Dividing Assets & Liabilities

Florida Statute § 61.075 defines which assets and debts are marital; and it expressly requires the Court equitably divide all of the husband and wife’s “marital” property in a fair and equitable manner when dividing these marital assets and liabilities.  In order for a court to be able to accomplish an equitable division, the Court must have a valuation of all of the marital assets and debts that are at issue in dissolution of marriage case and that is where the Florida Family Law Affidavit Form 12.902 comes into play.

The Family Law Financial Affidavit can be very confusing and an arduous task to complete for someone without any legal experience, especially for a Pro Se party. Pro Se means that you are choosing to represent yourself instead of having a lawyer represent you in court.  Florida rules can be quite confusing so it is a good idea to schedule a free family law consult with an attorney like New Horizons Law, P.A., Michael J. Costantino, Esq.

At New Horizons Law, P.A., Michael J. Costantino, Esq. recognizes the importance of the Florida Family Law Financial Affidavit Form 12.902 and diligently works with their clients to help them completely and accurately fill out their Family Law Financial Affidavit.

A Family Law Financial Affidavit consists of the following different sections:  income; expenses; assets and liabilities; and contingent assets and liabilities.   As you may imagine, each one of these sections are important, but not necessarily for the same reason.

The income and expense section of the Family Law Financial Affidavit need to be completed with figures that inform the other party and the court what you earn and spend on a monthly basis.  This section is used to determine whether a party has a need for temporary and/or permanent spousal support and whether the other party has the ability to pay support.  This section is also used by a Family Law Judge, Magistrate or Hearing Officer in order to calculate child support.

The Assets and Liabilities sections require you to not only list all assets and liabilities, but to also provide a value for each item of real and personal property that you list as well as the total amount that is owed on each debt.  Obviously, it is much easier to provide an accurate value of debts mainly due to monthly statements for credit cards, mortgages and loans.

In terms of assets, parcels of real property, automobiles and jewelry are somewhat easy to value.  But, it is much more difficult to value personal property such as home furnishings, electronics, tools and collectibles.  For example, if you purchased a new dining room set five or six years ago for $7000, it is probably worth only fraction of that amount today.

At New Horizons Law, P.A., Michael J. Costantino, Esq., we have worked with all types of appraisers who can value just about anything – especially when there is vast disparity between the valuations of assets by two opposing parties.

Florida Family Law Financial Affidavit Form 12.902 defines contingent assets and liabilities to include “potential, accrued vacation or sick leave, bonus, inheritance” and “possible lawsuits, future unpaid taxes, contingent tax liabilities, debts assumed by another.”

Determining the value of assets and liabilities can be a complex and difficult task, so it is important to retain an attorney.  New Horizons Law, P.A., Michael J. Costantino, Esq. is experienced in assisting you in fully filling out a Florida Family Law Financial Affidavit.

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