In high-asset divorce cases, the question often arises whether separate bank accounts qualify as marital property. Florida follows equitable distribution laws. This means assets acquired during the marriage are typically divided, regardless of whose name is on the account.
What defines marital property?
Florida law considers marital property to include assets and income that either spouse acquires during the marriage. Even if one spouse holds a bank account solely in their name, the funds may still count as marital property if they were earned or deposited during the marriage. Simply keeping separate bank accounts does not guarantee those assets will be exempt from equitable distribution.
Exceptions for non-marital property
Not all assets fall under marital property. Separate bank accounts containing non-marital funds, such as inheritances or gifts one spouse received and kept apart from joint accounts, may be exempt.
If you combine marital funds with non-marital assets, the court can reclassify even a separate account as marital property. For instance, when a spouse deposits income earned during the marriage into a separate account, that account may become subject to division.
Cooperating to protect assets
During divorce, the best approach involves cooperation instead of combative disputes. Open communication and transparency can help ensure both parties reach a fair division of the marital estate without prolonged litigation.
A thoughtful approach to division
Dividing assets in a divorce can be complex, especially when the process involves separate bank accounts. A cooperative approach to divorce ensures both parties protect their financial interests while moving toward a fair resolution.
