CODING: Words stricken are deletions; words underlined are additions.
House Bill 1601




    Florida House of Representatives - 1997                HB 1601

        By Representative Eggelletion






  1                      A bill to be entitled

  2         An act relating to equitable distribution of

  3         marital assets and liabilities; amending s.

  4         61.075, F.S.; prescribing factors to be

  5         considered by a court before entering a final

  6         judgment making a determination of the credits

  7         or set-offs upon the sale of the marital home;

  8         providing an effective date.

  9

10  Be It Enacted by the Legislature of the State of Florida:

11

12         Section 1.  Subsection (10) is added to section 61.075,

13  Florida Statutes, 1996 Supplement, to read:

14         61.075  Equitable distribution of marital assets and

15  liabilities.--

16         (10)  A party is not entitled to any credits or

17  set-offs upon the sale of the marital home unless the parties'

18  settlement agreement, Final Judgment of Dissolution of

19  Marriage, or Final Judgment Equitably Distributing Assets or

20  Debts specifically provides that certain credits or set-offs

21  are allowed or given at the time of the sale. In the absence

22  of a settlement agreement involving the marital home, the

23  court shall consider the following factors before determining

24  the issue of credits or set-offs in its final judgment:

25         (a)  Whether exclusive use and possession of the

26  marital home is being awarded, and the basis for the award;

27         (b)  Whether alimony is being awarded to the party in

28  possession and whether the alimony is being awarded to cover,

29  in part or otherwise, the mortgage and taxes and other

30  expenses of and in connection with the marital home;

31

                                  1

CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 1997                HB 1601

    503-146-97






  1         (c)  Whether child support is being awarded to the

  2  party in possession and whether the child support is being

  3  awarded to cover, in part or otherwise, the mortgage and taxes

  4  and other expenses of and in connection with the marital home;

  5         (d)  The value to the party in possession of the use

  6  and occupancy of the marital home;

  7         (e)  The value of the loss of use and occupancy of the

  8  marital home to the party out of possession;

  9         (f)  Which party will be entitled to claim the mortgage

10  interest payments, real property tax payments, and related

11  payments in connection with the marital home as tax deductions

12  for federal income tax purposes;

13         (g)  Whether one or both parties will experience a

14  capital gains taxable event as a result of the sale of the

15  marital home; and

16         (h)  Any other factor necessary to bring about equity

17  and justice between the parties.

18         Section 2.  The provisions of this act apply to all

19  settlement agreements entered into or actions filed on or

20  after October 1, 1997.

21         Section 3.  This act shall take effect October 1, 1997.

22

23            *****************************************

24                          SENATE SUMMARY

25    Prescribes factors to be considered by a court in a
      divorce case before entering a final judgment making a
26    determination of the credits or set-offs upon the sale of
      the marital home.
27

28

29

30

31

                                  2