How Do You Get Setoffs or Credits Upon Sale of the Marital Home in a Florida Divorce?
Posted By Posted by Stann Givens on Jan 20, 2010 6:29am PST || Jan 20, 2010When your former marital home sells as a result of a Florida divorce, you may be entitled to a credit or setoff if the circumstances are right. If you have a prenuptial agreement or a postmarital settlement agreement that requires it, the Florida divorce judge will enforce that. Otherwise, you have to show that you meet certain requirements of the Florida Statutes.
The factors to be considered are: 1) whether one spouse has been awarded exclusive use and possession of the marital home before the sale and the basis of the award, 2) whether alimony was awarded for the purpose of covering the mortgage expense, 3) whether child support was awarded for the purpose of covering the mortgage expense, 4) the value to the spouse in possession of the use and occupancy of the marital home, 5) the value of the use and possession to the spouse not in possession, 6) the spouse entitled to claim tax deductions for mortgage or real estate tax payments on the home, 7) whether a spouse will have to pay a capital gains tax on the sale of the marital home and 8) any other factor necessary to do equity and justice between the spouses.
A typical situation where setoffs apply in the sale of the marital home involves a spouse who has been awarded use of the marital home during the pendency of the divorce. That spouse makes the mortgage payments until the house is sold and wants credit for making the other spouse's share of those payments during that time. The other spouse objects by saying that the spouse in the home should be required to pay rent on the property in the amount of the mortgage for having been given the exclusive use of it.
It is a bit of a complicated matter. The judges try to be fair to all involved, but there are a lot of factors to be considered.
Bottom line: Your property rights are important. Contact an expert Tampa divorce lawyer for advice on whether you are entitled to a credit or setoff upon the sale of the marital home in your Florida divorce.