How is Jewelry Divided During A Divorce in Florida? This is very common question that confuses a lot of couples seeking divorce.
Dissolution of a marriage, no matter how mutual, can encounter bumps during the process.We have a hypothetical couple in Boca Raton. This couple understands that all marital income, and thus all marital property is equally divisible. However, this couple is mistaken to believe that their divorce will not include all gifts given to each other during the marriage.
Marital jewelry is usually one of the biggest surprises during a divorce for couples in Florida. An experienced and competent Florida Divorce Lawyer should be able to clarify the issues.
Florida is an equitable distribution state effecting the division of jewelry during divorce
Florida, according to State statute 61.075, is an equitable distribution State. This hypothetical couple mistook gifts, purchased with marital income, not to be “marital property”. They mistook jewelry, not to be marital property, but rather his or her personal property.
For example, the engagement ring was given to the bride before the marriage began. The engagement ring is not marital property, since it was gifted by the groom before the marriage began. However, any jewelry exchanged between the couple after they exchanged vows, is now equal property. Florida law does not make any judgement between assets when a couple is going through a divorce.
In the event, either spouse would not like to forfeit the jewelry; the other party will receive half of the appraised value for the jewelry from another marital asset. Some may be quick to assume that it will always be the wife that will be attached to the most jewelry. However, many clients tend to forget that some men like to collect extravagant watches to which are a large marital asset.
If you have questions or comments let us know! Have a topic you would like us to cover send us an email! We offer free consultations. Remember to live life and leave the legal stuff to us! Call Now: 561-939-8042