Divorce Attorney Wendy Doyle-Palumbo – Equitable Distribution
If you are considering hiring a Pasco County Divorce Lawyer remember that they should have experience and knowledge in Florida’s equitable distribution laws and Statutes. Wendy Doyle-Palumbo can you to negotiate settlements or litigate complex divorces where high assets are of concern.
Florida’s Equitable Distribution Law
Equitable distribution is governed by Florida Statute 61.0075 which requires the courts to set apart marital assets and liabilities to each spouse presuming a 50/50 distribution. As an experienced divorce lawyer, litigating or mediating equitable distribution challenges often arise because there may be factors that justify an unequal distribution.
Unequal Distribution When Extraordinary Means are Present
“As the Florida Supreme Court stated in Robertson v. Robertson, 593 So. 2d 491, 493 (Fla. 1991), “equitable distribution is premised on the theory of an equal partnership in marriage.”2 The court is directed to start with the premise that a distribution of marital property will be equal, but the statute does recognize that there may be situations which justify awarding a greater percentage of one or all assets to one party over the other. Section 61.075(1) lists several factors that may call for an unequal division:” On appeal, cases upholding unequal distributions rely on evidence which concretely establishes an extraordinary need to deviate from the 50/50 norm. Source: Florida Bar
The judge will determine what i just and equitable when considering time tables for determining value of assets and the amount of liabilities to be divided as marital. The Court can also apply different values to specific assets depending on the dates they determine to be applicable and just.
What Are Non-Marital Assets and Non-Marital Liabilities?
1. Assets acquired separately by either party by non-interspousal gift, inheritance, and assets acquired in exchange for such assets;
2. 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;
3. All income derived from non-marital assets during the marriage unless the income was treated, used, or relied upon by the parties as a marital assets.
4. Any liability incurred by forgery or unauthorized signature of one spouse signing the name of the other spouse. Any such liability shall be a non-marital liability only of the party having committed the forgery.
5. Assets and liabilities excluded as marital by a valid agreement between the parties.
Assets and Liabilities that Must be Divided
- Your Home and Properties
- Credit Card Debt
- Mutual Funds
- Portions of retirement funds and IRA’s
Divorce Attorney Wendy Doyle-Palumbo has decades of experience in Family Law and equitable distribution law in Florida divorces. Wendy represents clients in Pasco and Hernando County and Tampa Bay, FL.