Who Keeps the High Value Gifts in a South Florida Divorce?

In a South Florida divorce, all of your assets will be divided between you and your ex-spouse. One of the stickiest areas to divide can be gifts. In particular, how does Florida law treat high value gifts that you have received both before and during your marriage?

Florida law divides all gifts into nonmarital vs marital assets. A nonmarital asset belongs to only one spouse. A marital asset belongs to both spouses and will be divided equitably between them in a divorce (unless a prenuptial agreement states otherwise).

Interspousal Gifts

A popular interspousal gift is jewelry. While some jewelry may carry more sentimental than financial value, other pieces may be worth thousands of dollars each. If one spouse gifted the other spouse with several pieces of high value jewelry, does the recipient spouse automatically keep it? Not so fast. According to the South Florida courts, gifts given to one spouse by another during the marriage count as marital assets, so either the jewelry would be sold and the couple would split the proceeds, or one spouse would keep the jewelry and the other spouse would receive other assets worth an equivalent amount. This principle holds true for other high value interspousal gifts as well, such as cars, boats, designer purses, etc. However, jewelry and gifts given before the marriage, including engagement and wedding rings, count as nonmarital assets, so each spouse would keep the rings and other gifts that they were gifted from this time period.

An interspousal gift that can be tricky to divide is real estate. For example: Spouse A bought a beach cottage for Spouse B before they were married, with Spouse B’s name on the deed. However, over time, Spouse A invested in improvements to the property, made decoration choices without the need for Spouse B’s approval, and came and went as they wished from the property. In this case, Spouse A could have a claim that this was a marital asset.

Gifts from Other Friends and Family Members

Most gifts from friends and family are considered marital assets. For example, all wedding presents are considered marital assets since the gift is for the couple. All gifts from parents and grandparents are considered marital assets unless you have evidence to show that it was only intended for you. An exception to this is an inheritance. Unless the will specifically noted that the inheritance was for you and your spouse, the Florida courts typically treat an inheritance as a nonmarital asset. Even if a gift or inheritance was only intended for one of you, if the item or funds were jointly used in your household, then it becomes a marital asset.

How gifts and other assets are classified can have a significant impact on the financial outcome of your divorce. You need an experienced divorce attorney who has a deep understanding of the intricacies of Florida law to ensure that you receive your fair share of assets in your divorce. Contact Troy Legal today to learn how we can help you.