Divorces in Florida typically split the parties’ assets and liabilities down the middle as much as possible. Determining what is a marital asset or liability or a non-marital asset or liability can be key to whether an asset or liability will be considered in the calculations. Before filing for divorce,…
In Florida, the enhancement of value of a nonmarital asset could be declared by a divorce court to be a marital asset. Most of the time you see this when one spouse’s nonmarital asset is alleged by the other spouse to be a marital asset. If it cannot be declared…
In some marriages, a spouse’s parents may supplement the family income with monetary gifts, which may be an issue later on if the husband and wife divorce. Can one spouse argue that the other spouse will have higher income due to the monetary gifts from family members thereby raising alimony…
Former New York City Mayor Rudy Giuliani and his third wife, Judith, are currently involved in a heated divorce. A day after filing for divorce on April 4, 2018, the parties filed for each other to produce a statement of net worth to determine assets. The Giulianis have been married…
The Florida Supreme Court, on March 30, 2017, issued an opinion in Hooker v. Hooker, 220 So.3d 397 (Fla. 2017) finding a Florida horse farm and a New York summer home interspousal gifts and, therefore, subject to equitable distribution as marital property despite a prenuptial agreement in existence. The prenuptial…
Equitable distribution of assets in Florida divorces can be a complex and divisive issue. Regarding trusts and divorces, you can walk a fine line between a marital asset and a non-marital asset. Enhancement in value and appreciation can be a marital asset in certain situations. Oxley v. Oxley, 695 So.2d…
Equitable distribution in Florida during a divorce can be a frightening prospect. What are the rules regarding distribution of assets of a trust in a divorce? Does the divorce court have the authority to distribute trust assets? The appellate courts in Florida have addressed this issue. The appellate court held…
In a Florida divorce case, sometimes, a marital asset can become non-marital property of one spouse by contract. Or one spouse can become the beneficial owner of marital property by transferring it to an irrevocable trust. In Nelson v. Nelson, 206 So.3d 818 (Fla. 2nd DCA 2016), a husband and…
Non-marital assets and liabilities are defined in Florida Family Law as 1) assets acquired and liabilities incurred by either party prior to the marriage, and assets acquired and liabilities incurred in exchange for such assets and liabilities; 2) Assets acquired separately by either party by noninterspousal gift, bequest, devise, or…
What happens to real estate or property that you jointly own when you get a divorce in Florida? How does the Court handle your property when you and your spouse can’t agree on what to do? How can it be distributed between you and your spouse? In divorces, the court…