Divorce - NdovuLaw

What Assets Are Protected In A Divorce In Florida? Well, in a Florida divorce, assets that are protected include those acquired before marriage, inheritances and gifts, assets defined by a prenuptial or postnuptial agreement, assets acquired in exchange for non-marital property, and income from non-marital assets. In a Florida divorce, certain assets are considered protected and may not be subject to division between the spouses. These protected assets typically fall into the category of "non-marital" or "separate" property. Here is a breakdown of the main types of assets that are protected in a Florida divorce: What Assets Are Protected In A Divorce In Florida? 1. Assets Acquired Before Marriage Any property or asset that one spouse acquired before the marriage generally remains the property of that spouse. This includes real estate, personal property, investments, and savings that were owned prior to the marriage. 2. Inheritance and Gifts Inheritances and gifts received by one spouse from a third party (e.g., a relative) are considered non-marital property, even if they were received during the marriage. However, if these assets are commingled with marital assets, they may become marital property. 3. Assets Defined by a Prenuptial or Postnuptial Agreement Assets specifically defined as non-marital in a valid prenuptial or postnuptial agreement are protected. Such agreements must be properly executed to be enforceable. 4. Assets Acquired in Exchange for Non-Marital Property If a non-marital asset is sold or exchanged for another asset during the marriage, the new asset is generally considered non-marital property, provided the new asset can be directly traced back to the non-marital property. 5. Income from Non-Marital Assets Income produced by non-marital assets remains non-marital, as long as it is not commingled with marital funds. For example, interest earned on a pre-marriage investment account remains non-marital if it stays in a separate account. 6. Personal Injury Awards Compensation for pain and suffering or personal injury settlements awarded to one spouse are typically considered non-marital property. However, any portion of the settlement meant to compensate for lost wages or medical expenses incurred during the marriage may be considered marital property. Considerations: Commingling of Assets: If non-marital assets are commingled with marital assets (for example, depositing an inheritance into a joint bank account), they may lose their protected status and become marital property. Appreciation of Non-Marital Assets: The appreciation in value of non-marital assets during the marriage may be considered marital property, especially if marital funds or efforts contributed to the increase in value. Transmutation: This is the process by which non-marital assets become marital assets through commingling or other means. What Assets Are Protected In A Divorce An Florida FAQs Q1: What types of assets acquired before marriage are protected in a Florida divorce? A1: Assets acquired before marriage, including real estate, personal property, investments, and savings, are typically protected and remain the property of the original owner. Q2: Are inheritances and gifts received during marriage protected in a Florida divorce? A2: Yes, inheritances and gifts received by one spouse from a third party are considered non-marital property and are protected, as long as they are not commingled with marital assets. Q3: How do prenuptial or postnuptial agreements affect asset protection in a Florida divorce? A3: Assets specified as non-marital in a valid prenuptial or postnuptial agreement are protected, provided the agreement is properly executed and enforceable. Q4: What happens to assets acquired in exchange for non-marital property during a Florida marriage? A4: Assets acquired in exchange for non-marital property are generally considered non-marital and are protected, as long as they can be directly traced back to the original non-marital property. Q5: Is income generated from non-marital assets during the marriage protected in a Florida divorce? A5: Income from non-marital assets remains non-marital and protected if it is not commingled with marital funds and remains in a separate account. Q6: Are personal injury awards considered protected assets in a Florida divorce? A6: Personal injury awards, particularly those compensating for pain and suffering, are usually non-marital property and protected, while compensation for lost wages or medical expenses incurred during the marriage may be considered marital property. Q7: How does commingling affect the protection of non-marital assets in a Florida divorce? A7: Commingling non-marital assets with marital assets can cause the non-marital assets to lose their protected status and become marital property. Q8: Can the appreciation of non-marital assets during the marriage be considered marital property in Florida? A8: Yes, the appreciation of non-marital assets may be considered marital property if marital funds or efforts contributed to the increase in value. Q9: What is transmutation, and how does it affect asset protection in a Florida divorce? A9: Transmutation is the process by which non-marital assets become marital assets through commingling or other means, potentially losing their protected status. Conclusion: Protecting non-marital assets in a Florida divorce requires careful management of those assets throughout the marriage. Documentation and clear separation of non-marital and marital assets are crucial. Consulting with a family law attorney can help ensure that non-marital assets remain protected during the divorce process.