The answer to “Is all property subject to equitable distribution in Florida?” is “no,” all property is not subject to equitable distribution in Florida.
Equitable distribution: People have things. In other words, people have possessions in the form of material goods which are called property or assets when they have monetary value, and real property when land, with or without dwellings, is concerned. During the process of dissolution of marriage, material assets and real property are, in the state of Florida, divided equitably. The term “equitable” does not mean “equal,” it means “fair.”Generally speaking, this means the couple in mediation or a judge if the case goes to court can decide what is fair or best involving the distribution of marital property. (described later in this article). For example, a boat, purchased during the marriage and used only by one party, may be awarded to that party alone. Or, if the boat was used by both parties the boat may need to be sold and the profits divided equally. On the other hand, if it can be shown one party exclusively paid for the boat, that party may receive a greater amount of the profit, but the boat would still need to be sold. Another example would be a valuable piece of art which one party especially desires. Sometimes a trade will be worked out where the party wanting the art can keep the art in exchange for the other party picking something of similar monetary value that he or she desires to keep such as a stamp collection.
Non-marital property: This type of property, both in terms of assets and real property refers to property given as a gift or inherited by one or the other party and to assets and real property obtained and owned by a party before marriage. If the asset or real property was put into both names following the marriage, then it is no longer considered non-marital property and must be part of the equitable distribution. Before being exempt from equitable distribution, all claims to non-marital property must be proven with receipts, purchase or obtained dates, and any other proof a judge might require. A Family Law attorney will know the correct laws and guidelines for declaring-marital property.
Marital property: All assets and real property obtained and purchased during a marriage prior to the filing for dissolution of marriage will be considered marital property and subject to equitable distribution. This will include bank accounts, real property, assets, and securities. Again, seeking the advice of Family Law attorney experienced in the dissolution of marriage will help you understand the concept of marital property and equitable distribution.
Every marriage is different in what is considered marital property and what is considered non-marital property both assets and real property. A Family Law attorney will be able to sort through the confusion of identification as well as make sure the legal proof for determining marital and non-marital is complete. When a couple can compromise and agree during mediation as to “who gets what” and finalize a marital agreement, it is usually the best course of action when it comes to equitable distribution. No one party will get everything they want. However, when parties decide for themselves their equitable distribution they know far more about the situation than a judge who has very little knowledge of emotional attachment and a lot of legal guidelines to go by when deciding how to equitably divide a couple’s marital property.
