In Florida, assets and debts accumulated during a marriage are subject to equitable distribution in a divorce proceeding. However, determining what constitutes marital property becomes nuanced when a couple separates but remains legally married. Generally, property obtained and debts incurred from the date of marriage until the date of final separation are considered marital. For example, if one spouse earns income and uses it to purchase a vehicle after separation but before the divorce is finalized, the status of that vehicle as a marital or separate asset must be determined.
The precise date of separation is a critical factor in determining the classification of assets and liabilities. Establishing this date can significantly impact the financial outcome of a divorce. Florida courts consider various factors to ascertain the separation date, including the cessation of cohabitation, the intent of at least one party to permanently end the marriage, and whether the parties have ceased to act as an economic unit. The importance lies in its direct bearing on the determination of which assets and liabilities are subject to division, impacting each partys financial future.
