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Set Offs and Credits Against Payment of Expenses on the Marital Residence in the Orlando, Florida Area

Can you obtain credits and set offs for paying the mortgage, property taxes, homeowner’s insurance, HOA fees, and expenses on the marital residence if you are living in the house during the pendency of the dissolution of marriage? That depends on what your settlement agreement states or what the trial judge orders. 

The analysis of whether you are entitled to set offs and credits is examined in Florida Statute 61.077-Determination of entitlement to setoffs or credits upon sale of marital home. Make sure you plead for set offs and credits in your petition for dissolution of marriage or counter-petition for dissolution of marriage when requesting partition (sale) of the marital residence. 

Under Florida Statute 61.077, a party is not entitled to any credits or set offs upon the sale of the marital home unless the party’s settlement agreement, final judgment of dissolution of marriage, or final judgment equitably distributing the assets or debts specifically provides that certain credits or set offs are allowed or given at the time of the sale. 

In the absence of a settlement agreement involving the marital home, the court shall consider the following factors before determining the issue of credits or set offs in its final judgment. 

1. Whether exclusive use and possession of marital home is being awarded, and the basis for the award;
2. Whether alimony is being awarded to the party in possession and whether the alimony is being awarded to cover, in part or otherwise, the mortgage and taxes and other expenses of and in connection with the marital home;
3. Whether child support is being awarded to the party in possession and whether child support is being awarded to cover, in part or otherwise, the mortgage and taxes and other expenses of and in connection with the marital home;
4. The value to the party in possession of the use and occupancy of the marital home;
5. The value of the loss of use and occupancy of the marital home to the party out of possession;
6. Which party will be entitled to claim the mortgage interest payments, real property tax payments, and related payments in connection with the marital home as a tax deductions for federal income tax purposes;
7. Whether one or both parties will experience a capital gains taxable event as  a result of the sale of the marital home, and
8. Any other factor necessary to bring about equity and justice between the parties. 

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.