Own a rental home in Illinois. My wife wants me to sign over a quit deed to her so she can give the property to her son. Claims a lawyer friend in Illinois told her she would unquestionably be awarded that property in any divorce proceedings. I am on the deed and the mortgage. However, I am under the impression that in Florida, marital assets would be divided 50-50. According to my wife this whole mess might be avoided by an estate plan. She is also talking about a "post nuptial "agreement which I have never heard of.
Dear Anonymous:
You are 100% correct that Florida's equitable distribution laws begin with the premise that all marital assets and liabilites are equally divided. That said, since the property in question is owned jointly, but in another state, a Florida court could not order that it be sold and divided
Now you don't say you are planning to divorce. But, you could have a postnuptial agreement drafted where a) if the marriage doesn't work you could plan now as to what would happen to the property and b) if you live "till death do you part" determine what would happen to the property upon the first to die. For example, if you predeceased your wife you could provide that the Illinois property would be left to your wife, who could then dispose of the property as she chooses. Alternatively, the postnup could dispose of the property in another way when both of you pass that you could agree upon now.
The difference with estate planning, is that the individual who creates the plan can change the plan in the future. With a postnuptial it can only be changed if both parties agree.
Before you make any decisions, it would be wise to speak with an attorney who you could discuss all of the facts to help you make the right decision.
Best of luck.
Cindy S. Vova
Family Law Offices of Cindy S. Vova, P.A.
Broward:/Miami Dade: 954-316-3496
Boca Raton: 561-962-2785
www.vovalaw.com
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