Posted By Posted by Blair Chan on Feb 12, 2014 10:50am PST || Feb 12, 2014
Florida’s equitable distribution of marital property laws require the court to identify and distribute marital assets. The definition of what constitutes an asset can be quite broad. For example, unpaid sick leave / holiday time may be considered a marital asset subject to equitable distribution in a divorce when such time is accumulated during the marriage. However, the leave time must be accumulated, but not necessarily be paid, during the marital period. There are a few limited exclusions though for federal employees and possibly military service members. Federal laws on this issue preempt Florida family law and there are federal laws and regulations that have been interpreted to excludes such leave time from being divided by state domestic relations laws. Further, it is important to consider the tax ramifications of such a division and split only the net income (take home) and not the gross pay (pre tax). Contact one of our experienced family law attorneys with any questions regarding this issue.