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Division of Property and Assets Archives

In a Divorce, what happens to gifts and inheritances from Parents

 In a division of property and assets case, gifts from your parents may end up belonging to your spouse if the proceeds are comingled with marital assets. In Dravis v. Dravis the Florida Court of Appeal recently stated that: Although non interspousal gifts and inheritances, like those from a parent, are usually treated as nonmarital assets, see § 61.075(6)(b)(2), this can change. Nonmarital assets may lose their nonmarital character and become marital assets where they are commingled with marital assets. This is especially true with respect to money because money is fungible, and once commingled it loses its separate character. Money loses its nonmarital character when it is commingled with marital money. Where gift proceeds are commingled with proceeds that are marital assets, the gifts may lose their nonmarital character and, as a matter of law, become marital assets subject to equitable distribution.

Division of Property and Assets in a Divorce in North Palm Beach

The division of property and assets in a Florida divorce proceeding is governed by Florida Statute § 61.075. Florida Statute § 61.075 states that: "In a proceeding for dissolution of marriage, in addition to all other remedies available to a court to do equity between the parties, or in a proceeding for disposition of assets following a dissolution of marriage by a court which lacked jurisdiction over the absent spouse or lacked jurisdiction to dispose of the assets, the court shall set apart to each spouse that spouse's nonmarital assets and liabilities, and in distributing the marital assets and liabilities between the parties, the court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors..." In Byers v. Byers, the Florida Court of Appeal recently stated that bonus checks earned during the course of the marriage are to be valued and are to be included in the marital estate for purposes of making an equitable distribution. This case involved two bonus checks that were earned by the Husband while he worked at Regions Bank during the course of the marriage. 

Division of Property and Assets in North Palm Beach, Florida

To modify a division of property and assets, there must be a specific reservation of jurisdiction in the final judgment to make a later adjudication of property rights. In Daoud v. Daoud the Florida Court of Appeal recently stated: "Dora S. Daoud, the former wife, raises four issues in this appeal of a contempt order resulting from her failure to comply with the final judgment dissolving her marriage to Khader Daoud, the former husband. We find merit in her challenge of the trial court's modification of property rights previously adjudicated in the dissolution judgment, and reverse and remand on that issue. We affirm without comment the balance of the appealed order.

Division of Property and Assets in Jupiter, Florida

In cases involving the division of property and assets, the Court will identify and value all marital assets. Debts to cover nonmarital expenses should not be classified and allocated as marital debts. "Section 61.075(3), Florida Statutes (2012), requires the trial court to identify and value all marital assets and liabilities. Distribution of the marital assets and liabilities must be supported by factual findings in the judgment or order based on competent, substantial evidence. Kovalchick v. Kovalchick, 841 So. 2d 669, 679 (Fla. 4th DCA 2003). We review such findings for an abuse of discretion. See Steele v. Steele, 945 So. 2d 601, 602 (Fla. 4th DCA 2006). However, we review de novo the trial court's legal conclusion that an asset or liability is "marital" or "nonmarital," as defined in the statute. Mondello v. Torres, 47 So. 3d 389, 392 (Fla. 4th DCA 2010)

Division of Property and Assets in Wellington, FL

With respect to a division of property and assets, where a party inherits assets and they are placed into an account where they are commingled and are not traceable, it is presumed that a gift is intended and they are considered to be a marital asset. In Sorgen v. Sorgen the Florida court of Appeal recently stated: "We agree with the husband's argument that, because the proceeds from the sale of the home ultimately were commingled into the parties' joint account, the wife's one-third interest in the proceeds from the sale of the home became a marital asset subject to equitable distribution. 'In evaluating assets that come to one spouse by inheritance, the task for the trial court in a dissolution proceeding is to determine whether the recipient intended that the assets remain non-marital or whether the recipient's conduct during the marriage gives rise to the presumption of a gift to the other spouse." Lakin v. Lakin, 901 So. 2d 186,190 (Fla. 4th DCA 2005).

Division of Property and Assets in Jupiter, FL Divorce

A division of property and assets must be based on competent substantial evidence with written findings a fact identifying marital assets and individually identifying significant assets. The valuation of an entire art collection, rather than its component parts, is reversible error. In Williams v. Williams, the Florida Court of Appeals recently stated: "It is unclear from the Final Judgment how the trial court reached the figure of $376,086 in valuing the parties' art collection. This dollar amount does not align with either figure offered by the parties' respective expert witnesses who appraised the collection. The value the trial court placed on the collection is nearly $100,000 below the $470,107 appraisal by the former husband's expert witness and is more than $300,000 below the $688,550 appraisal by the former wife's expert. 

Division of Property and Assets in a Jupiter, Florida Divorce

An appropriate division of property and assets and determination of alimony are required to be determined in a trial, even where a default is granted. In Ehman v. Ehman, the Florida Court of Appeal recently stated: "On July 30, 2012, the Wife filed another motion asking the trial court to strike the Husband's pleadings based on his failure to provide discovery documents or proof that he requested the documents. On September 10, 2012, the trial court granted the Wife's motion, struck the Husband's pleadings, and entered a judicial default against him... 

Division of Property And Assets - Jupiter, FL

In making a division of property and assets in a divorce, a spouses' unsupported opinion as to the value of property that is aggregated together is insufficient for purposes of equitable distribution. In Naylor v. Naylor, the Florida Court of Appeal recently stated: "Appellant, Craig J. Naylor, appeals a final judgment of dissolution of marriage and raises three issues on appeal, only one of which merits discussion and reversal. We agree with Appellant that the trial court's $20,000 valuation of his tools for purposes of equitable distribution is not supported by competent, substantial evidence...

Division of Property And Assets in Boynton Beach

In making a division of property and assets, although section 61.075(10), Florida Statutes, grants the trial court the discretion to order an equitable distribution of marital assets payable in installments over a fixed period of time, ordering a wife to buy out the husband's interest in the marital home over a twenty year period of time, deprives the husband of his one-half present interest in the home.

Division of Property And Assets - Atlantis, FL

In a division of property and assets divorce proceeding, the Court's findings must be supported by competent, substantial evidence. In Jordan v. Jordan, the Florida Court of Appeal recently stated: "A final judgment of any distribution of marital assets or liabilities 'shall be supported by factual findings . . . based on competent substantial evidence... [and] include specific written findings of fact as to... [any] findings necessary to advise the parties or the reviewing court of the trial court's rationale for the distribution ....' §61.075(3)(d), Fla. Stat. (2012). 

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