New Laws Affecting Property in Florida Dissolution of Marriage

Sept. 8, 2011 - PRLog -- Florida Dissolution of Marriage

Property agreements are a very important part of any Florida dissolution. For those who are still unfamiliar with the concept of a dissolution, it is essentially a circumstance under which two individuals who were previously married have determined it would be in their best interest to quite literally dissolve the marriage. In other words, they will no longer be married, but they will not be forced to undergo the general rigors of the divorce process.

That being said, it becomes very important for the couple to agree to certain items before they actually take their case before the court. Property is one thing that needs to be worked out, and it is oftentimes difficult to work with. The following will need to be determined beforehand:

--Who will Reside in the Family Home: This is definitely a question that needs to be answered, and answered quickly. If you have not reached an agreement that allows everyone to reside in the home, then you will need to make sure that you are well aware of who can stay and who can't. Sometimes it can be worked out reasonable. For instance if one party has the children and the other does not, they should more than likely determine to stay in the family home as the judge would rule in their favor anyway.

--Which Property will be Split: The general consensus is that whatever was obtained within the marriage will belong to both parties, though the line does tend to get a bit fuzzy.

--Retirement Accounts: If you have a joint retirement account for any reason, it would be a good idea to determine just how that will be split. It should be noted that federal law prohibits joint IRA accounts, but joint retirement accounts are perfectly acceptable and outlined in Florida 61.076:

(1)All vested and nonvested benefits, rights, and funds accrued during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs are marital assets subject to equitable distribution.

Though these things can be sorted out beforehand, the property settlement agreement can easily be integrated into the divorce decree, and once an agreement is signed by either of the participating individuals, it becomes legally binding.

As far as actual property distribution is concerned, the following will always need to be considered, simply because the court tends to look at property in this manner:

Community Property: This is property that was obtained during the life of the marriage and it can include the following:

--Land

--Debts

--Material Possessions

Separate Property: These are items obtained before the marriage which generally renders them the property of the individual who purchased. The following are included in the separate property:

--Gifts

--Inheritance

--Pension proceeds

--Items purchased with inheritance proceeds

--Court awards


Commingled Property: This is an item that tends to confuse people, however it is property purchased by both individuals. If you happen to have any, the court will simply determine that it is community property. In some cases it can be difficult to prove, so try to stay at the top of your game.

Seeking a Mediator for Florida Marriage Dissolution
http://www.youtube.com/watch?v=0HCmBqCsNJo



On the Web:
http://www.ichatmediation.com/dissolution-of-marriage-in-...