Page 7 - SFHN0419finalSP.qxp_Page layout

Dividing Assets

and Liabilities in a Divorce

You and your spouse have decided it is best
for your family to divorce. However, you are
unsure about how your assets and liabilities
will be divided. There is no right or wrong way
to divide assets and liabilities if you and your
spouse can agree and can live with the outcome
of that division. Florida has specific rules
regarding how to divide assets and liabilities in
the event of a divorce, which are grounded in
the concept of equitable division or distribu-
tion of assets and liabilities.
The first step you should take is to create a
list of assets and liabilities. Include all assets
and liabilities that are in your name individual- BY ANGELA R. NEAVE,
ly, your spouse’s name individually, and what is ESQ.
titled jointly. If you have assets in your chil-
dren’s names such as college accounts or UTMA accounts, include those on
the list, as you and your spouse will need to determine what happens to those
assets in the event that they are unused by your children. This list should
include all bank and financial accounts, all retirement accounts, all perks
such as deferred compensation or stock or options plans, real property, all
debt such as mortgages and home equity lines on property, all personal prop-
erty worth over $2,000.00, art, collectibles, furniture and furnishings, ves-
sels, vehicles, businesses including liabilities and loans, an estimate of the
value of the business, and any other tangible or intangible or contingent asset
or liability you are aware of. A contingent asset or liability is something that
may come to you in the future. For example, if you are being sued, you may
have a contingent liability that is the value of your exposure based upon the
lawsuit.
Once you and your spouse have made a complete list of your assets and lia-
bilities, you need to think about how you want to divide them. For some
families, splitting them down the middle is the best course of action. For oth-
ers, one spouse may want to retain the home and owe the other spouse their
share of the value of the home by paying it out of other assets such as savings.
Generally, one spouse should not give up retirement assets to keep a home.
The spouse retaining the home will be “behind” in saving for retirement, and
generally, for most families, the cost of maintaining the home will prevent
any savings from happening in the future. Selling the home may be the
smartest way for each spouse to purchase a new residence that will cost less
to maintain and fit within the post-divorce budget.
If you have retained an attorney, you should speak to her about how those
assets should be divided between you and your spouse. What you might “ You can’t separate the clinical
want to do may not be permissible under Florida law or in accordance with and the fi nancial – not anymore.”
the plan of the asset, or may create a taxable event you want to avoid. There
are many creative ways to split the marital assets and liabilities to satisfy both
you and your spouse and to provide for your children. What is good for you People who know Healthcare, know BDO.
may be different from what is good for your best friend. Be open to what
works for your family and encourage your attorney to come up with creative
solutions.

If you are interested in consulting with an attorney about a dividing your assets
and liabilities in the event of divorce, call Angela R. Neave, Esquire
at (954) 981-2200 for a free consultation.

The BDO Center for Healthcare Excellence & Innovation
As the healthcare industry enters an era of unprecedented transformation, anticipating and
understanding the future state model of healthcare is more important than ever. From advising on
complex joint ventures, to M&A services, to healthcare redesign, BDO’s multidisciplinary teams help
organizations plan for and implement the fi nancial and clinical changes needed to transform their
institutions — and thrive in the years to come.

Alfredo Cepero, 305-420-8006 / acepero@bdo.com
Angelo Pirozzi, 646-520-2870 / apirozzi@bdo.com

@BDOHealth www.bdo.com/blogs/healthcare
Accountants | Advisors | Doctors
www.bdo.com/healthcare
© 2019 BDO USA, LLP. All rights reserved.

South Florida Hospital News southfloridahospitalnews.com April 2019 7