The Florida divorce financial affidavit has a section for listing
"contingent assets." Contingent assets are those assets that are likely
to come into existence but are not certain yet. One of the most common
contingent assets is a lawsuit that is in progress at the time of the
How the potential award is treated depends on what the award
represents. If the judgment is simply a joint award to both of you and
does not specify what the damages represent, the entire award will
likely be marital property. If the judgment is for lost wages or past
earning capacity, it will be
considered a marital asset because it replaces marital earnings that
would have been made during the marriage.
Even if the award is considered a marital asset, portions of it may be non-marital and not subject to division in a divorce. For example, compensation for future losses or pain and suffering typically belong
only to one spouse and are treated as non-marital assets in a Florida divorce. If the lawsuit judgment awards each of you separate amounts, the separate amounts will be considered non-marital assets. Also, awards for future losses will be considered the non-marital of the awardee spouse.
If you have a pending lawsuit during your Florida divorce, be sure to report it on your Financial Affidavit as a contingent asset. You want the court to have an accurate picture of your entire financial position and are required to disclose all your assets during the Florida divorce process.