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Distibution Of Assets In Orlando, Fl

Discuss anything to do with property law - buying, selling property

Distibution Of Assets In Orlando, Fl

Postby jolie » Wed Nov 23, 2016 3:21 am

My wife and I got married in February of 2005, I purchased a house with money given to me as a gift from my mother on October of 2002. I paid all the mortgage payment and all bills to the house until 2005 when she graduated from college with her masters.  after that I continued to pay all the mortgage payments and she paid utilities.  We always had separate bank accounts.  Is the property considered marital property?  I also have found out that she has been having an affair and have some, yet not clear cut, evidence.
jolie
 
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Distibution Of Assets In Orlando, Fl

Postby Martyn » Thu Nov 24, 2016 2:26 pm

My wife and I got married in February of 2005, I purchased a house with money given to me as a gift from my mother on October of 2002. I paid all the mortgage payment and all bills to the house until 2005 when she graduated from college with her masters.  after that I continued to pay all the mortgage payments and she paid utilities.  We always had separate bank accounts.  Is the property considered marital property?  I also have found out that she has been having an affair and have some, yet not clear cut, evidence.
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Distibution Of Assets In Orlando, Fl

Postby Elidor » Sun Dec 04, 2016 3:08 am

Jose:

DISCLAIMER:

I AM NOT A LAWYER or ATTORNEY. I am someone who has experience in family law issues, and am sharing my OPINION only. For the exact law as it pertains to your specific case contact a Professional Attorney in your county/area.

If you purchased the home WHILE YOU WERE MARRIED the answer unfortunately is YES. The only IF is IF you had purchased the house PRIOR to marriage. Then ex would only be entitled to any improvements to home while married. Otherwise, once again If you purchased the home WHILE YOU WERE MARRIED the answer unfortunately is YES. The home becomes marital property in which 50/50 split.

The bank accounts I believe would be considered PERSONAL property each to their own and would not be split: It is only when you have a JOINT account then it becomes an issue.

Now in reference to the affair question:

Florida is a "no fault" divorce state. This means that either party may seek a divorce without a showing of cause. The spouse seeking a divorce simply needs to state that the marriage is "irretrievably broken". Who broke it or played the greater role in breaking it is not relevant. The "irretrievably broken" standard relieves the court of the complicated duty of deciding who is at fault, and the parties to the marriage are spared a very contentious court battle.

Nevertheless, the adulterous conduct of one spouse can impact other important issues raised in a divorce. In child custody battles, for instance, a court considers the "moral fitness" of a parent seeking custody. This "moral fitness" question opens the door for an introduction of the parent's adulterous behavior. According to the courts, the critical question is whether the adultery had or is reasonably likely to have an adverse impact on the child. Accordingly, adultery, while not in and of itself a bar to custody, requires an evaluation of the adulterer's conduct and the surrounding circumstances to determine the impact on the child. The division of marital property and liabilities is another issue that may be impacted by adultery. Florida is an equitable distribution state so there is a presumption that the marital assets and liabilities should be evenly divided. This presumption of an even distribution may, however, be overcome by proof that one spouse has intentionally dissipated or wasted marital assets. Gifts, trips, apartment rent, car payments, and dinners for one's "friend" are all a waste of marital assets. The court may reduce the adulterer's share of martial assets to compensate a spouse for this waste of assets. Under Florida Statutes adultery is specifically listed as a factor to be considered in determining the amount of alimony awarded, but courts have struggled to reconcile the consideration of adultery with the "no fault" concept. The bottom line is that the amount of alimony awarded a spouse is only increased if the adulterous conduct increases the spouse's monetary needs. But, remember judges are only human and evidence of adultery could conceivably color the judge's view of the parties.

Here is information concerning the Assets, Liabilities and Property issues:

ASSETS AND LIABILITIES

Property includes everything that you have that could be considered an asset such as your home, cars, timeshares, investment property, investment accounts, retirements assets, stocks, pets, bank accounts, equipment, your business, life insurance cash value, pension plans, accounts receivable, furniture, jewelry, etc.

The other item that must be considered are your liabilities.

Home and what do you owe?

This must come into the mix. Often the parties fail to insure that the person to whom the debt was assigned in the marital settlement agreement or the divorce decree properly pays the debt.

Remember: a creditor is not bound by the agreement between you and your ex or by the court order.

If it is a joint liability, it will look to you that the debt is not paid regardless of any agreement or Court order. After you have listed all your assets and liabilities, the Courts will look at whether the property is marital or non-marital property. Marital property is subject to be divided by the Court or by the parties in the marital settlement agreement. Non-marital property is not divided at all.

Non-Marital Assets and Liabilities include:

Those acquired or incurred by either spouse prior to the marriage As it is acquired by either spouse by non interspousal gifts or inheritance Income derived from non-marital assets during the marriage; unless the income was used or relied upon by the parties as a marital asset, for example if they deposited it into a marital account Assets and liabilities excluded from marital assets and liabilities by valid written agreement of the parties such as a pre-nuptial agreement Marital Assets and Liabilities include:

Those acquired or incurred either or both of the spouses during the marriage Enhancement of or act of appreciation in, value of a non-marital asset as a result of the efforts of either spouse during the marriage or from the contribution to an expenditure of marital funds or other marital assets Inter-spousal gifts during the marriage All vested and non-vested benefits or funds occurred during the marriage in retirement, pension, profit sharing, annuity, deferred compensation, and or insurance plans or programs Property held by the parties in tenancy by the entirety, or otherwise commingled, or acquired during or prior to the marriage, is presumed a marital asset, although one spouse may claim contrary and prove special equity.(however if a prenuptial contract holds otherwise this is not the case) Example of a case in Florida:http://www.divorcenet.com/states/florida/equitable_distribution_of_property

I recommend seeking out a Professional Attorney as soon as possible.

Kind Regards,

Jeff  
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