2 Equitable Distribution Bills for Consideration

2 Equitable Distribution Bills for Consideration

Posted By Owenby Law, P.A. || 15-Jan-2018

Both HB 639 and SB 676 are bills concerning equitable distribution. Both were scheduled for committee hearings on January 10, 2018.

The first bill, Senate Bill (SB) 676, is also called Equitable Distribution of Marital Assets and Liabilities. Its purpose was to redefine the term “marital assets and liabilities” for the purposes of equitable distribution during a divorce. More specifically, it provides that the term includes the paydown of principal of note and mortgages secured by non-marital real property and certain passive appreciation in such property in some circumstances. The bill also provides formulas for determining the amount of such passive appreciation. The bill was approved by a vote of 10 to 0, and it will go into effect on July 1, 2018.

The second bill, House Bill 639, outlines much the same information as its counterpart in the Senate. It concerns the redefinition of “marital assets and liabilities,” and it includes the redefinition for the purpose of determining the amount of passive appreciation. It, too, was passed, 15 votes to 0. It is currently in the Judiciary Committee and will also go into effect on July 1, 2018.

For more information about how the bills related to your property division process, talk to one of our skilled Jacksonville divorce lawyers as soon as possible. Owenby Law, P.A. can offer you reliable and compassionate advocates who are dedicated to achieving your legal goals. Let us use our decades of combined experience on your behalf. We understand this process may be incredibly stressful and difficult for you and your family. Let us see what we can do to make the experience as stress-free as possible. Our attorneys will do whatever they can to protect your rights and future.

Contact us at (904) 770-3141 or fill out our online form to schedule a free 30-minute case consultation today.

Categories: Divorce
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