Ask a Miami divorce attorney: How to get setoffs and credits following the sale of a marital home
If you and your spouse sell your home as a result of a divorce, you’ll want to speak with your Miami divorce attorney about whether there is a credit or setoff that you are eligible to receive.
“A party is not entitled to any credits or setoffs upon the sale of the marital home unless the parties’ settlement agreement, final judgment of dissolution of marriage or final judgment equitably distributing assets or debts specifically provides that certain credits or setoffs are allowed or given at the time of the sale,” states Florida Statute 61.077.
If there is not, however, a settlement agreement, the court will take the following factors into consideration, which your your Miami divorce attorney can explain in further detail:
• If alimony or child support was awarded to the spouse in possession of the marital home, and if so, if it covered expenses related to the marital home
• If one party was given possession of the marital home before the sale
• The value of the marital home to the spouse who was given possession of it, and the value of loss to the party who wasn’t
• Whether either spouse could claim certain tax deductions in connection with the marital home or experience a capital gains taxable event resulting from its sale.
If you have additional questions about a divorce – which can be a financially and emotionally trying process – you need a Miami divorce attorney who will give your situation the personal attention it deserves and work tirelessly to ensure that your best interests are accounted for. Scott A. Ferris, Esq. has more than 25 years of experience in this field, and is on hand to address your concerns seven days a week. Contact him today at 305-670-3330.