Florida Keys Legal

I bought my Brickell condo before my marriage, so my spouse can’t get half if we divorce, right? Think again!

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I bought my Brickell condo before my marriage, so my spouse can’t get half if we divorce, right? Think again!

If you currently live in the Brickell area of Miami and are contemplating dissolution of marriage, otherwise known as divorce, and are concerned with regard to the division of property, you may be surprised with the impact of Florida law to premarital assets.

There is a common misconception that any assets you have accumulated prior to the marriage do not become subject to equitable distribution in the event of a divorce. However, this may not be accurate with regard to assets that increase in value.  For example, if you owned a condominium or a home before you were married and several years into your marriage it increased in value, then your spouse may be entitled to ½ of the increase in value. So, if you purchased a condominium for $200,000 prior to your marriage, and at the time of filing of the divorce is was valued at $300,00. Then, your spouse is entitled to ½ of the increase in value. In this particular example, your spouse would be entitled to $50,000 of equity in your home.

Keep in mind that this example also applies to the value of stock, bonds, etc… In addition, this also applies if an asset has decreased in value. So, if your home was valued at $300,000 before your marriage, then at the time of divorce has decreased in value to $200,000.00, then your spouse shares in the decrease in equity by ½.

If you or a loved on is contemplating divorce in the Brickell of Miami, please do not hesitate to contact the lawyers at the law firm of Hutchison & Tubiana for more information.