Whether you have a marital estate with many high-dollar assets or your marital wealth is of more modest size, the equitable distribution of your assets can be a complex process. This part of your Florida divorce can be even more complicated when you have an asset that is significantly more valuable than any others and is also something that you do plan to sell during the divorce process. Any divorce can be challenging when it comes to the distribution of marital assets. To make sure that you get a fair portion of the assets, make sure to secure representation from a knowledgeable Miami divorce attorney.
Based upon information in a recent Miami Herald report, the divorce case of famed politician Rudy Giuliani could be this type of case. Giuliani and his third wife, Judith, married in 2003, with Judith recently filing for divorce. While the wife filed her divorce petition in Manhattan, and the case will likely go forward in New York, the divorce action has close legal ties to South Florida.
The spouses own a pair of high-dollar properties in Palm Beach. While both condos are highly valued, there is a significant difference between the values of the two properties. The Herald reported that the smaller of the two condos is worth about $600,000, while the larger one is valued at roughly $3.3 million.
While the Giulianis’ case will be decided by New York law, the issue of ownership of highly valuable real estate properties and the process of equitable distribution of assets is an important one for many divorcing South Florida couples. It is possible that your spouse and you may own a million-dollar home and no other real estate holdings. Alternately, you may be in a position like the Giulianis’, in which you have multiple pieces of property, but the gap between their values is large. When that happens, creating an equitable distribution of assets can be tricky.
There are multiple different ways to deal with potential complications like this. One solution is for one spouse, who receives the most valuable real estate in the distribution, to make a cash payment to the other spouse to achieve an outcome that is truly equitable. When a court orders one spouse to make an equalizing payment, the court can allow that spouse to pay the obligation in installments, but there are limits. In 2016, a state appeals court threw out a portion of an equitable distribution that gave the husband the marital home and ordered the wife to deed away her ownership of the home within 30 days, but it allowed the husband more than 20 years (250 monthly installments) to pay off the $25,000 equalizing payment that he owed the wife.
Certainly, another option is for the spouses to agree to sell the property and divide up the proceeds. In any of these situations, you may need various skilled professionals aiding your case, including property appraisers, forensic accountants, and other economic experts. Most importantly, though, you need legal representation familiar with these issues and experienced in getting results. Skilled Miami divorce attorney Sara Saba has been providing effective advocacy to her clients for more than 13 years. Our team is dedicated to meeting your family law needs. Contact us online or by calling (305) 450-8009 to schedule your consultation. Hablamos Español.
More blog posts:
High-Earning Celebrities Blake Griffin, Britney Spears Both Find Themselves in Child Support Disputes, Miami Divorce Lawyer Blog, March 23, 2018
Music Star Mary J. Blige’s Husband is Back in Court, Seeking an Increase in Alimony, Miami Divorce Lawyer Blog, Feb. 23, 2018