When it comes to your marital home in a divorce settlement, equitable distribution is a term that you will be hearing a lot.

If you don't decide to sell your home then there are three factors that can determine whether you will get a credit for or a set-off against the value of the home. The first is who will inhabit the home, or who gets full possession of the house, and the basis of that award by a judge. Secondly, if the spouse who is already receiving alimony or child support gets possession of the home as well, you must look at whether the alimony payments will be used for taxes, mortgages payments and other home-related items. Finally, the value of the home.

By examining these factors a court can also look at whether the parties will be claiming capital gains, home related tax deductions and other relevant factors that can affect their right to a set off against their marital portion or a credit. However, since every divorce situation is unique, there is no clear formula that judges use to make this decision. While the liabilities and property of distribution of assets in a divorce they can achieve a degree of consistency by using the above factors to make a decision.

If you have questions about equitable distribution, contact us to get answers from a Jacksonville family law attorney.

Although division of property can be a difficult process during divorce proceedings, the rule of thumb is for equitable distribution, where property acquired during the course of the marriage is split 50/50. This will be done no matter whose name the property is actually in. However, the courts do have flexibility in changing these percentages but that normally occurs only under extraordinary circumstances.

If one of the people owns a business, the other person may be entitled to half of the business as well including equipment, accounts receivable, and goodwill. However, if the business has ceased to generate a profit, the non-owning party may not want to have fifty percent of the goodwill.

In cases where a house was purchased before the marriage and then transferred into joint names, even this property can be determined eligible for 50/50 split status. The court will recognize the transferring of the names as the intention of the owner to present the house as a gift to his or her new spouse. The same can happen for money that was commingled with a joint account after marriage. It will be recognized as marital property that is subject to equitable distribution as well.

If you are going through a divorce and would like to understand what might happen to your property, contact us to work with a Jacksonville family law attorney.

The state of Florida follows the laws of equitable distribution during divorce and legal separation proceedings.  Under equitable distribution, property is either considered separate or marital.  The court deems the following marital property when distributing assets:

Assets acquired by one or both spouses during the length of the marriage.

Gifts given by one or both spouses during the marriage.

Tested and non-vested benefits or funds occurred throughout the marriage in pension, retirement, insurance and annuity programs.

Debt and expenditures accrued throughout the duration of the marriage.

Property may include, but is not limited to:  homes, vacation homes, vehicles, furniture, jewelry, savings accounts, boats, etc.

Do you have questions about equitable distribution laws in the state of Florida?  Contact Ellerin Hutchinson today to speak with a Jacksonville family law attorney.  A lawyer from our team will take the time to listen to your questions and provide you with guidance and reliable answers.

When it comes to property distribution, states will either distribute marital property equally or equitably.  The state of Florida happens to be an equitable distribution state, which means that family courts choose to distribute assets after considering factors like the length of the marriage, each spouse's income and the standard of living established during the marriage.

The majority of states distribute marital assets equitably, which is based off of British common law.  In states where equitable distribution applies, the court determines a reasonable distribution plan that may award spouses more or less than 50% of the marital assets.

In states that follow equal distribution laws, like Wisconsin, all assets and debts are distributed 50/50. 

Do you have questions about property division or equitable distribution laws?  If so, now is the right time to get answers from a Jacksonville family law attorney.  Simply contact Ellerin & Hutchinson to set up a consultation with a lawyer from our team.  

One of the many questions that clients ask our firms is "who is responsible for debts that were accrued during marriage?"  This question becomes a major issue after couples decide to divorce and have to deal with the division of their property.

The state of Florida is an equitable distribution state.  This means that property is distributed between spouses equitably, not equally.  Most people think that property only refers to material assets, like homes and cars.  However, property also includes debt.  If spouses accumulated debt during their marriage, the debt will be distributed equitably by the family courts of Jacksonville.

For example, let's say two spouses share a credit card and they have racked up debt.  If they move forward with their divorce, the debt will be divided equitably as the court sees fit unless the spouses reach a mutual agreement.

If you have additional questions about debt, equitable distribution or divorce in Jacksonville, contact Ellerin Hutchinson to speak with a Jacksonville divorce lawyer.

It is important to understand the difference between marital and separate property when heading into a divorce. 

Marital property is considered any property or debt that is acquired by either spouse during the course of the marriage, where as separate property refers to property or debt acquired before the marriage began or after a divorce.  Separate property also includes inheritances, gifts from third parties, and restitution. 

Equitable Distribution of Marital Property

Florida is an equitable distribution state, which means that all marital property is to be divided “equitably” during a divorce.  It is important to understand that “equitable” does not mean “equal.” Equitable means fair.  Instead of dividing marital property equally between the spouses, the judge will divide the property in a way that he or she thinks is fair based on each spouse’s financial situation and contributions to the marriage.  Other factors a judge is likely to take into consideration include:

• Each spouse’s current income

• The duration of the marriage

• Each spouse’s non-financial contributions to the marriage, such as if one spouse stayed home from work to care for the children and tend to the house

• If either spouse owns a business

• If one spouse worked to support the family while the other went backed to school to pursue a career or trade skill

• Each party’s desire to keep the family home

• How dividing the assets and debt will affect children

Contact a Knowledgeable Jacksonville Divorce Attorney

If you are interested in learning more about marital versus separate property or have any questions in regards to your property rights, Jacksonville divorce lawyer Scott Ellerin would be more than happy to meet with you. Mr. Ellerin has handled countless divorces on behalf of clients throughout the Jacksonville area, and has a great deal of knowledge in regards to Florida’s equitable distribution laws.

If you are interested in scheduling a consultation with Mr. Ellerin, you can contact the office today by calling (904) 866-4489 or by clicking here to fill out an online case evaluation !

During a divorce, the division of assets is referred to as equitable distribution. Many people misinterpret the term equitable distribution, thinking it means equal distribution.  Equal distribution is the process of dividing a couple’s marital assets and debts equally.  Equitable distribution is the process of dividing a couple’s assets and debts in an equitable manner.  Equitable means fair.  This means the judge will need to review all of a couple’s assets and debts, as well as each spouses’ contributions, to determine what would be the fairest way to divide the assets.

Some other factors the judge might take into consideration include:

• The contributions of each spouse to the marriage, including both financial contributions and non-economic contributions
• Each spouse’s income and financial situation
• How long the couple was married for
• If one spouse stayed home from work to care for children while the other pursued a career or advanced education
• If one spouse provided the sole income while the other went back to school or developed a trade skill
• Each spouse’s wishes in regards to the real estate, vehicles, jewelry, furniture, time shares, etc.
• If children would have to move from the current family home
• If one spouse owns a business or practice

When it comes down to it, the judge is simply looking for a fair way to divide the assets and debts between the spouses.  However, as you can imagine, this can become very complicated and hotly contested when the parties involved have conflicting opinions over how the debts and assets should be divided.

If you are going through a divorce, Jacksonville divorce attorney Scott Ellerin can make sure your wants, needs, and concerns are understood and acknowledged by the judge, and protect your rights and best interests throughout the divorce process.  If you are interested in scheduling a consultation to discuss your case, please contact Scott Ellerin today or click here to fill out a free case evaluation.