New Changes to Florida Equitable Distribution Laws

In 2024, Florida made significant changes to its equitable distribution statute, Florida Statute 61.075, which governs the division of assets and liabilities in a divorce. These updates aim to clarify and improve the process of dividing marital property.

‍Key changes include:

Interim Partial Distribution

The statute now provides detailed criteria for what constitutes "good cause" for interim partial distribution. Courts must consider factors such as preventing the loss of important assets, covering dependent child-related expenses, paying for divorce-related costs, and any other relevant circumstances that justify an interim partial distribution.

Marital and Non-Marital Assets

‍Marital Assets: Clarifications include that interspousal gifts of real property must meet statutory real estate conveyance requirements. Additionally, a spouse joining in the execution of a deed to convey homestead property to a third party does not alter the property's classification as non-marital.

‍Closely Held Business Interests: Marital interests in closely held businesses are now explicitly included as marital assets, with specified methods for valuing these interests.

‍Non-Marital Assets: The statute specifies that real property acquired by one spouse through non-interspousal gifts, bequests, or descent remains non-marital if not transferred to both parties as tenants by the entireties.

These revisions are designed to ensure more consistent and equitable outcomes in divorce proceedings. The changes took effect on July 1, 2024, following approval by the Governor.

At our firm, we have experience in handling divorces that involve equitable distribution issues. For more information on how we can help you navigate through your divorce, contact us directly to schedule a consultation. Let us help you find the legal solutions that fit your life.