More News on the New Equitable Distribution Law in Lake Mary, Florida and Orlando, Florida
- July 19, 2024
- ontarget
- Divorce
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Governor DeSantis signed into law HB521 which became law effective July 1, 2024. The bill makes changes to Florida Statute 61.075 on Equitable Distribution.
Specifically of importance is that Section 1, Paragraph (d) of subsection (5) and subsection (6) of 61.075, Florida Statutes, are amended to read:
61.075 Equitable distribution of marital assets and liabilities.-
(5) if the court finds good cause that there should be an interim partial distribution during the pendency of a dissolution action, the court may enter an interim order that shall identify and value the marital and nonmarital assets and liabilities made the subject of sworn motion, set apart those nonmarital assets and liabilities, and provide for a partial distribution of those marital assets and liabilities. An interim order may be entered at any time after the date the dissolution of marriage is filed and served and before the final distribution of marital and nonmarital assets and marital and nonmarital liabilities.
(d) As used in this subsection, the term “good cause” means extraordinary circumstances that justify an interim partial distribution. In determining if extraordinary circumstance exist for purpose of this subsection, the court must consider the following:
1. Whether there is a need for funds in order to avoid or prevent the loss of an asset through repossession or foreclosure, the loss of housing, the default by either party of a marital debt, or the levy of a tax lien.
2. Whether there is a need for funds to pay an expense for a dependent child if nonpayment of the expense would be detrimental to the child.
3. Whether one or both parties have a need to access funds in order to pay a reasonable amount of the attorney fees, court costs, or other suit money for maintaining or defending a proceeding under the chapter.
4. Any other circumstances that justify the entry of an order granting an interim partial equitable distribution.
Why is this important? It now gives a remedy to a spouse who is being frozen out by a wealthy spouse who is refusing to pay the other spouse enough to get by a remedy to get a distribution prior to the end of the case. It gives the poorer spouse examples of when they can come into court and request partial distribution of assets and debts. Many times, the poorer spouse will decide to settle the case because they can no longer afford to pay for costly litigation. Now the legislature defines when you can go into court for partial equitable distribution and why you can go into court. It gives a spouse a new remedy under the law that did not exist prior to this change in the statute.
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. on 407-732-7620 and set an initial consultation. You may also visit my website at: https://www.annmariegildenlaw.com
This article is for informational purposes only and does not form an attorney client privilege.