Property division can be one of the most contentious issues in a divorce. Many individuals have personal reasons for wanting to keep certain property that was acquired from a marriage for financial or sentimental reasons.
Below, we dive into property division and discuss who may receive an asset like a vacation home in a divorce.
Property Divison in a Florida Divorce
Florida’s property division laws differ from those of most other states because, in this state, assets can be owned by either spouse and are not necessarily considered communal property that must be divided in a divorce settlement.
Specifically, an asset is considered to be separate or individual property if:
- It was acquired by one of the spouses prior to the marriage.
- One of the spouses received it as a gift from a person outside the marriage.
- The item in question was defined as separate property in a prenuptial agreement.
- It is income from an investment that is considered to be separate property.
- The item was purchased or exchanged with separate property.
In terms of communal property, assets may be divided according to “equitable distribution” laws. It’s important to keep in mind that equitable distribution does not mean assets will be divided evenly. The courts take many factors into consideration when determining how to divide property, including:
- The length of time that the couple was married
- Each spouse’s financial and economic circumstances
- Each spouse’s contribution to the marriage
- Each spouse’s contribution to acquiring income
- Sacrifices that either spouse made for the other’s career
- Liabilities or debts incurred by either of the spouses
- Either spouse’s intentional dissipation of marital assets
So, who gets the vacation home in a divorce depends on many factors. If you bought the vacation home before your marriage, you would likely keep the property. If you bought the vacation home with your spouse during your marriage, the courts will determine who receives it by the aforementioned factors.
If you need help protecting your rights during the divorce process, our Jacksonville family law attorneys are here to help. We have over 125 years of combined experience ready to work for you.
Contact Owenby Law, P.A. at (904) 770-3141 to schedule a free initial consultation.