If you are considering a divorce in Orlando, Florida, you may have heard about something called equitable distribution. You may wonder what equitable distribution is in a divorce case. You may also wonder how a judge divides your assets and debts in a divorce. In legal terms, the answer is simple: the judge applies an analysis under Florida Statute 61.075—Equitable Distribution.
Three Steps the Judge Must Take
The judge must do the following while analyzing equitable distribution in your case:
- Identify the marital assets and marital debts, and the 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 first identify whether assets and liabilities are marital or nonmarital. Where there is no separation agreement, assets and liabilities must be identified as of the date of filing the Petition for 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 the judge determines are 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, then the trial court judge may 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 Statute 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
- 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 its value, you can obtain an appraisal.
- Go online to Kelley Blue Book to obtain the value of your car. You will need to put in its condition and mileage.
- Obtain your account statements for the date of filing. You can also obtain your loan and credit card statements, along with statements for any other liabilities, for that day.
- If you claim that an account or portion of an account is nonmarital, 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.