Checklist for Dividing Assets in a Divorce

Division of assets during a divorce can be complicated and a source of contention. Florida is not a 50/50 state but an equitable distribution state, meaning the court divides assets based on what is fair and just to both parties. This process often results in an asset’s equal division, but the court may order unequal amounts if it is more fair.

A Florida marital asset is anything of value that either spouse acquired during the marriage jointly or separately. A premarital asset you own may initially be a non-marital property, but it can become marital property in some circumstances. Without a knowledgeable divorce attorney on your side who understands the intricacies of asset valuation and distribution, you could lose your fair share.

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Real Estate Divorce Assets

The division of real estate can be one of the most difficult aspects of a divorce, particularly if your primary residence is marital property. The court may order you to sell the home and divide the proceeds, award it to the parent with primary custody of the children, or award it to one party in exchange for a cash payout from the other. Any other real property either of you owns may be marital property, including the following:

Rental properties
Vacation homes
Vacant land
Timeshares
Farms
Commercial properties
Apartment complexes
Condominiums
Oil, gas, or mineral rights
Mobile homes permanently affixed to land

When dividing real estate, the court must consider whether selling the property will result in a capital gains tax, whether either spouse can afford the remaining mortgage payments after the divorce, and the asset’s desirability to each spouse.

Some properties may have a negative value because of the principal due on the mortgage or its condition. Rental properties may count as income streams and assets. An experienced contested divorce attorney can ensure you receive the share you deserve.

The primary residence is the most common real estate asset to be divided during a divorce, but there are many types of real estate.
The marital home may be sold. The proceeds may be divided between the spouses or awarded to one spouse if the court determines it serves the children’s best interests or facilitates a fair and just outcome for both parties.
The court must consider the big picture, including factors such as mortgages you owe, taxation issues, each party’s financial standing, and the income generated from any of the properties when dividing real estate.

Retirement Investments as Divorce Assets

The following benefits, rights, and funds are generally marital assets that must be equitably divided during a divorce:

401k accounts
IRAs
Pensions
Profit-sharing benefits
Annuities
Deferred compensation
Insurance plans, such as a whole life insurance policy
Military benefits if either party served at least 10 years

Retirement accounts can be difficult to value. Do not withdraw money or close any retirement accounts before talking with an attorney. Doing so could appear as an attempt to hide assets and defraud the other party, causing disfavor with the court. Additionally, you could incur substantial tax penalties if you withdraw funds from a 401K or IRA account before you reach 59 and a half.

Liquid assets are generally easier to divide than other assets.
Dividing liquid assets can be complicated in cases involving stocks, bonds, precious metals, and other assets that earn interest or dividends or otherwise increase in value.
Keeping your accounts separate from your spouse’s accounts does not always prevent them from becoming marital property.

Liquid Divorce Assets

Liquid assets include cash or anything you can quickly convert to cash, such as the following:

Certificates of deposit, or CDs
Mutual funds
Accounts receivable for businesses
Treasury bills and notes
Gold and precious metals
Foreign currency

The value of liquid assets is easier to determine than that of many other assets, but sometimes it can become complicated. Some liquid assets may not be immediately available for withdrawal, and some draw interest or appreciate over time. The value of gold, precious metals, and foreign currency can change daily.

Many people mistakenly think their liquid assets are immune from equitable distribution if they keep them in separate accounts. However, liquid assets can become marital property if they are commingled with marital funds or used for the benefit of both spouses.

Vehicle Divorce Assets

If you and your spouse each own a car, dividing vehicles is easy: You most likely can keep your own car. However, if you share a vehicle or own other vehicles, it can become a point of tension. The court must consider how each spouse benefits from each vehicle and the consequences of awarding a particular vehicle to the other.

When you think of vehicles, you may think of cars, trucks, and SUVs, but the division of vehicles also may include:

Even if a vehicle is in your name, if you acquired it during the marriage, invested marital funds into it, or used it for your mutual benefit, it is likely marital property.
If you have multiple vehicles, the court will generally award an equal share to both spouses based on the vehicles’ value unless there is a good reason to award more to one spouse.
If it is impossible to divide the vehicles in a way that would be fair to both parties, the court may require the sale of some vehicles and divide the proceeds between spouses.

Personal Assets

The court will generally allow you to keep your personal effects, such as clothing and items that hold no value to the other spouse. However, some personal items have monetary value or will require replacement by whichever spouse does not keep them. The following personal assets are marital property that may be divisible in a divorce settlement:

Expensive jewelry
Designer clothing and handbags
Collections
Books
Video games
Mobile devices
Computers
Furniture
Household items
Musical instruments

Antiques
Sports equipment
Exercise equipment
Lawn care equipment
Farm equipment
Artwork
Tools
Gifts you received from each other

The court will consider the cost of replacing items that must be reacquired as well as each item’s monetary value.

You may need an appraisal to determine a personal item’s value for the purpose of fair property division.
The court must consider the cost of replacing everyday items.
You will likely get to keep your clothing and other personal items, except expensive items such as jewelry, which may be divisible.
Gifts from your spouse during the marriage are marital property.

Although not physical, digital assets must be included in an equitable distribution of assets in a divorce.
Digital assets may be divided between the spouses or sold so the spouses can share the proceeds in a manner the court determines to be fair.
Some digital assets may be sentimental, making them difficult to value.

Digital Divorce Assets

A digital asset is anything of value that is created and stored in an electronic format. Digital assets may be stored on a computer, flash drive, server, or “in the cloud.” Digital assets can carry significant monetary value and may count as marital property. Examples of digital assets include the following:

Profitable websites
Domain names
Intellectual property
Digital artwork
Monetized social media accounts
An e-commerce business
Cryptocurrency
Ebooks
Manuscripts
Photos

Databases
Documents
Music
Videos
Email accounts
Gaming accounts
Animations
Illustrations
Security tokens

Digital assets, such as cryptocurrency, are sometimes divisible between spouses. A court could order the sale of some assets, such as a profit-generating website, to split the proceeds between spouses.

O’Mara’s List of Top Divorce Assets

Your primary residence
Rental properties
Vacation homes
Vacant land
Timeshares
Farms
Commercial properties
Apartment complexes
Condominiums
Mobile homes permanently affixed to land
401k accounts
IRAs
Pensions
Profit-sharing benefits
Annuities
Deferred compensation
Whole life insurance policies
Military benefits
Checking accounts
Savings accounts
Cash in safety deposit boxes
Money market accounts
Cash under the mattress
Stocks
Bonds
Certificates of deposit, or CDs
Mutual funds
Gold and precious metals
Cars, trucks, and SUVs
Recreational vehicles
Campers
Unattached mobile homes
Motorcycles
Scooters
ATVs
Boats
Airplanes
Jet skis
Expensive jewelry
Designer clothing and handbags
Collections
Books
Video games
Mobile devices
Computers
Furniture
Household items
Musical instruments
Antiques
Sports equipment
Lawn and farm equipment
Artwork
Tools
Marital gifts
Websites
Domain names
Intellectual property
Digital artwork
Monetized social media accounts
An e-commerce business
Cryptocurrency
Ebooks
Manuscripts
Photos
Businesses you own
Country club memberships
Season tickets
Firearms
Cash back rewards
Airline miles
Inheritances commingled with marital funds

Why Choose O’Mara Law Group For Your Divorce

Our award-winning divorce attorneys are board-certified in Florida Marital and Family Law and have decades of experience negotiating complex divorce settlements. Our founder, Mark O’Mara, has practiced law since 1982 and has earned the coveted Martindale-Hubbell A.V. Preeminent rating for legal skill and ethics.

We regularly receive five-star client reviews due to our compassionate client support and the exceptional results we achieve. We can protect your assets and ensure you receive fair treatment during your divorce.