Can one spouse buy out the other spouse to retain assets?

During a divorce, one of the most contentious processes is dividing property. You and your spouse will need to go through every asset you own that has value and is not personal property. You will have to decide who gets what.

The Florida Statutes explain you must do this in an equitable manner. The court will not sign off on an agreement that is not fair. For example, you cannot take 3/4 of everything you own and leave your spouse with only 1/4. However, there is the option of buying out your spouse.

The buy out process

The law says that you can pay for certain assets to make the division equitable. So, if you own a vacation home that you really want to keep but you do not own enough assets to be able to make things fair between you and your spouse if you keep it, then you can pay your spouse money that would bring the division equal.

The court award

To do a buy-out, you will need to go through the court. The court will issue an order that says you owe your spouse a certain amount of money. You must then pay that money either in full or installments, depending on the order.

Payment

However, you decide to pay, you owe the money no matter what. Unlike other awards, you cannot get out of paying. If you die, your estate must pay the money to your former spouse. If your former spouse remarries, you still owe the money. The money you owe becomes a debt, and the law will treat it as such. Your former spouse has all rights of a debt collector when it comes to getting the money.