In a divorce case with assets and liabilities, the court must identify what assets and liabilities are marital and what are non-marital and then assign values to the assets and liabilities so they can be divided in equitable distribution.
Determining what is marital and what is non-marital generally starts with a determination of what assets and debts were obtained or incurred during the marriage.
There are however some exclusions from what is considered marital even where an asset was acquired during the marriage, for instance, non-interspousal gifts, income produced by nonmarital assets, or an inheritance.
Then a court must then decide if assets and debts that existed prior to the marriage have a marital component because of concepts like gifting, enhancement, and commingling.
The assets and liabilities are then valued and equitably divided by the court.
This is not necessarily an easy process involving both legal concepts and valuation issues so you will want a lawyer with experience in such issues to present the right legal concepts and values to the court.
If a court does not determine what is marital and what is nonmarital and value the assets and liabilities in its judgment a decision can be reversed.
For instance, in Buckalew v. Buckalew, the trial court had affirmed a General Magistrates written findings of fact that did not identify what assets and liabilities were marital and what were not. Nor did it assign values to each asset and liability. The Fourth District Court of Appeals for the State of Florida reversed the trial court’s decision to adopt the written findings because they did not state what was marital and what was not and assign a value to each asset and liability.
A decision can also be reversed if a court does not categorize what is marital or nonmarital correctly or uses inappropriate valuation methods.
If you are facing equitable distribution issues in your divorce case you need a divorce lawyer who can help identify the issues specific to your case and help you present your case to the court. Call us for a consultation. (786) 539-4935