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Divorce Lawyer, Tampa Bay, Serving Hillsborough, Pasco &
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Equitable
Distribution in Florida Divorces
Distribution of Assets in Florida Divorces
One issue that is present in divorce cases in Florida
pertains to the distribution of assets and debts between husband
and wife. The distribution of assets and debts in a divorce case
in Florida is commonly referred to as Equitable Distribution.
The Equitable Distribution of assets and debts in Florida is
governed by
Florida Statute 61.0075. Pursuant to this statute,
the Florida Court is required to set apart to each spouse that
spouses’ non-marital assets and liabilities . In distributing
the marital assets and liabilities between the parties (husband
and wife), the court must begin with the premise that the
distribution should be equal between the parties, unless there
is justification for an unequal distribution based upon relevant
factors.
Assets & Liabilites Not Subject to Distribution
Assets and liabilities that are not subject to distribution
between the parties are non-marital assets and non-marital and
liabilities. Non-marital assets and non-marital liabilities
include:
1. Assets acquired and liabilities incurred by either party
prior to the marriage, and assets acquired and liabilities
incurred in exchange for such assets and liabilities;
2. Assets acquired separately by either party by non-interspousal
gift, inheritance, and assets acquired in exchange for such
assets;
3. All income derived from non-marital assets during the
marriage unless the income was treated, used, or relied upon by
the parties as a marital assets.
4. Assets and liabilities excluded as marital by a valid
agreement between the parties.
5. Any liability incurred by forgery or unauthorized signature
of one spouse signing the name of the other spouse. Any such
liability shall be a non-marital liability only of the party
having committed the forgery.
Determining Marital Assets in a Florida Divorce
In a
Florida divorce, the cut-off date for determining marital assets and liabilities to be
identified or classified as a marital assets and liabilities is
the earliest of the date the parties enter into a valid
separation agreement, such other date as may be expressly
established by such agreement, or the date of the filing of a
petition for divorce.
The date for determining value of assets and the amount of
liabilities classified as marital is the date or dates as the
judge determines is just and equitable under the circumstances.
The Court can value different assets by using different dates.
In general, all assets acquired and liabilities incurred by
either spouse after the date of marriage and that are not
otherwise classified as non-marital, are presumed to be marital
assets and liabilities, subject to distribution between the
parties by the Court.
To obtain additional information regarding the distribution of
assets and debts in a divorce case, contact
Tampa Family
Law Attorney Nilo J. Sanchez Jr. Telephone:
813-879-4600.
Equitable Distriubtion and Florida Divorces
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