When facing a divorce in Florida, you may worry about how the court will divide property and assets.
What Are the Different Types of Property Division?
In Florida, a court divides property subject to divorce into two primary types: marital and non-marital property:
- Marital property includes assets and debts acquired during the marriage by either spouse, regardless of whose name is on the title. This property can encompass homes, cars, bank accounts, retirement plans, and businesses. Marital property also covers any debt accrued in the marriage, such as mortgages, credit card balances, or loans.
- Non-marital property refers to debts and assets a partner owned before marriage or acquired by each person by gift or inheritance during the marriage. In addition, income generated from non-marital property may remain non-marital if not commingled with marital assets.