Vested and vested benefits, rights and pension funds that add value during marriage are considered matrimonial property. The value can come from a pension plan, life insurance or deferred compensation, and determining the value of the asset can be complicated and require the help of an appraisal expert. According to Florida Law 61.075, matrimonial property includes the following: When drafting divorce agreements for real estate matters, pay close attention to clauses relating to the sale of property or the assumption of mortgage debt. For example, in McDonald v. McDonald`s, the ex-wife tried to force the sale of the property because the ex-husband had not paid the mortgage, as required by the settlement agreement. The court rejected the ex-wife`s request for the forced sale because the conditions that triggered the right to enforce the sale were not properly worded in the settlement agreement. Tenants as a whole offer certain protections and benefits to married couples; However, possession of property in this manner leads the court to assume that the property so held is matrimonial property. If a spouse wants the court to treat property differently in the event of divorce, the onus is on the spouse to prove that the presumption is false and that the property is in fact separate and illegitimate property. He or she must do so through ”clear and convincing evidence.” Pension funds held in an account opened in a State belonging to the Community would probably be subject to the legislation of the Community-owned State in which the account was opened. Transferring retirement funds to a new account opened in Florida would result in the money being exempted under Florida laws.

The tenancy remains in effect until the death of a party, divorce or the agreement terminating the tenancy. In the event of divorce, the parties retain the property as a roommate without the right of survivor, unless the divorce decree provides otherwise. Perhaps one of the most controversial issues that spouses face during a divorce occurs when assets, property, and debts need to be divided. Florida spouses can decide among themselves how the property will be divided, but if they are unable to agree on the division, a court could make those decisions, often in a way that none of the spouses are satisfied with. Before you can separate matrimonial property from non-marital property, you need to know whether you live in a State of Community ownership or in a State of equitable distribution. No, Florida is not a community-owned state. In a State belonging to the community, all property acquired by one of the spouses during the marriage is considered matrimonial property and therefore belongs to both spouses. In some Member States of the Community, even income from prenuptial segregation is still regarded as Community property.

Take, for example, a house purchased by a spouse before marriage. The name of this spouse appears on the mortgage and the title of the house. From the beginning of the marriage, the house is considered a separate property that belongs only to the buying spouse. Over time, both spouses make improvements to the home — new kitchen appliances, wooden floors, and a new roof — all of which increase the value of the home. The increase in the value or appreciation of the house would be considered marital property. Additional considerations should also be paid for properties that are classified as properties under the Florida Constitution. If the house is registered as property, additional steps may be required to complete the process. Properties duly designated as properties are exempt from the levy by creditors and may also benefit from a tax reduction.

Homestead`s goal is to promote stability and well-being by allowing homeowners to continue living in their homes despite financial woe and creditor demands to increase ownership. See Public Health Trust of Dade County v. Lopez. Alternatively, divorce lawyers require the spouse who keeps the house to refinance the mortgage only on their behalf. Otherwise, if they stay on the mortgage, they can still be held liable to the bank, even if they no longer own the property. Family ownership can be claimed by anyone, whether the person is single or married. However, two married persons can only claim one property, unless they are otherwise eligible for a property and can prove that there are legitimate reasons to live in separate apartments. See Law of Law. To be eligible for property protection, the resident must be the owner of the property and occupy the property with the intention of staying there. Before the court treats the car as separate and illegitimate property, Juana should provide evidence proving that the car is indeed separate property and non-marital property. Otherwise, the court assumes that it is matrimonial property, since it is an interspusal gift during the marriage. Since the majority of states, including Florida, operate under equitable distribution laws, we`ll look at them first.

Although the name implies that the division of property will be the same, don`t rely on it – you don`t automatically get half of everything you and your spouse have accumulated. In this particular system, the court decides what is just, reasonable or just, and its decision could result in a spouse owning much less than half of the matrimonial property due to a series of combinations of divisions. The court has a duty to consider how long the marriage lasted, how each person came to the marriage, how much each person earns, who bears primary responsibility for the children, what are the possible tax consequences of divorce and how many debts the parties have. Obviously, those who have a prenuptial agreement or even a legal agreement signed during marriage have more control over the division of property during a divorce. Everything you and your spouse acquired during your marriage is subject to division under equitable distribution laws, regardless of who is on the property or whose money was used to acquire the property. In other words, even if only one spouse may have worked throughout the marriage, a holiday home purchased with the money earned by that spouse can still be divided equally (or less equally). Each spouse – or his or her lawyer – has the burden of proof of the property in place. Often, spouses will try to get rid of or hide assets as soon as they realize that divorce is imminent. If one spouse can prove that the other is guilty of concealing property, the court may award the ”injured” spouse an amount equal to the value of what was hidden or sold.

As an ”equal” partner in marriage, each spouse must also receive a fair share of all debts accumulated during the marriage. o Both spouses must have an identical interest in the property; While matrimonial property is generally considered tangible property such as home and car, it includes credit card debts, mortgages, businesses, annuities, checking and savings accounts, and medical expenses. The ”unifying” factor in all these forms of property is that they are used to promote marriage. Even if one spouse earns much more income than the other, this money is generally considered matrimonial property that is ”fairly” divided during the divorce. If real estate and personal property are held as a tenant of the whole, it is assumed that it is matrimonial property. This is a special form of ownership that is only available to married couples, with the following requirements: Consider a husband buying a new car for his wife. Even if he buys the car with his own money and puts the title of the car in his wife`s name, it is still considered matrimonial property. The wife can keep the car, but only if the value of the car due to the husband is offset by another asset. .