On behalf of The Law Office of Gustavo E. Frances, P.A.
We hear this question again and again when a couple decides to get a divorce. How are we going to split the real estate? Sometimes the decision is amicable and the real estate that is owned by both parties participating in the divorce is split with not a lot of fuss. However, more often than not this is not the case and it can result in an all-out war. This is exactly the case for Saudi Royal couple Prince Faisal Bin Abdullah Bin Abdulaziz Al Saud and his ex-wife. He is currently suing her to stop her from selling their 28-bathroom California Mansion until they can both reach an agreement as to how the proceeds of the sale will be split between them. To add to this, he is also asking for a return of $41 million that he claims he loaned his former wife in order to help to renovate this humongous property.
Florida Law and Splitting The Property During Divorce
The courts in Florida tend to accept any fair and reasonable agreement that is drawn up if both parties have consented to it. It does, however, get a little more complicated if one or both parties are not happy with the offer on the table. When this happens, the decision lies completely in the hands of a Superior Court under the guidelines of divorce set out by Florida law.
Florida considers all property and debt that have been acquired or accrued during the marriage and up until the date of marriage cut-off to be divided equally. This is considering all assets and debts as community property. Community property does not include the following:
- Property acquired by a person before marriage
- Property has given as a gift
- Certain types of rent and profits from the property.
These properties are defined as separate property and are not included in the community property. if in the divorce there are minors involved then the marital home can be resided in by the parent that has primary care of the child up to and until either all the children have left home or the youngest child reaches the age of maturity. At this point, it becomes mandatory for the marital home to be sold. It is, of course, the responsibility of the party that is residing in the property to pay all relevant bills such as mortgages, insurance, and property tax unless there is a large difference in income.
How This Law is Rebutted
One of the easiest ways to get around the community property law is to put in place a prenuptial agreement to override the division of assets equally. A prenuptial agreement, however, is not available in every case of divorce. When it is not available then any documentation that can prove that the asset in question is separate property and not community property such as a written agreement or a deed will suffice in preventing the equal division of the asset.
The division of property can turn out to be quite a complicated experience in the state of Florida which is why it is crucial to have a Fort Lauderdale divorce attorney on your side. Find out your best options for divorce in Florida by contacting The Law Office of Gustavo E. Frances P.A. Call our offices at 954-533-2756 to get a free consultation.