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Marital versus Nonmarital Assets and Liabilities in the Orlando, Florida Area

The definition of marital and non-marital assets is covered in Florida Statute 61.075 Equitable Distribution.  A non-marital asset or debt is an asset or debt that you had prior to the marriage, you inherited, you received by gift that you did not want commingled with marital assets. There can also be non-marital real property. 

Generally stated, equitable distribution of marital assets is a three-step process: 

1. Identification of marital and non-marital assets,
2. Valuation of marital assets, and 
3. Distribution of marital assets as statutorily prescribed. 

The trial court must support each step with findings that identify the marital and non-marital assets and liabilities and set forth the value of each marital asset and liability, and set forth the responsibility for each liability and the factors supporting their distribution.  

Under Florida Statute 61.075, non-marital assets and liabilities include assets acquired and liabilities incurred by either party prior to the marriage, and assets acquired and liabilities incurred in exchange for such assets and liabilities.   

Marital assets and liabilities include:

1. Assets acquired and liabilities incurred during the marriage individually by either spouse or jointly by them;
2. Enhancement in value and appreciation of nonmarital assets from efforts of the parties or contribution or expenditures of marital funds or assets;
3. The pay down of principal on a note and mortgage secured by nonmarital real property and portion of passive appreciation in property if note and mortgage are paid by marital funds.
4. Interspousal gifts during the marriage. 
5. All vested and nonvested benefits, rights, and funds during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs.
6. All real property held by tenants by the entities.
7. All personal property titled jointly by the parties as tenants by the entities. 

When a marital asset is in question, the burden of proving whether it is nonmarital is on the party claiming that the asset is nonmarital. 

If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation. 

This article is for informational purposes only and does not form an attorney client privilege.