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Video Transcription:
It's your personal injury and family law attorney Derek Bernstein here sporting my Bernstein bear to answer another family law legal question and that is how is a house split in a divorce? How is a house split? So, some people may think you have to split a house, you don't. In Florida, what you're looking at is called equitable distribution. So equitable distribution basically kind of runs like an Excel spreadsheet, hypothetically. We make a side over here and a side over here. Here's all his stuff. Well, he has a truck and it's worth 25 grand. And he has that Traeger grill and he has a boat and he has a 401k and an IRA and some hunting equipment. Obviously outdoors. He got him bring it up. And the wife has a bunch of jewelry, 401k, a bank account, credit card debts of 50,000, et cetera, et cetera, et cetera, down the list and then the house has an equity of $150,00o.

So, you can just split and say, well, I want 75,000, you want 75,000 of it. Cool, let's sell it. But the goal of equitable distribution is to come up with equal. So, if he owes you 75, of the house, his category adds up to a hundred thousand, your category adds up to a value of 25,000, then we take that number and he would have to pay you X amount of dollars to make it equal. But what we can do is we can play a little around with those things in those categories and say, hey, I really want to keep my boat, you want to keep the house. So, for me keeping my boat, you get to keep the house and no money really needs to be exchanged.

So, what you'd have to do on that instance is the wife would have to refinance the house, get the husband's name off the mortgage, put it in their name and kind of balance out these things. So, it gets a little complicated, but that's where a good attorney can come in, answer those questions and make sure that you're getting the equitable part. Now, what you want to do is you want to get an attorney who can make the equity a little more on your side than the other side and do something that's right, because she may not be able to get a refinance. So, you play with those things, you try to find out what the person really, really likes, what they really want so we can essentially attach higher value than what they're actually worth. So that boat maybe given from his grandpa something weird like that, that has more value than what it is on books. So equitable distribution, how do you split the house after a divorce can get very tricky, have a good negotiator, have a person with a mind that can move quickly and you don't just have to sell and split the proceeds. So, it's your personal injury, family law attorney here in St. Pete working hard today. Family law, legal questions, keep them coming, lawbernstein.com, [email protected].