Frequently Asked Questions About Property Division
The property division process can quickly become overwhelming and stressful. At Stuart N. House, P.A., attorney House has over 30 years of experience assisting clients through complex divorces to help them protect their rights. To learn more about property division in Florida, please read some answers to frequently asked questions below.
How Does Marital Property Differ From Separate Property?
Marital property refers to any property or assets acquired during the marriage. Marital property can include anything from real estate to retirement accounts. Separate property refers to assets owned prior to the marriage, gifts to one spouse or an inheritance.
Can Separate Property Become Marital Property?
In cases where one spouse owns a business or obtains other property used for the benefit of the household, separate property can become marital property. For example, if one spouse started a business prior to the marriage and used the revenue to help benefit the marital household, the business becomes marital property.
How Are Pensions Or Retirement Accounts Treated In Divorce?
Just like with any other assets, pensions and retirement accounts face equitable division in a divorce. In Florida, the equitable division model considers all the assets, property and debts. A pension or retirement account may be split or given to one party, depending on your unique circumstances.
Are Pets Marital Property?
Florida law views pets as marital property if the pet was obtained during the marriage. If one spouse owned the pet before marriage, the animal is separate property and remains with the original owner. However, you can negotiate a pet custody arrangement.
What Are The Tax Implications Of Property Division?
In Florida, divorcing couples should always consider the tax implications when going through settlement negotiations. Alimony or spousal support payments become taxable income, and you may also have to pay taxes on proceeds from selling property.
Are Engagement And Wedding Rings Marital Property?
The court considers wedding and engagement rings as pre-marital gifts, meaning that the receiving party gets to keep the ring in the event of divorce.
Get Your Property Division Questions Answered
Attorney House is here to answer your questions, listen to your concerns and help guide you through the property division process. To schedule a consultation at his Fort Lauderdale office, call Stuart N. House, P.A., today at 754-732-7482 or complete an online contact form to get started on your case.