When it comes to your marital home in a divorce settlement, equitable distribution is a term that you will be hearing a lot.
If you don't decide to sell your home then there are three factors that can determine whether you will get a credit for or a set-off against the value of the home. The first is who will inhabit the home, or who gets full possession of the house, and the basis of that award by a judge. Secondly, if the spouse who is already receiving alimony or child support gets possession of the home as well, you must look at whether the alimony payments will be used for taxes, mortgages payments and other home-related items. Finally, the value of the home.
By examining these factors a court can also look at whether the parties will be claiming capital gains, home related tax deductions and other relevant factors that can affect their right to a set off against their marital portion or a credit. However, since every divorce situation is unique, there is no clear formula that judges use to make this decision. While the liabilities and property of distribution of assets in a divorce they can achieve a degree of consistency by using the above factors to make a decision.
If you have questions about equitable distribution, contact us to get answers from a Jacksonville family law attorney.