Property Settlement Agreement And Marital Assets

In many states, including Florida, a marital asset is anything you or your spouse acquired during the marriage. This applies even if you bought an item with your own money or put it in your name only. For example, if your spouse bought a car and did not include your name on the title, it is still a marital asset. This means it is subject to equitable distribution.

Typically, marital assets include the house, car, boat, clothing, jewelry, retirement accounts, savings accounts, artwork and furniture, along with anything else acquired during the marriage. But any items acquired by one spouse before the marriage are nonmarital property and won't be divided up in the property settlement agreement.

In most cases, you and your former spouse will separately draw up agreements that list all of the assets each of you wants. Your lawyer will help you create yours. Then you and your former spouse will each read the other's document. Even if you agree to the list of assets your ex wishes to keep, you should consult with your lawyer before signing it to make sure you will be satisfied with the agreement in the long run. If you cannot agree on what assets each will get, a judge will help decide in court.