Handling Special Properties in a Divorce
November 5, 2020
Asset division is sometimes a critical yet controversial snag in divorce proceedings. Some special properties tend to elicit more controversy than others. Below are some of the special priorities that you should pay more attention to during your divorce.
Pets
Pets belong to this group for one main reason. State law considers pets as property, whereas many people consider their pets as part of their families. Thus, Florida divorce courts subject pets to equitable distribution laws, just like other personal properties.
The court determines the market value of the pet, and each person gets their equitable share. One person gets the pet, and the other gets another asset with similar value.
Ideally, you should negotiate with your spouse for the pet — don't leave the decision up to the court. Consider the wellbeing of the pet. The person in the best situation to take care of the animal should keep it.
Sentimental Items
Money is not the only reason people fight for assets during a divorce. Many people have an emotional attachment to items and wish to keep them. Typical examples of sentimental items include artwork, photographs, and collector's items.
Unfortunately, courts don't usually consider emotions or sentiments when dividing property. The surest way to keep a sentimental item is to prove that it's separate property. You may also be in luck if you protected the item with a prenuptial agreement. Otherwise, you have no option but to negotiate for the sentimental items you want. You can trade them with other items your spouse wants.
Marital Home
If you own your primary residence, treat the home as a special property. The marital home is on this list because:
- Real estate property is expensive
- Many people have special attachments to their homes
- Home replacement is not easy
Say your kids attend a good school, your workplace is nearby, and the neighborhood is relatively safe. You may struggle to get a home that offers all those, even if you have the money.
Even if the court awards each of you equitable shares of the marital home, you can't physically divide the property. Florida courts have three ways of dealing with the conundrum:
- You can sell the home and divide the proceeds.
- One spouse can buy the other's portion of the property.
- One spouse may temporarily live in the home (for example, a custodial parent with a school-going child).
Real estate professionals can help you with the sale. For example, you will need to appraise the property to gets its fair market value. Tax advisors can also help you understand the impact of the sale on your taxes.
Retirement Benefits
Lastly, you should also pay special attention to retirement benefits. Retirement benefits, which courts consider marital property (for benefits accrued during the marriage), are tricky because:
- Their value changes over time
- They come in different types, and each is subject to different rules of division
- They have significant value, especially after years of marriage
- They are difficult to replace
For example, you often need a Qualified Domestic Relations Order (QDRO) to divide retirement benefits. However, pension laws do not obligate administrators of government pension plans to obey QDROs. Each municipality is free to accept or reject a QDRO. If you are in such a municipality, you might have to negotiate a plan that doesn't involve a QDRO.
Asset division is not always a walk in the park. You can spend countless hours and resources on asset division if you are not careful. Luckily, Budget Divorce Center can help you navigate the process at a reasonable cost. Contact us
to review your situation and advise you on dealing with the special property in your divorce.
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