DIVISION OF MARITAL PROPERTY AND EQUITABLE DISTRIBUTION

Faulkner Legal Group, P.A., an Orlando divorce law firm, handles a variety of divorce related issues in the Orlando, Central Florida and surrounding areas as well as the State of Florida as a whole. As an Orlando divorce lawyer, attorney David A. Faulkner helps clients going through a divorce divide their marital property.

When divorce attorney David Faulkner analyzes a divorce client's property (cash, stocks, real estate, retirement plans, vehicles, etcetera), he puts the property in one of three categories; marital property, nonmarital property and property that is a mixture of marital and nonmarital property (sometimes referred to as commingled property). The classification and division of property in a divorce case in Florida is governed generally by Section 61.075, Florida Statutes.

Marital property is generally any property acquired by the husband or the wife during the course of the marriage. For example, a spouse's 401(k) is generally marital property to the extent that contributions to it occurred during the marriage. This is often disturbing news for the spouse who earned the money that was used to fund the 401(k). Spouses often incorrectly believe that because an asset such as a 401(k) is in that spouse's name that the other spouse does not have any right to the 401(k). There is generally a presumption that marital property should be divided equally between two divorcing spouses. Of course, that presumption can be overcome in certain circumstances. Orlando divorce attorney David Faulkner assists clients in understanding what property is or is not marital property and what grounds may justify dividing particular items of marital property unequally.

Nonmarital property is generally property that a spouse acquired prior to the marriage. Property that is acquired by a spouse during the marriage via inheritance or as a gift to that spouse only may also be categorized as nonmarital property. Further, property purchased by a spouse using nonmarital funds or assets is also generally nonmarital. For example, if a spouse uses nonmarital property such as bank funds owned prior to the marriage to purchase a car, then the spouses new car will also be nonmarital if purchased only using the nonmarital funds. Genrally, nonmarital property will remain the sole property of the owner spouse. However, nonmarital property can be used to calculate child support or alimony/spousal support. Nonmarital property can be converted by a spouse to marital property if the owner spouse takes certain actions. For example, if the owner spouse adds the nonowner spouse's name to a nonmarital bank account, making the account a joint account, then the bank account may thereby be converted into marital property. Commingling nonmarital and marital property may also cause nonmarital property to be converted to marital property. In addition, if nonmarital property increases in value due to marital work effort or the expenditure of marital funds or assets, then the increase in value may be marital property. For example, if one spouse uses their labor to build an extension onto the other spouses nonmarital residence such that the value of the residence is increased, then that increased value may be said to constitute marital property. Orlando divorce attorney David Faulkner assists clients in understanding what property is or is not nonmarital property and whether any nonmarital property may have a marital component.

Property can be a mixture of marital and nonmarital components. For example, in the example above where an extension was built onto a nonmarital home using marital labor, a portion of the value of the home will be marital and a portion will be nonmarital.

If you, a friend or a family member has questions about marital versus nonmarital property and its diviison between divorcing spouses, then Orlando divorce attorney David Faulkner may be able to assit. Contact him today.