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Set Offs and Credits From the Marital Home in Florida
A person claiming entitlement to any credits or set offs from the marital home must provide for these items in their marital settlement agreement.
If there is no agreement, and this issue is to be resolved by the court, the court will consider the factors in Florida Statute 61.077.
Among those factors are the following:
- Whether exclusive use and possession of the home is being awarded
- Whether or not alimony is being awarded
- Whether child support is being awarded
- The value of the use and occupancy to the person in possession
- The value of the loss of use and occupancy to the person not in possession
- Which party will be able to claim the deductions associated with the property, such as
- Taxes, interest, etc
- Capital gains taxes
- Any other factor necessary to do equity
Many of these items can be overlooked when you are involved in the mediation process, and considering the disposition of the marital home. Don’t overlook the importance of having a competent, well qualified attorney to represent your interests in your divorce case. There are many issues that an inexperienced litigant can easily overlook.