Posted by Nydia Streets of Streets Law in Divorce
A Miami divorce court is one of equity, which means in most cases, a judge has discretion to tip the scales of justice in favor of one party if it is fair and reasonable under the circumstances. A good illustration of this is the ability of a Florida divorce court to award setoffs and credits to a spouse upon the sale of the marital home.
First, setoffs and credits upon the sale of the marital home are not allowed in your Miami divorce case unless the parties’ settlement agreement or a court order specifically allows for the same. If the court decides the issue of setoffs and credits, it must weigh the following, according to section 61.077 of the Florida Statutes:
(1) Whether exclusive use and possession of the marital home is being awarded, and the basis for the award;
(2) Whether alimony is being awarded to the party in possession and whether the alimony is being awarded to cover, in part or otherwise, the mortgage and taxes and other expenses of and in connection with the marital home;
(3) Whether child support is being awarded to the party in possession and whether the child support is being awarded to cover, in part or otherwise, the mortgage and taxes and other expenses of and in connection with the marital home;
(4) The value to the party in possession of the use and occupancy of the marital home;
(5) The value of the loss of use and occupancy of the marital home to the party out of possession;
(6) Which party will be entitled to claim the mortgage interest payments, real property tax payments, and related payments in connection with the marital home as tax deductions for federal income tax purposes;
(7) Whether one or both parties will experience a capital gains taxable event as a result of the sale of the marital home; and
(8) Any other factor necessary to bring about equity and justice between the parties.
As you can see, Florida law provides many bases for a spouse to seek credits for what he/she seems to be fair based on his/her contributions or other benefits to the other spouse. If a setoff or credit is awarded, this means a spouse may be paid more equity from the sale of the marital residence than the other spouse.
Navigating the rules of equity to find those which work in your favor in your Broward divorce may start with finding the right Broward divorce lawyer to guide you. Contact Streets Law to set a consultation that’s right for you.