Throughout the course of a couple’s marriage, the partners may exchange gifts and other tokens of their love for each other. While some of the items they buy for each other may become shared tools, such as appliances or vehicles, others may be exclusively used by the recipient. For example, a wife who receives an expensive ring from her husband may exclusively wear and use the ring without any further ownership in it by the giver.
Some gifts between spouses can be expensive, and when it comes to dividing up property during a high asset divorce, the classification of those gifts as separate or marital property can be important. For readers who are not familiar with Florida’s marital property laws, marital property is divided based on the principle of equitable distribution and not based on the community property principles that are used by other states.
In Florida, a person can leave their marriage without having to divide up the property that they own separate and apart from their ex. Therefore, if a gift they received from their ex is classified as separate property; it will not be subject to division. If, though, it has somehow been converted into marital property despite its initial recognition as a gift, it may be included in the marital estate and subject to division between the divorcing parties.
A divorce attorney who works with high asset clients can help individuals understand how their intra-spousal gifts and other items of wealth may be identified by their divorce courts. Understanding this process can help an individual emerge from their high asset divorce with the wealth and property they deserve. And wit this information, one can take steps necessary to protect their rights and interests.