The Requirements for a Florida Marital Settlement Agreement You Need to Know
Palm Beach County family court can be scary. Therefore, the more a client knows about Florida divorce law, the better prepared they will be to handle it.
A Florida Divorce Laws Property Guide to Divorce in Palm Beach County
A parties home used to be the most substantial piece of Florida marital property. In today’s economy, however, it often falls under a liability the parties’ have to distribute in their divorce settlement agreement.
While the housing market is rebounding, foreclosure remains a concern to parties ending a state Florida marriage. As a result, problems arise when figuring out what to do with this Florida marital property once you have a one way ticket to Splitsville.
The Definition of A Quitclaim Deed in Palm Beach County Family Court
In short, it’s a legal form that transfers an interest in real property. This document is separate from your marital settlement agreement under Florida divorce law. The entity transferring its interest is the grantor. When the document is properly executed, it transfers any interest the grantor has in the property to a recipient, called the grantee. It’s especially relevant that a Florida settlement agreement calling for a transfer of interest in this marital property includes a time is of the essence provision. In this case, a family court judge will be wary to tell the non-complying party to get moving. No pun intended. Therefore, your ex can take his or her sweet time signing the document. No bueno. This is especially true since a Palm Beach County Family Court can’t modify a property settlement under Florida divorce law.
The Best Divorce Lawyers Will Tell You to Pay Attention to Your Quitclaim Deed for to Ensure Compliance with Florida Divorce Requirements
When getting a divorce, filing a quitclaim deed with the Palm Beach County Court doesn’t mean you are off the hook. This is especially relevant if the Florida marital property is underwater. The bank or lender doesn’t really care what you and your spouse state in a marital settlement agreement. The best divorce attorney will remind you that if you signed the note, you’re still on the hook.
Don’t forget, you are only responsible to the lender if you signed the note. Consequently, if you’re looking at a huge deficiency and only signed the mortgage or the deed, drop to your knees in praise when getting a divorce. You, my friend, may waltz out of home sweet home free as a bird.
Boca Raton Family Law Attorney Details Florida Property Concerns in Palm Beach County Family Court
A property division can be tricky and knowing what you’re walking into is the best way to arm yourself. Remember, a Palm Beach County family court won’t modify a property marital settlement agreement. No matter what.
Equitable distribution under Florida Statute 61.075 is often complicated when it comes to the marital home. The Florida Family Law Rules of Procedure provide guidance. Finding the best divorce attorney to deal with it for you, however, is a lot less stressful.
Dividing Florida Marital Property in Palm Beach County Divorce
Statute 61.075 provides several factors to be considered by a Palm Beach County family court under Florida divorce laws. This framework of requirements for the division of marital property includes several factors.
- The contribution to the marriage by each spouse. This includes contributions to the care and education of the children and services as homemaker.
- The economic circumstances of the parties.
- The duration of the marriage.
- Any interruption of personal careers or educational opportunities of either party.
- The contribution of one spouse to the personal career or educational opportunity of the other spouse.
- The desirability of retaining any asset marriage or spouses property. This includes an interest in a business, corporation, or professional practice. In this case, it will remain intact and free from any claim or interference by the other party.
- The contribution of each spouse to the acquisition, enhancement, and production of income. This includes the improvement of, or the incurring of liabilities to, both the marital assets and the nonmarital assets of the parties.
- The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party. This is only if it would be equitable to do so or it’s in the best interest of the child or that party.
- The intentional dissipation, waste, depletion, or destruction of marital assets. This is either after the filing of divorce or within 2 years prior.
- Any other factors necessary to do equity and justice between the parties.
Marital Settlement Agreement Considerations When Dividing Florida Marital Property
Under Florida divorce laws property rules, there are different ways to divide marital property. Most parties do this through a marital settlement agreement. If the home is jointly owned, one party can be granted exclusive use and possession. For a Palm Beach County family court to order this, it must be in the best interest of a minor child or, in some circumstances, the party themselves.
If the marital spouses wish to sell the Florida marital property, it’s important to provide details in the marital settlement agreement. They may agree to put the home on the market on a certain date and split the proceeds at closing. Another option is to grant sole ownership to one spouse. In this case, the party keeping the house may not be able to immediately refinance. As a result, certain protections should be included so that the other party doesn’t get screwed while his or her name remains on the mortgage.
How Florida Divorce Requirements Can Affect a Marital Settlement Agreement in Palm Beach County Family Court
Divorce in Palm Beach County can keep you from thinking clearly. You forgot to mention that you have continued paying the mortgage or other real estate expenses for the marital home. Consequently, you may be out of luck. Credits must be specifically requested in the initial pleading. Even if credits are requested, they’re not guaranteed. The burden of proof belongs to the party seeking the credit. Payment can’t be made from marital funds or be paid towards marital expenses. The money also can’t finance a party’s reasonable living expenses. Consequently, this is another reason why having a knowledgeable attorney in your corner is invaluable.
Click Palm Beach County Divorce Attorney to schedule your consultation. Proudly Serving Boca Raton, Delray Beach, West Palm Beach, and all of Palm Beach County, South Florida.
Palm Beach County Florida Divorce Lawyers Practice Areas Include:
Florida Prenuptial Agreement
Post Marital Agreement
Simplified Dissolution of Marriage
High Net Worth Divorce
Florida Alimony Laws
Division of Retirement Benefits In Florida Divorce
Marital Settlement Agreement Florida
Florida Divorce Laws Property
Dissipation of Marital Assets
Modification of Alimony Payments
Florida Modification of Child Support
Modification Of Child Custody In Florida
Florida Child Support Enforcement