What is Considered “Income” for Alimony and Child Support Purposes?

In a Florida family law case that involves a claim for alimony or child support, one of the most important preliminary considerations is how much income each party has.  In child support cases, each party’s income gets plugged into a formula that tells us what the law presumes is the correct amount of child support.  In alimony cases, the income of each party is important to help determine whether one spouse has the need for support and the other spouse has the ability to pay support.

You should keep in mind that the term “income” in family law cases is defined differently than how the term is used in the Federal Tax Code or in other situations.  Section 61.046, Florida Statutes (2011), defines “income” for family law purposes as follows:

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Video: Basic Allowance for Housing

The following video from the Defense Management Travel Office describes Basic Allowance for Housing, or B.A.H.:

Servicemembers should know that Florida courts take B.A.H. into consideration when determining issues of child support and alimony.  B.A.H. may even be taken into account for matters of spousal support unconnected with dissolution of marriage (such as when a military spouse is not being financially supported yet does not want to initiate a divorce).

If you have questions regarding military issues affecting your family and you wish to speak with a Florida family law attorney, you may schedule a consultation with The Law Firm of Adam B. Cordover, P.A., by calling us at (813) 443-0615 or filling out our contact form.

 

Equitable Distribution: How to Divide My IRA?

In a divorce proceeding, the court will divide the parties’ marital property and debts in a process called “equitable distribution.”  The court starts with the presumption that property should be divided equally, but it may adjust the distribution based on various factors including (i) the relative economic circumstances of the parties, (ii) any interruption of personal careers or educational opportunities, and (iii) the intentional waste or destruction of assets.

Retirement accounts require special attention during the equitable distribution process.  George Saenz at Fox Business News discusses this:

Not only are you getting separated from your spouse, but also your money. An individual retirement account, or IRA, belongs to the spouse that established it. You generally cannot transfer money from one spouse’s IRA to the other spouse’s account. An exception exists in the case of a divorce.

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Video: Divorce TV – Child Support Guidelines

The following video from Divorce TV discusses child support guidelines:

Keep in mind that each state’s child support guidelines are different.  Florida’s child support guidelines are based on section 61.30, Florida Statutes.

If you have questions regarding child support and wish to set up a consultation with The Law Firm of Adam B. Cordover, P.A., call us at (813) 443-0615 or fill out our contact form.

Retroactive Child Support

Everyone knows that a Florida court can order a parent to pay child support up until the child is 18 years, or even beyond.  But can a court order a parent to pay retroactive child support (child support that covers a period of time prior to the filing of a court action)?

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