Notices

Marital Property Question

Old 08-25-2020, 11:52 AM
  #1  
Junior Member
Thread Starter
 
Join Date: Apr 2016
Posts: 11
Received 2 Likes on 2 Posts
Default Marital Property Question

If a spouse buys a property in their name only, with their seperate funds only, and a divorce happens down the road is that home considered marital property?

asking for a friend...
Old 08-25-2020, 11:54 AM
  #2  
Senior Member
 
Join Date: Jun 2007
Posts: 816
Received 585 Likes on 260 Posts
Default

Need more information. For starters, what state?
Old 08-25-2020, 11:55 AM
  #3  
Senior Member
 
Join Date: Jul 2011
Posts: 5,090
Received 1,314 Likes on 635 Posts
Default

Different states have different laws.
Old 08-25-2020, 12:10 PM
  #4  
Admirals Club Admiral's Club Member
 
Join Date: Feb 2008
Location: Panama City
Posts: 1,099
Likes: 0
Received 263 Likes on 97 Posts
Default

If you are in FL - the short answer is yes.
Old 08-25-2020, 12:10 PM
  #5  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Jan 2005
Location: Suburb of Sugar Tit SC
Posts: 14,347
Received 9,224 Likes on 4,981 Posts
Default

Source of the funds/property. Were they owned prior to marriage or come from inheritance?
Old 08-25-2020, 12:11 PM
  #6  
Admirals Club Admiral's Club Member
 
Join Date: Jan 2007
Location: De
Posts: 2,556
Received 600 Likes on 307 Posts
Default

You looking to hit the lottery?


Old 08-25-2020, 12:16 PM
  #7  
Senior MemberCaptains Club Member
 
Join Date: Jan 2004
Location: Pittsburgh, Pennsyltucky
Posts: 7,452
Received 1,604 Likes on 752 Posts
Default

Did the purchase occur during the marriage? Is there a prenup or postnup?

If yes to the 1st question, and no the 2nd, I'm pretty sure it's marital property.
Old 08-25-2020, 12:17 PM
  #8  
Senior Member
 
Join Date: Jun 2007
Posts: 816
Received 585 Likes on 260 Posts
Default

Originally Posted by autobaun70 View Post
Source of the funds/property. Were they owned prior to marriage or come from inheritance?
That's question #1. After that, we need to know (2) When was the property purchased in relation to the date of marriage; (3) Were any marital funds expended on the property during the marriage, such as mortgage payments, etc. (4) What was the value of the property on the date of purchase (or the date of marriage, if the property was purchased prior to the marriage) and what is the value of the property as of the date of the divorce (4) If the answer to question #4 shows an increase in value, is the increase due entirely to market forces or is there a part of the increase in value due to marital contributions (reduction of mortgage balance, improvements, labor, etc.)?

If you answer those questions, I might be able to give you at least a preliminary answer to your question.
Old 08-25-2020, 12:18 PM
  #9  
Senior Member
 
Join Date: Aug 2011
Location: Key Largo Fl
Posts: 1,056
Received 74 Likes on 42 Posts
Default

Originally Posted by autobaun70 View Post
Source of the funds/property. Were they owned prior to marriage or come from inheritance?

I'm with this. Wouldn't the funds used to purchase need to be premarital and have been kept separate from joint funds during the course of the marriage??
Old 08-25-2020, 12:20 PM
  #10  
Senior Member
 
Join Date: Mar 2011
Posts: 572
Received 217 Likes on 126 Posts
Default

OP has not said what state his friend is in, but FYI for Florida:

https://www.galehmoore.com/what-happ...0distribution.
Old 08-25-2020, 12:24 PM
  #11  
Senior Member
 
Join Date: Jun 2007
Posts: 816
Received 585 Likes on 260 Posts
Default

Originally Posted by gtpvettte View Post
I'm with this. Wouldn't the funds used to purchase need to be premarital and have been kept separate from joint funds during the course of the marriage??
In a nutshell, yes, at least partly.

We are looking for clear separation and traceability (ability to identify the source of all the funds which have been spent on the property since the date of purchase).

Where things get messy is when you buy a property prior to the marriage, or purchase it during the marriage using clearly identifiable non-marital funds, but then use marital money (which is pretty much any money earned during the marriage, regardless of who earned it) towards expenses associated with the property, such as mortgage payments, taxes, repairs, etc.
Old 08-25-2020, 12:56 PM
  #12  
Admirals Club Admiral's Club Member
THT sponsor
 
triumphrick's Avatar
 
Join Date: Aug 2008
Location: Masaryktown, Fl
Posts: 18,791
Received 4,641 Likes on 2,048 Posts
Default

Originally Posted by jko2004 View Post
If you are in FL - the short answer is yes.
I'm pretty sure you are wrong....

"The general rule in a Florida divorce is that the court considers and divides up the “maritalproperty of the ex-spouses and that the non-marital property of each party remains with the spouse that owns that particular property. ... As opposed to community property states Florida is an equitable distribution jurisdiction."
Old 08-25-2020, 01:19 PM
  #13  
Admirals Club Admiral's Club Member
 
Join Date: Jan 2018
Posts: 78
Received 102 Likes on 52 Posts
Default

Originally Posted by triumphrick View Post
I'm pretty sure you are wrong....

"The general rule in a Florida divorce is that the court considers and divides up the “maritalproperty of the ex-spouses and that the non-marital property of each party remains with the spouse that owns that particular property. ... As opposed to community property states Florida is an equitable distribution jurisdiction."
​​​​​​Assuming your friends resides in FL, and neither a pre/postnuptial agreement exists.

It's considered marital if acquired during the marriage, if acquired prior to the marriage, the value of the asset at the day of marriage is protected however any appreciation of the asset (appreciated value as of the day of the motion) is subject to being included as part of the distribution. You now owe me 350.00 j/k

Last edited by Tim_fl; 08-25-2020 at 01:40 PM.
Old 08-25-2020, 01:46 PM
  #14  
Senior Member
 
Join Date: Aug 2011
Location: Key Largo Fl
Posts: 1,056
Received 74 Likes on 42 Posts
Default

Originally Posted by Tim_fl View Post
​​​​​​Assuming your friends resides in FL, and neither a pre/postnuptial agreement exists.

It's considered marital if acquired during the marriage, if acquired prior to the marriage, the value of the asset at the day of marriage is protected however any appreciation of the asset (appreciated value as of the day of the motion) is subject to being included as part of the distribution. You now owe me 350.00 j/k
Wow,,, didn't know this. Did a couple of quick googles on it. Most of the references I find from law firms are talking about real estate and that marital funds were used to pay for things so they contend appreciation is a marital asset. I could understand this.

Wonder how a roll over IRA might work,, outside investments in the market??? Asking for a friend
Old 08-25-2020, 01:49 PM
  #15  
Senior Member
 
Join Date: Feb 2013
Posts: 1,954
Received 460 Likes on 288 Posts
Default

50/50 no questions asked on everything in FL(unless prenup).
Old 08-25-2020, 02:08 PM
  #16  
Admirals Club Admiral's Club Member
 
Join Date: Jan 2018
Posts: 78
Received 102 Likes on 52 Posts
Default

Originally Posted by gtpvettte View Post
Wow,,, didn't know this. Did a couple of quick googles on it. Most of the references I find from law firms are talking about real estate and that marital funds were used to pay for things so they contend appreciation is a marital asset. I could understand this.

Wonder how a roll over IRA might work,, outside investments in the market??? Asking for a friend
Under Florida law, assets that are obtained prior to a marriage are generally considered separate property. Therefore, the point in time value (as of the date of the start of the marrage) of those assets will not be subject to any equitable distribution considerations. This rule applies to retirement accounts as well. Of course, you likely have continued adding funds to your retirement accounts throughout your marriage. This can make things a little more complicated, but the principle remains: whatever was the point in time premarital value of your retirement account prior to your marriage can reasonably be considered separate, post value contributions and appreciation can be subject in the calculation of equitable distribution.

Last edited by Tim_fl; 08-25-2020 at 02:59 PM.
Old 08-25-2020, 02:52 PM
  #17  
Joe
Senior MemberCaptains Club Member
 
Join Date: Mar 2001
Location: SC
Posts: 17,251
Received 1,349 Likes on 758 Posts
Default

Its criminal that anyone else should be involved in the appreciation of your retirement funds if they didn't have any involvement in earning those funds.

Marriage is the worst contract any man can ever enter.
Old 08-25-2020, 03:06 PM
  #18  
Senior MemberCaptains Club Member
 
Join Date: Oct 2007
Location: Fort Lauderdale
Posts: 12,812
Received 1,334 Likes on 619 Posts
Default

Originally Posted by Joe View Post

Marriage is the worst contract any man can ever enter.
x 100000000000000000000000

My GF brings up marriage all the time - told her 100 times = "never without a solid pre-nup"... I think she is getting the point

Old 08-25-2020, 03:06 PM
  #19  
Senior Member
 
Join Date: Oct 2007
Posts: 10,139
Likes: 0
Received 1,741 Likes on 858 Posts
Default

Originally Posted by Joe View Post
Marriage is the worst contract any man can ever enter.
I agree.

Marriage gives you exactly two things in your life

the ability to file a joint tax return

the ability to get divorced.
Old 08-25-2020, 03:07 PM
  #20  
Senior Member
 
Join Date: Oct 2007
Posts: 10,139
Likes: 0
Received 1,741 Likes on 858 Posts
Default

Originally Posted by triplenet View Post
x 100000000000000000000000

My GF brings up marriage all the time - told her 100 times = "never without a solid pre-nup"... I think she is getting the point

any of my girlfriends bring up marriage, I dump them immediately.

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.