In the case of many West Palm Beach family law cases, ‘what is a marital asset’ often comes in to question as parties are looking to equitably divide their assets. Often parties find themselves confused about their home as a marital asset when only one spouse is named on the loan & warranty deed.
In the State of Florida the Law is clear on what is considered marital and non-marital property.
Property is nonmarital, or separate, if a spouse owned it before marriage or acquired it during marriage as a gift (not including gifts from the other spouse), or by inheritance. Separate property also includes:
- assets and debts that the spouses have defined in a valid written agreement as separate property,
- income from separate property, unless the spouses have treated the income as marital property, and
- items purchased with or exchanged for separate property.
With these clear guidelines, equitable distribution of marital assets should be clear. More often, unrepresented individuals find themselves fighting over these guidelines due to their inability to properly interpret or due to one parties inability to properly follow the guidelines. If you find yourself in a need a Family Law Attorney in West Palm Beach, an advocate is just a phone call a way to represent you in these difficult times. Ensure your equitable distribution and all you’re entitled to receive in your case by hiring a credible and knowledgable Divorce Lawyer in West Palm Beach. Call Gregory S. Burdick at James N Brown PA & Associates. 561-838-9595