Is Co-Mingled Money in a Joint Account Considered Joint Property in Florida Divorce?

Question from AJ, Is Co-Mingled Money in a Joint Account Considered Joint Property in Florida Divorce?

Answer from AI:

When going through a divorce in Florida, understanding how assets are divided can be complex, especially when it comes to money deposited in joint accounts. The question of whether co-mingled funds in a joint account, deposited after filing for divorce, are considered joint property is particularly nuanced. It’s important to approach this topic with a general understanding of Florida’s divorce laws and the principles of asset division.

Understanding Marital and Non-Marital Assets

In Florida, the law distinguishes between marital and non-marital (or separate) assets:

• Marital assets are generally those acquired during the marriage, regardless of whose name is on the title.
• Non-marital assets are those acquired before the marriage or after the filing for divorce, as well as gifts or inheritances received by one spouse alone during the marriage.

However, the distinction can become blurred when it comes to co-mingled funds.

Co-Mingling of Funds

Co-mingling occurs when spouses mix marital assets with non-marital assets, making it difficult to distinguish between the two. In the context of a joint bank account, co-mingling can happen if:

1. One or both spouses deposit non-marital funds into a joint account used for marital expenses.
2. Marital and non-marital funds are deposited into the same account without clear records to differentiate them.

Deposits After Filing for Divorce

Money deposited in a joint account after the filing for divorce in Florida does not automatically become joint property. The critical factor is the source of the funds:

• If the money deposited after filing for divorce is from a source considered non-marital (e.g., inheritance, gifts from someone outside the marriage, or earnings from a business owned before the marriage), it may not be considered marital property.
• However, if the funds are from marital sources (e.g., joint income or marital assets being liquidated), they are likely to be considered marital property, even if deposited after the filing.

It’s essential to maintain clear records of where the funds came from and to communicate your intentions about the money to avoid unintentional co-mingling.

Legal Considerations and Advice

The classification of assets in a divorce can significantly impact the division of property. Florida follows the equitable distribution principle, meaning assets are divided fairly, but not always equally. Factors such as the length of the marriage, contributions to the marriage, and each spouse’s financial circumstances are considered.

Given the complexities involved in distinguishing between marital and non-marital assets, especially with co-mingled funds in a joint account:

• It’s advisable to consult with a family law attorney who can provide guidance based on the specifics of your case.
• Keep detailed records of all financial transactions before and after filing for divorce.
• Consider setting up separate bank accounts after filing for divorce to minimize the risk of unintentionally co-mingling funds.

For more information on divorce and asset division in Florida, you can visit the Florida Courts Family Law Forms page, which provides resources and forms related to divorce proceedings.

Remember, while general information can provide a good starting point, personalized legal advice from a qualified professional is crucial to navigate the specifics of your situation effectively.