Articles Tagged with abandoning assets

Marital-Home-300x205A question that commonly comes up in Florida Divorce consultations and cases is whether a client should move out of the marital home once one of the parties has filed for divorce. While many times spouses recognize that if there has been a divorce filing, eventually the time will come where they will no longer live together, this is a decision that should be made with planning and careful consideration.

The marital home is often the largest asset that the parties share, and its division in extremely important when considering how assets and debt will be allocated in a divorce case. In some cases, a spouse bought the house years prior to the marriage, or before even knowing the other spouse, in those cases, the house may be considered a non-marital asset. Conversely, many times, a home is purchased either right before or during a marriage, with the anticipation that the parties will live together as a married couple and ultimately a family, which would then make the house a marital asset.  In Florida, when a married couple buys a home, the property is held in a “tenancy by the entireties”. Only married couples can hold property in this manner, and the deed will reflect that the parties are married at the time of purchase, and that is how the property is deeded to the couple. Being married is a prerequisite to the property being held in this manner. When the parties divorce, the “tenancy by the entireties” is destroyed, and both parties are joint tenants of the property. In both cases, the parties own 100% of the property, but when the house is sold, equity is divided in half, unless special circumstances permit that a party is awarded a more significant share of the proceeds.

A Florida Family Law Lawyer can advise you as to your legal rights prior to and during a divorce proceeding.  Wood, Atter & Wolf, P.A. based in Jacksonville Florida has represented parties in divorce and post divorce proceedings since 1957.  At Wood, Atter & Wolf, P.A., we are On Your Side – At Your Side.