Is My Unused Sick leave and Vacation Time a Marital Asset?
Posted By Posted by Damien McKinney on Feb 11, 2011 5:40pm PST || Feb 11, 2011
Clients often do not realize that dividing marital assets in a Florida divorce can be a lot more complicated than simply splitting monies that are in bank accounts. For example, did you know that your spouse's unused sick leave or unused vacation time might be considered a marital asset that is subject to division by the family law court? The valuation of such is often a complicated process and the appellate courts seem to be divided on when this can be considered a marital asset.
In general, if your employment contract states that your unused sick leave and vacation time has a cash payout value and provides for a calculation of that value, then it could very well be considered a marital asset. On the other hand, if there is no provision in your employment contract that addresses a payment of a cash value for your unused time, then often it is not considered a marital asset.
If the unused sick leave and vacation time is determined by the court to be a marital asset, the courts can still be divided over how to determine what the value of your unused sick leave and vacation time might be. It's important that you sit down and discuss your unused sick leave and vacation time with your expert Tampa family law attorney to determine what the rights and obligations might be in the jurisdiction where you live.