Going through the divorce process can be, and often is, a difficult time, both emotionally and, in many situations, financially. Divorcing spouses may be forced to deplete financial accounts or sell assets to pay for necessary things like living expenses and legal fees. When you do, the expenditure of those assets may impact the outcome of your case with regard to equitable distribution. In any equitable distribution outcome, your goals certainly include not being penalized for depleting assets for legitimate reasons. To make sure you get a genuinely fair equitable distribution, make certain you have the services of an experienced South Florida family law attorney on your side.
For an illustration of the rules regarding the dissipation of marital assets, there’s the very recent case of T.M. and H.M. from Palm Beach County. Each spouse petitioned for divorce in 2016 after nearly 25 years of marriage. The couple’s divorce case covered several important issues, including equitable distribution and child support. After the trial was over, the wife appealed. In her appeal, she objected to several decisions the trial court made regarding equitable distribution as well as the calculation of her income for child support calculation purposes.
The outcome of the appellate argument regarding the equitable distribution of the couple’s marital assets was particularly useful. In T.M. and H.M.’s case, the trial judge awarded the wife her checking account and her savings account. The documents in the divorce case identified the value of the savings account as $13,275 and the value of the checking account as $13,212.