Equitable Distribution

• Is Florida a community property state?
   
• Are values easy to determine?
   
• Is the jewelry or other possessions that I brought into a marriage considered marital property subject to equitable distribution?
   
• Is my inheritance from my parents marital property?
   
• I was hurt in an automobile accident. Is my insurance recovery marital property?
   
• Does my husband's business, which he owned before the marriage, become marital property after the marriage?
   

Is Florida a community property state?

Florida is not a community property state. It is an equitable distribution state. For all practical purposes this means that property acquired during the marriage, either through marital earnings or the labor of either party, is considered marital property. The value of all marital property should be divided approximately equally.

Are values easy to determine?

Some values are easy to determine, such as the values of publicly traded stocks or bank accounts, and certain retirement accounts such as IRA's or 401(k). Other assets are more difficult to determine. Certain pension plans which provide for a benefit based upon one's highest salary over a given amount of time have to be valued actuarially. Real estate generally has to be professionally appraised. Personal property may have to be personally appraised. The value of a business generally has to be evaluated by an expert.

Is the jewelry or other possessions that I brought into a marriage considered marital property subject to equitable distribution?

No. What you bring into the marriage is considered your property. However, if the value of certain pre-marital property, such as a house, increases due to marital labor (such as through an addition), the value of the increase may be considered marital.

Is my inheritance from my parents marital property?

It would not be marital property unless it is commingled with other marital funds where it could not be traced.

I was hurt in an automobile accident. Is my insurance recovery marital property?

That part attributable to past earnings and past medical bills would be marital property. Future lost income, pain and suffering and future medical bills allowed for in the settlement would not be considered marital property.

Does my husband's business, which he owned before the marriage, become marital property after the marriage?

The business may not become marital property, but any increase in the value of that business would be considered marital and should be accounted for in the equitable distribution.