Equitable Distribution in an Orlando, Florida Area Divorce Case
What is equitable distribution in an Orlando, Florida area divorce case? How does a judge divide your assets and debts in a divorce? The judge applies an analysis under Florida Statute 61.075— Equitable Distribution. The judge must do the following while analyzing equitable distribution in your case:
- Identify the marital assets and marital debts and nonmarital assets and nonmarital debts.
- Value the marital assets and debts.
- Distribute the marital assets and debts in accordance with Florida Statute 61.075.
Identifying and Valuing Marital Assets
The trial court judge must value the assets and debts as of the date of filing the Petition for Dissolution of Marriage. Where there is no separation agreement, assets and liabilities must be identified as of the date of filing the Petition of Dissolution of Marriage. Section 61.075(7), Florida Statutes (2017), requires that the date for determining which assets and liabilities can be classified as marital assets or liabilities is the earliest of the date the parties entered into a valid separation agreement or the date the Petition for Dissolution of Marriage was filed.
After the court identifies whether an asset or liability is marital or nonmarital, the trial court must place a value on it. The date used in determining the value of the assets and amount of liabilities is left to the discretion of the trial court. Florida Statute 61.075(7) states that the date for determining values of assets and the amount of liabilities identified or classified as marital is the date or dates as the judge determines is just and equitable under the circumstances. This discretion arises only after the assets and liabilities are characterized as marital or nonmarital.
When All Assets are Not Valued
If the trial court judge fails to value all the assets and debts of the parties, and one spouse appeals the trial court’s ruling, the trial court judge will be reversed on appeal for not doing that. Therefore, it is extremely important that all the parties’ assets and liabilities are identified and valued in accordance with Florida Statutes 61.075(3). That is why it is important that you or your attorney have all assets and liabilities identified and valued.
What You Can Do to Prepare
You can list the values of the assets and liabilities on your financial affidavit. You can testify to the value of your house. If you and your spouse disagree on the value of your house, you can obtain an appraisal. You can go online to Kelley Blue Book and obtain the value of your car. You will need to put in the condition of your car and the mileage. You can obtain your account statements for the date of filing. You can also obtain your loan and credit card statements along with any other liabilities for that day too. If you claim that an account or portion of the account is nonmarital, then you must obtain the account statement from the date of marriage.
If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation.
This article is for informational purposes only and does not form an attorney client privilege.