overall settlement. Ideally, you would pay off all the debts during the divorce—if you don’t, the credit card companies or other creditors can still come after you for any debt that you are legally responsible for, even if the divorce judge ordered your spouse to pay it.
What if my spouse is hiding or wasting assets?
Each spouse must fill out and sign a sworn financial affidavit as part of the divorce process in Florida. If your spouse doesn’t disclose everything, you may be able to get court orders directing your spouse not to touch assets and to turn over financial records. Also, if you can show that your spouse wasted marital assets, you may be entitled to a credit for your portion of what was wasted.
