As a divorcing spouse, one of the most contentious issues you’ll face during divorce proceedings is the division of property. Any assets acquired during the marriage are subject to division. However, you may be wondering how gifts are handled during property distribution. Please continue reading to learn when gifts are subject to division in divorce and how a trusted Pensacola Property Division Lawyer can fight for you today.
How Are Assets Divided in a Divorce?
When divorcing in Florida, it’s important to understand that your marital property will be divided in accordance with equitable distribution. However, that doesn’t mean that you will face an equal division. Essentially, the court will divide property and debts in a way that is fair to both spouses according to their specific circumstances. Therefore, it’s possible for one spouse to receive a larger share of their marital assets if the court deems it reasonable. The court will consider the following to determine a fair split:
- The duration of the marriage
- The age and health of each party
- The standard of living during the marriage
- Each spouse’s income and earning potential
- Each spouse’s contributions to the marriage
- Each spouse’s financial obligations and debts
- The value of the property
- Any alimony or child support orders
- The tax implications of the division
- Any other relevant factors
Are Gifts Considered Marital Property in a Divorce?
When it comes to the division of marital assets, gifts present a unique challenge for couples. Typically, they are divided based on when they were received and whom they came from. As mentioned above, not all assets are subject to division during divorce proceedings. Separate property, accumulated before the marriage, is usually not up for division. Therefore, if a gift were received outside of the marriage, it would not be subject to division.
Marital property, on the other hand, is any asset that was acquired during the marriage, regardless of who acquired it. Marital property is subject to property division in a divorce. Any gifts that were given during the marriage from one spouse to another are considered marital property. Now, this doesn’t mean that you will have to give the gift back necessarily, but you will have to determine a way to offset its value to keep it. Furthermore, gifts you receive from someone other than your spouse during the marriage are yours to keep as they are considered non-marital assets. However, there are exceptions to this. If your gifts have been commingled with marital assets, the gift will then be subject to division. Commingling is the mixing of funds.
Ultimately, it’s important to distinguish whether a gift is considered separate or marital property, as this will determine whether it’s subject to division during divorce proceedings. If you’re concerned about your financial security, please don’t hesitate to contact a talented Pensacola property division lawyer from The Law Office of James M. Burns, who can help you fight for what is rightfully yours.
