One common marital asset is real estate. Real estate may include a marital home, land, investment properties, vacation homes, etc. Under Florida divorce law, if you and your spouse hold real estate jointly, the courts will need to conduct what is called “equitable distribution.” Florida courts conduct this under Florida Statute §61.075, in which the state outlines how marital assets and liabilities will be distributed. See Florida Statute §61.075.
The court will divide real estate assets 50/50 unless there are factors in your specific case that would make this equal split inequitable between you and your spouse. The first step would be to determine if the real estate is marital or separate property. Only marital property is subject to Florida Statute §61.075. If the property is marital, you would need to include what is called a “partition claim” in your petition, asking the court to sell the property and divide the proceeds. This separate claim would need to be included as a Florida court does not have the authority to partition the property, simply because there is a divorce taking place. See Valentine v. Valentine and Bergh v. Bergh.
In the State of Florida, separate property is not subject to equitable distribution. However, separate real estate property may be classified as marital property in certain circumstances. In Farrior v. Farrior, the Second District Court of Appeals found that comingling funds can be grounds for separate property to be divided in a divorce in the State of Florida. This would include how the real estate is titled, how it was paid for, etc.
In the event the real estate is titled in one party’s name, but marital funds were used to pay down the mortgage, the Florida court in Mitchell v. Mitchell has found that this property would then be subject only to a partial equitable distribution. An analysis would need to be conducted in order to determine what that partial number is.
Under Florida Statute §689.115, when a couple that is married jointly purchases real estate, it is presumed that the property will be held as a tenancy by the entireties. In a tenancy by the entirety, the real estate is owned by the marital union, rather than by the individual spouses. If the title is held as tenants by the entirety, the real estate will be presumed to be a marital asset. This will be true even for property that was acquired prior to marriage. Be sure to know how your property is titled to ensure equitable distribution is conducted correctly.
Equitable distribution can become quite complex depending on the circumstances of the marriage, this is why it is important to have an experienced attorney guide you. If you or someone you know is seeking advice on divorce matters, you can speak with one of our family law attorneys at the Yaffa Family Law Group at 561-276-3880 or visit our website at www.yaffafamilylawgroup.com to schedule your confidential complimentary consultation.