What is not considered “Matital Property” in a Jacksonville FL Divorce?

Assets accumulated prior to the marriage are generally not considered in the division of marital property. In addition, certain property, including inheritance, gifted to just one spouse during the marriage may also be excluded. Personal injury settlement proceeds are regularly excluded as well. However, a non-marital asset can become a marital asset if it is commingled with marital assets.

A common situation involves the marital home. For example, a husband purchases a $200,000 house prior to his marriage. At the closing he pays $50,000 and finances $150,000. On the date of his marriage, the house is worth $210,000, and he owes $140,000. On the date of separation, the house is worth $250,000 and the balance of the mortgage is $110,000. During the marriage, $70,000 of equity is created through an increate in value plus a reduction of mortgage principal. The wife will be awarded $35,000 of home equity, and the husband will be awarded $105,000 of equity. As a practical matter, the husband will be allowed to keep the house if he can pay the wife $35,000.00. Of course, this example is generalized, and other factors (marital children, alimony, etc.) could cause a different result. However, the Court would use this rudimentary analysis as a starting point.

While property issues can be complicated, a capable lawyer often achieves compromises through creative and persuasive negotiations.

Schedule a confidential consultation with one of our experienced Jacksonville divorce attorneys by calling 904-230-0778 or filling out the form on our Contact page.

North Florida Law Firm
150 Warren Circle Suite C
Jacksonville, FL 32259

Phone: 904-230-0778

Office Hours:
Monday – Friday: 9AM – 5PM
Saturday: Closed
Sunday: Closed

 

Payment Plans Available for those who qualify.

Payment Methods Accepted

Payment Methods Accepted

Contact Us

7 + 7 =

Family Law

Family Law

Family Law services including but not limited to:

  • Divorce and Matrimonial Law
  • Custody And Visitation
  • Maintenance/Alimony
  • Estate Planning and Probate
  • Read more

    Divorce

    Divorce

    The attorneys at North Florida Law Firm are skilled in working with contested divorce, uncontested divorce and the challenges of Dissolution of Marriage in Florida.

    Read more

    Child Custody

    Child Custody

    Child custody cases including joint custody, sole custody, and custody disputes by our Jacksonville Florida family law-focused firm.

    Read more

    Estate planning

    Estate planning

    Estate planning, the process of anticipating and arranging for the disposal or transfer of an estate during a person’s life.

    Read more