What does community property mean in Florida?
In a community property state, any assets acquired by either spouse during the marriage are considered marital property and therefore owned by both spouses. This means that upon divorce, the marital assets are split according to what the judge finds to be fair and equitable.
Does Florida follow community property laws?
No, Florida is not a community property state. Like the majority of states, Florida follows equitable distribution rules. A small group of states adhere to community property principles, but Florida is not one them.
Who gets the house in a Florida divorce?
The General Property Rule In Florida, property is divided 50-50 if it is considered “marital property” – or property that was acquired by either spouse during the marriage. Non-marital property, which is property either spouse acquired before the marriage, is not divided equally.
What is considered community property?
DEFINITION of Community Property. Community property refers to a U.S. state-level legal distinction of a married individual’s assets. Property acquired by either spouse during a marriage is considered community property, belonging to both partners of the marriage. Community property is also known as marital property.
Does Florida recognize common law property?
When it comes to family law, Florida is a common law state. Generally, the property acquired by each spouse during marriage is presumed to be separate property. The exception is for property purchased jointly, which is considered jointly owned property.
Is Florida a community property state?
No, Florida is not a community property state. Like the majority of states, Florida follows equitable distribution rules. A small group of states adhere to community property principles, but Florida is not one them.
Do you live in a community property state?
In a Community Property State, both spouses are typically considered equal owners of all marital property. In other words, if you live in a Community Property State, whatever you earn or acquire during the marriage is co-owned by both parties, regardless of who earned it or whose name is on the title.