In Florida, property is divided in a divorce according to the concept of “equitable distribution.” This means the division of marital assets and liabilities should be equitable, or fair, in value.
Real, tangible, and intangible property, such as a house, bank accounts, retirement accounts, art collection, stocks, jewelry accumulated during the marriage, all constitute “marital assets.”
Debts, such as a mortgage, loans, taxes, and credit cards accumulated during the marriage, are all considered to be “marital liabilities” and must be divided between the parties so that each person receives the equitable value of the marital estate.
Generally, assets and liabilities acquired prior to the marriage are considered “separate, non-marital property” and is not subject to distribution in a divorce. However, any enhancement or appreciation of the value of non-marital assets that occurred during the marriage due to the efforts of other party may be considered marital property.