Equitable Doesn’t Always Means Equal When It Comes to Awarding the Marital Home in Divorce
When there is a terrifying thunderstorm outside and it is too dangerous to leave your house, one of the favorite pastimes of Floridians is the superiority of Florida over other states. For example, California might have had a Disney theme park before Florida did, but California is a community property state, which means that, if you get divorced, your ex-spouse automatically gets half of your marital property if your divorce case goes to trial. At least Florida is an equitable distribution state, where your ex might get less than half of your marital property. Of course, it also means that your ex might get more. Equitable just means fair, and if you and your ex cannot agree to a property settlement during divorce mediation, the judge is the one who decides what is fair. Who paid for an asset does not determine whether it is marital or separate, and neither does whose name is on the title. Your contributions to a valuable asset such as the marital home could be a factor in your equitable distribution scheme. For help persuading the court to award you the marital home or compensate you for a fair share of its value, contact a Boca Raton divorce lawyer.
Does It Matter Who Contributed More Money to the Purchase of the House?
The marital home belongs to both spouses, regardless of who paid for it; consider that, if you were a stay-at-home parent throughout your marriage, the court cannot order you to vacate the marital home when you divorce, unless it compensates you for part of its value. Equitable does not mean directly proportional to the parties’ income. If one spouse owned the house before the marriage, but the other spouse moved in after the wedding, then part of the value of the house is marital and part of it is not marital. This could affect the value of the equalizing payment that the spouse who moves out receives.
If one spouse inherited a house during the marriage, but the couple never lived in it together, it is a nonmarital asset. If one spouse inherited money during the marriage and used it to buy a marital home, the house is marital property, including the share of its value represented by the inherited money.
Does It Matter Who Needs the House More?
The court usually bases its decisions about awarding possession of the marital home on which spouse needs it more. Therefore, if your spouse has been the children’s primary caregiver, and you agree that the children should stay in the same house, and therefore the same school, the court will probably award the house to your spouse, even if her income is not enough to cover the mortgage payments without alimony, at least not in the beginning.
Contact Schwartz | White About Equitable Distribution of Marital Real Estate Properties
A South Florida family law attorney can help you get your fair share of the value of the marital home you bought with your hard-earned money. Contact Schwartz | White in Boca Raton, Florida about your case.
Source:
scholar.google.com/scholar_case?case=490606614835130326&q=divorce+river&hl=en&as_sdt=4,10&as_ylo=2015&as_yhi=2025
