One of the most contentious issues couples are confronted with when dissolving their marriage is the division of assets. When a couple divorces in Florida, any assets acquired during the marriage will be divided fairly between both parties as Florida is an equitable distribution state. However, certain types of assets are not subject to division. With that being said, many couples wonder whether they can keep gifts in a divorce. Keep reading to learn whether gifts are subject to equitable distribution and discover how a dedicated Pensacola Property Division Lawyer can help you navigate this intricate legal process.
When can gifts be kept in a divorce?
If a couple cannot reach a mutual agreement on property division outside of court, a determination will be made by the court. States follow community property or equitable distribution rules when distributing marital property. As mentioned above, Florida is an equitable distribution state. This means that any assets that were acquired during the marriage will be divided fairly between both parties, not necessarily in an even split. Essentially, if the court deems it fair and reasonable one spouse may receive a larger share of the couple’s marital assets. The court will examine several factors to determine an equitable division of assets. The following include but are not limited to the factors a judge will take into consideration:
- The duration of the marriage
- Each spouse’s age and health
- Each spouse’s income and earning potential
- The number of children
- Each spouse’s financial obligations
- Each spouse’s mental health
The court will consider several factors to make a property determination that meets the needs of both spouses. It is important to note that separate property is not subject to equitable distribution. Any assets that were accumulated outside of the marriage are not divided during property distribution. With that being said, many people wonder whether gifts are considered separate or marital property. Ultimately, that depends on whether it was an interspousal gift. If a gift was given from a non-spouse to a spouse, the gift will be considered separate property and therefore is not up for division. These gifts are individually owned and are not subject to equitable distribution. For instance, if a friend gifts you a necklace, the gift is exempt from divorce as it was given by a non-spouse. However, if the necklace was given to you by your former spouse, it will be subject to equitable distribution.
For more information on what types of assets are subject to equitable distribution, please contact one of our experienced attorneys. Our firm is committed to helping our clients protect their hard-earned assets during property division in a divorce. We will work tirelessly to help you achieve a favorable divorce settlement.