Bill Text: FL S0676 | 2018 | Regular Session | Comm Sub
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-Comm_Sub.html
Florida Senate - 2018 CS for SB 676 By the Committee on Rules; and Senator Passidomo 595-03548-18 2018676c1 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 resultingeitherfrom 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 value of the property on the date of the marriage or the 41 date of acquisition of the property, whichever is later, from 42 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.