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New Law on Equitable Distribution in Orlando, Florida and Lake Mary, Florida 

Governor Ron DeSantis on June 13, 2024, signed HOUSE BILL 521 (HB521) Equitable Distribution of Marital Assets. The bill became law on July 1, 2024. You can read the bill it in its entirety at this link: https://www.flsenate.gov/Session/Bill/2024/534  

The bill states that it is an act relating to equitable distribution of marital assets and liabilities; amending 61.075, F.S.; revising the definition of the term “good cause,” requiring a court to consider certain factors when determining if extraordinary circumstances exist; prohibiting certain interspousal gifts unless certain requirements are met; providing that certain actions do not change whether certain real property is marital property; providing that business interests in a closely held business is a marital asset; requiring a court to consider certain factors when determining the value of such interests; providing that certain real property is a non marital asset; providing an effective date.  

Further, Section 1. Paragraph (d) of subsection (5) and subsection (6) of section 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 the 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. The factors and laid out in 1 through 4. 

The bill was discussed in a Florida Bar Journal article by Jim Asher, Senior Editor in Florida Bar News, on June 17, 2024. The author states that the bill provided a framework for the interim partial distribution during the course of the dissolution of marriage action. Also, the bill contains guidelines that courts can use when determining  the value of a closely held business. 

In the Florida Bar Journal article, we learn that Republican Senator Erin Grall, a Vero Beach attorney, sponsored the companion SENATE BILL 534 (SB534).In the article, Grall said the legislation is designed to make divorce proceedings more uniform. Grall went on to say that the legislation recognizes the complexities surrounding divorce proceedings and addresses some conflicting case law. 

If you have more questions regarding a Marital and Family Law matter or equitable distribution matter in a divorce case,  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. 

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