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Ensure Your Property & Belongings Are Distributed Fairly

The presumption is that all assets and debts accumulated during the marriage are split equally. If one party desires an unequal split of marital assets and/or debts, it is that party's burden to prove the fairness of the unequal split. For more information or a consultation with Lisa A. Baird, PA, in Miami, Florida, call 305-548-8852.

Premarital Assets & Debts

If an asset was acquired by a party prior to the date of marriage, the court generally has no jurisdiction to even consider a distribution, and therefore, the asset remains with that party. A premarital asset can become a gift to the marriage if that asset is commingled with marital property. One example is where one spouse puts the other on the deed to the marital home.

Marital Home Equity

Home equity is generally split 50/50 like everything else. If the parties cannot come to an agreement on the home's value, they should be creative and agree on a neutral party's appraisal. In some instances, one party keeps the home and "buys out" the other party. This can be done by getting a second mortgage or trading equal value in another asset, like a retirement account. In other instances, the home is sold.

Automobiles

Automobiles are really like any other asset (e.g., boats, jet skis, investment property) in that the equity in the cars will be split equally. As a practical matter, the husband has his car, and the wife has hers. If there is more equity in one car than another, the parties trade equity in other property to achieve equal distribution.

Retirement

Retirement accounts are assets subject to equitable distribution. Typically, each party is entitled to half of the net growth during the marriage of all retirement accounts. In order to achieve equitable distribution, the court can enter a Qualified Domestic Relations Order, which allows the transfer of funds from one retirement account to another without a tax penalty. If possible, the parties often trade equity in a retirement account with other assets like home equity to simplify matters.

Marital Debts

Like the assets, marital debts are presumed to be divided equally. The parties simply take the difference between the balance of all debts on the date of separation and the date of marriage. A party seeking unequal division must prove how that would be fair. Speaking of debts, if one spouse can prove that the other spouse expended marital assets or incurred debt in the furtherance of an affair, the injured spouse will be awarded half the value of the wasted asset and will not be liable for the debt incurred.

For more information about property distribution, call 305-595-8185.

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