Posted by Nydia Streets of Streets Law in Florida Divorce
A primary question in a Florida divorce when it comes to dividing marital assets and debts is what is everything worth? Since the court starts with the presumption that each spouse should be awarded an equal share of the marital estate, knowing the values of each asset and the amount of each debt owed is necessary to arrive at this equal division. The case Frett v. Frett, 5D20-187 (Fla. 5th DCA August 28, 2020) sheds light on this.
In the parties’ final judgment of divorce, five marital assets were listed - a residence, a residential lot and three vehicles. No values were listed for any of these assets. The judgment awarded the former wife the proceeds from the sale of the marital residence and of the lot, as well as one vehicle. The two remaining vehicles were awarded to the former husband. The former husband appealed, arguing it was error for the trial court to make this distribution without determining the values of the assets.
The appellate court agreed with the former husband, holding “Section 61.075(3), Florida Statutes (2019), expressly requires trial courts to make specific written findings identifying, valuing, and distributing marital and non-marital assets and liabilities. Patino v. Patino, 122 So. 3d 961, 963 (Fla. 4th DCA 2013). The failure to include sufficient value findings in the final judgment constitutes reversible error. Id. Because the trial court failed to make the required findings regarding equitable distribution, we reverse the final judgment. On remand, the trial court may conduct an evidentiary hearing to determine the value of the marital assets subject to equitable distribution and, based on these values, may reconsider the equitable distribution plan in its amended final judgment.”
Making sure you receive the full amount of the marital estate due to you may start with understanding your rights under the law. Schedule a consultation with a Miami divorce lawyer to go over your case.