When you go through a divorce, there are several steps that you must complete. The equitable distribution of marital assets is one of them. Of course, most people’s marital estates are not an unchangeable thing but instead experience change every time the couple buys or sells something or every time an asset fluctuates in value. So how do you determine when to analyze the marital estate in order to complete an equitable distribution? For answers to these types of questions, as well as what they mean for you and your divorce, you should act promptly to consult a knowledgeable Florida equitable distribution attorney.
A recent case from central Florida shone a light on this issue. The spouses, Orlando and Diana, divorced after 23 years of marriage. During the marriage, the couple owned multiple pieces of real estate. Orlando and Diana, as Colombians, observed the Colombian tradition of parents providing for their children and, motivated by that, deeded four of the properties they owned to their sons. After these transfers, they still had left an apartment in Colombia, a condo in Naples, and a house in Marco Island.
After the trial’s conclusion, the judge issued a decision on equitable distribution, giving the husband the house in Marco Island plus two of the properties that the couple had previously deeded to the sons. The wife received the apartment in Colombia, the condo in Naples, and a vacant lot that the couple had deeded to their sons. The court ordered the fourth property that had been deeded to the children sold.