Florida is not a community property state
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What is community property in a Florida divorce?
This means that the property is divided upon divorce, even if one spouse actually purchased the majority of the property. However, different states have different laws regarding community property. For example, the community property laws in Florida differ from the community property laws in other states.
What are the rules of community property in Florida?
They are: Married couples in Alaska can opt to have community property rules applied to their assets and debts, but this isn’t the case in Florida. There is no Florida community property law because Florida courts follow the doctrine of equitable distribution when dividing divorcing couples鈥?marital assets.
Is Florida community property law a misnomer?
Florida community property law is a misnomer because the courts follow the equitable distribution model in Florida when distributing the couple’s property. Courts in only nine of the 50 states adhere to the doctrine of community property when dividing divorcing couples鈥?marital assets.
What is the Community Property Trust Act in Florida?
The enactment of the CPTA allows Floridians to participate in the tax advantage historically enjoyed in community property states. Florida鈥檚 new Community Property Trust Act lets Florida residents create and fund a community property trust (CPT). This allows them to take advantage of Internal Revenue Code 1014 (b) (6).