Bill Text: FL S0676 | 2018 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Equitable Distribution of Marital Assets and Liabilities

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2018-03-05 - Laid on Table, refer to HB 639 [S0676 Detail]

Download: Florida-2018-S0676-Introduced.html

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       Florida Senate - 2018                                     SB 676
       
       
        
       By Senator Passidomo
       
       
       
       
       
       28-00819-18                                            2018676__
    1                        A bill to be entitled                      
    2         An act relating to equitable distribution of marital
    3         assets and liabilities; amending s. 61.075, F.S.;
    4         redefining the term “marital assets and liabilities”
    5         for purposes of equitable distribution in dissolution
    6         of marriage actions; providing that the term includes
    7         the paydown of principal of notes and mortgages
    8         secured by nonmarital real property and certain
    9         passive appreciation in such property under certain
   10         circumstances; providing formulas and guidelines for
   11         determining the amount of such passive appreciation;
   12         authorizing the court to require security and interest
   13         when installment payments are ordered in the division
   14         of assets; providing applicability; providing an
   15         effective date.
   16          
   17  Be It Enacted by the Legislature of the State of Florida:
   18  
   19         Section 1. Paragraph (a) of subsection (6) and subsection
   20  (10) of section 61.075, Florida Statutes, are amended to read:
   21         61.075 Equitable distribution of marital assets and
   22  liabilities.—
   23         (6) As used in this section:
   24         (a)1. “Marital assets and liabilities” include:
   25         a. Assets acquired and liabilities incurred during the
   26  marriage, individually by either spouse or jointly by them.
   27         b. The enhancement in value and appreciation of nonmarital
   28  assets resulting either from the efforts of either party during
   29  the marriage or from the contribution to or expenditure thereon
   30  of marital funds or other forms of marital assets, or both.
   31         c. The paydown of principal of a note and mortgage secured
   32  by nonmarital real property and a portion of any passive
   33  appreciation in the property, if the note and mortgage secured
   34  by the property are paid down from marital funds during the
   35  marriage. The portion of passive appreciation in the property
   36  characterized as marital and subject to equitable distribution
   37  is determined by multiplying a coverture fraction by the passive
   38  appreciation in the property during the marriage.
   39         (I) The passive appreciation is determined by subtracting
   40  the gross value of the property on the date of the marriage or
   41  the date of acquisition of the property, whichever is later,
   42  from the value of the property on the valuation date in the
   43  dissolution action, less any active appreciation of the property
   44  during the marriage as described in sub-subparagraph b., and
   45  less any additional encumbrances secured by the property during
   46  the marriage in excess of the first note and mortgage on which
   47  principal is paid from marital funds.
   48         (II) The coverture fraction must consist of a numerator,
   49  defined as the total payment of principal from marital funds of
   50  all notes and mortgages secured by the property during the
   51  marriage, and a denominator, defined as the value of the subject
   52  real property on the date of the marriage, the date of
   53  acquisition of the property, or the date the property was
   54  encumbered by the first note and mortgage on which principal was
   55  paid from marital funds, whichever is later.
   56         (III) The passive appreciation must be multiplied by the
   57  coverture fraction to determine the marital portion of the
   58  passive appreciation of the property.
   59         (IV) The total marital portion of the property consists of
   60  the marital portion of the passive appreciation, the mortgage
   61  principal paid during the marriage from marital funds, and any
   62  active appreciation of the property as described in sub
   63  subparagraph b., not to exceed the total net equity in the
   64  property at the date of valuation.
   65         (V) The court shall apply the formula specified in this
   66  subparagraph unless a party shows circumstances sufficient to
   67  establish that application of the formula would be inequitable
   68  under the facts presented.
   69         d.c. Interspousal gifts during the marriage.
   70         e.d. All vested and nonvested benefits, rights, and funds
   71  accrued during the marriage in retirement, pension, profit
   72  sharing, annuity, deferred compensation, and insurance plans and
   73  programs.
   74         2. All real property held by the parties as tenants by the
   75  entireties, whether acquired prior to or during the marriage,
   76  shall be presumed to be a marital asset. If, in any case, a
   77  party makes a claim to the contrary, the burden of proof shall
   78  be on the party asserting the claim that the subject property,
   79  or some portion thereof, is nonmarital.
   80         3. All personal property titled jointly by the parties as
   81  tenants by the entireties, whether acquired prior to or during
   82  the marriage, shall be presumed to be a marital asset. In the
   83  event a party makes a claim to the contrary, the burden of proof
   84  shall be on the party asserting the claim that the subject
   85  property, or some portion thereof, is nonmarital.
   86         4. The burden of proof to overcome the gift presumption
   87  shall be by clear and convincing evidence.
   88         (10)(a) To do equity between the parties, the court may, in
   89  lieu of or to supplement, facilitate, or effectuate the
   90  equitable division of marital assets and liabilities, order a
   91  monetary payment in a lump sum or in installments paid over a
   92  fixed period of time.
   93         (b) If installment payments are ordered, the court may
   94  require security and a reasonable rate of interest or may
   95  otherwise recognize the time value of the money to be paid in
   96  the judgment or order.
   97         (c) This subsection does not preclude the application of
   98  chapter 55 to any subsequent default.
   99         Section 2. This act shall take effect July 1, 2018.