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What constitutes marital property?

Going through a divorce or legal separation can be overwhelming. Not only are there strong emotions involved, but you may find it difficult to face certain tasks while creating the final divorce settlement. One of the most trying issues to tackle may be that of property division. Distributing all of the marital items you accumulated throughout your marriage may be difficult. In Florida, and in many other states across the nation, all marital property amassed during the marriage is divided according to what the judge deems fair and equitable. In order to ensure you get everything you are entitled to in the divorce settlement, it is important to understand what constitutes marital property.

There are some items you do not want to overlook when drafting the divorce settlement. Some marital property and assets include the following:

  •          Expensive collections, such as antiques, cars, coins, art and wine
  •          Intellectual property, such as trademarks, copyrights, patents and royalties earned from these
  •          Loyalty points, rewards points and flight miles
  •          Lottery winnings and income tax refunds
  •          Exclusive golf course and country club memberships
  •          Gifts given on one another during the marriage

If you or your spouse loaned money to a third-party during the marriage, you are entitled to half of that money once it is repaid. Term life insurance policies, capital loss carryover, 401k plans, stocks and severance packages are also marital property and eligible for division in the divorce settlement.

This information is intended to educate and should not be taken as legal advice.

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