Florida is an equitable distribution state, which means that any property deemed a marital asset will be divided equitably among the parties in a divorce action, while any separate property will remain separate. As such, it is critical that the courts properly characterize all property the parties own to ensure a fair distribution. If a court errs when determining the nature of an asset, the parties may be able to appeal the final judgment of dissolution, as illustrated in a recent Florida ruling. If you intend to seek a divorce, it is wise to talk to a Miami divorce lawyer about your options.
History of the Case
It is reported that the husband filed a divorce petition in 2015. During the divorce trial, the main points of contention were the classification of financial accounts owned by the wife and real properties owned by the husband. The trial court issued a final judgment of dissolution of marriage in 2016, ruling that certain financial accounts were partially marital assets and that the classification of the properties was marital. The court did not provide a rationale for its decision.
Allegedly, in March 2022, a hearing was held to determine the non-marital portion of the wife’s financial accounts. The wife stipulated that four accounts were entirely marital, but the parties disagreed on the classification of the fifth account, which was an IRA. After the hearing, the trial court determined that the entire IRA was the wife’s nonmarital asset based on her testimony, the testimony of a certified public accountant, and submitted financial records. The husband appealed. Continue reading ›