- Florida law recognizes mosts gifts as separate, non-marital property.christmas-gifts image by Maria Brzostowska from Fotolia.com
Since Florida is an equitable distribution state, all marital property is divided between the spouses based on what is fair at divorce, rather than an equal 50/50. Marital property is any property obtained during the marriage, including income, with some exceptions. All gifts received during the marriage are generally treated as separate property and are not divided, unless the gift was given for an improper purpose, such as to disseminate marital assets. - Under Florida law, a gift is anything given without consideration for the givers' benefit. Gifts can be given between spouses, or gifts can be given from a third party to a spouse. For example, if a spouse's parent gives them $10,000 as a gift, and the gift is given solely to the spouse and not to them as a married couple, the money is separate property that is not divisible at marriage. Similarly, if a spouse gives his spouse jewelry as a gift during marriage, those gifts are also considered to be separate property, even if marital funds were used to buy the gift.
- When determining how to equitably distribute assets between both spouses, the court considers the contributions made by each party to the marriage, the economic circumstances of the parties, the duration of the marriage, any interruption of careers or educational opportunities of either spouse, which parent has custody of the minor children, and the desirability of each party to retain certain assets. Gifts and inheritances are generally regarded as separate property and are awarded solely to the owning spouse, but gifts can effect the overall property distribution. For example, if a spouse is entitled to substantial gifts but the other spouse has a much poorer independent financial situation, the spouse with the gifts might receive an even lesser amount in property distribution. Florida's laws aim to make sure that the distribution of property is fair and reasonable.
- When determining property distribution, Florida courts also consider any intentional dissipation, waste, depletion or destruction of any marital assets that has occurred within the last two years. Dissipation of marital assets occurs when one spouse intentionally engages in excessive spending or gambling, destroys marital property or commits any act that involves stealing marital property. Acts of dishonesty, such as reducing the marital estate by giving away marital assets as gifts to third parties, is also considered dissipation of marital assets under Florida law. Any spouse who dissipates martial assets will be awarded less property at distribution.
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