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You Already Have A Prenup

Congratulations, you are getting married!  You found the person with whom you want to spend the rest of your life, and now you have a big, bright future ahead!  But now the P-word has come up: Prenup.

You and your fiance may be wondering whether to get a prenuptial agreement, also referred to as a premarital agreement.  It may be that one of you has significantly more assets than the other.  Perhaps there is a family business in play.  Maybe you have children from a prior relationship that you want to protect or you have other estate-planning needs.  Or maybe you just want to plan for all possible contingencies.

Prenup

So if you are considering a premarital agreement, there is something you should keep in mind:  You already have a prenup.

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Bitcoin and Divorce

Bitcoin and Divorce

Bitcoin is a relatively new type of currency that is not controlled by any government but rather is decentralized.  It is oftentimes referred to as a “cryptocurrency” as it is not physical.  Bitcoins are maintained in virtual “wallets” and can be transferred via QR codes.

The video below from the Wall Street Journal further explains Bitcoin:

As Bitcoin is becoming more popular, it should not be surprising that is showing up in divorce cases.  So what happens to Bitcoins in divorce?

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Divorce: What Happens to My Small Business?

You have worked hard to build your small business in Tampa Bay or Greater Sarasota.  Your dreams and future are intertwined with your company.  But, now, you are facing divorce, and you are worried about how this will affect your small business.  You know there are quite a few issues that you will have to deal with.  Child custody, division of property and debts, and child and spousal support all need to be addressed.

Small Business and Collaborative Divorce

Small Business & Collaborative Divorce

But what happens to your small business?

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Bird Custody: What Happens To Our Pet In Divorce?

When a couple has children, and they are getting divorced, they set up a child custody schedule to determine where their children will sleep at night.  But what happens when spouses have a bird?  Will a Tampa Bay divorce judge set up a “bird custody” schedule?

Bird Custody

Bird Custody

No, a judge will not create a bird custody schedule, but a couple can agree to such a schedule through a private form of dispute resolution such as collaborative divorce.

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Financial Advisers Learn About Collaborative Divorce

Financial advisers are tasked with protecting their clients’ wealth.  And financial advisers want to help clients going through divorce make smart decisions and preserve their assets.  On December 8, 2016, the professionals and staff of the Sabal Trust Company in St. Petersburg, Florida, learned how collaborative divorce can safeguard their clients’ wealth, time, and privacy.

Discussing Collaborative Divorce

Sarah Hoerber, Tanya O’Connor, and Adam B. Cordover at Sabal Trust Company

Sabal Trust is the largest employee-owned trust company in Florida, and its Principals and staff are invested in creating a strategic approach to its clients financial security and growth. That is why they invited Family Diplomacy managing attorney Adam B. Cordover along with forensic accountant Sarah Hoerber and Brandon attorney Tanya O’Connor to discuss collaborative divorce.

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Video: Tampa Real Estate Agent Discusses Collaborative Divorce

Tampa real estate agent Rande Friedman was recently interviewed on the topic of collaborative divorce.  Rande, of White Glove House, has lived in the Tampa Bay area for the past 30 years, and he has been in the real estate industry for around ten years.

Rande is also a member of Next Generation Divorce, one of the nation’s largest interdisciplinary collaborative practice groups with professionals helping families in Hillsborough, Pinellas, Pasco, Sarasota, and Manatee Counties.  Rande became involved in Next Generation Divorce after he helped a family who used the collaborative process in their divorce.  Rande found them in a better state of mind to agree upon their real estate needs and move on with their lives compared to clients who had litigated their divorce.

You can find a video and partial transcript of Rande Friedman discussing his experience with families transitioning via collaborative divorce after the jump:

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Protecting Your Tampa Bay Business With A Prenuptial Agreement

Under Florida divorce law, businesses are subject to equitable distribution.  This essentially means that it can be considered a marital asset that is divided as part of the resolution of all divorce-related issues.

Small-business owners, who have shed blood, sweat, and tears for their endeavor, find it surprising and frightening that a business might be divided in divorce.  Further, this can be disruptive to the spouse of the small business owner; if the business begins failing due to protracted fighting or litigation, the spouse’s ability to receive alimony or child support is greatly reduced.

Protecting Your Small Business

One way to protect a business from the fallout of divorce is to enter into a prenuptial agreement or, if you are already married, into a postnuptial agreement.

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Collaborative Divorce and Small Businesses

Divorce is one of life’s most difficult tests.  The stress that the traditional adversarial litigation divorce can have on employees cost business owners countless dollars every year.  Further, a private business is seen by Florida law as a potential marital asset, to be divided in divorce just like 401(k)’s, jewelry, or furniture.  When a business is put in the spotlight of a traditional courtroom divorce, Florida’s sunshine laws dictate that the remains of the business can be picked apart in detail by competitors sifting through a public court file.

Small Business & Collaborative Divorce Graphic

Collaborative family law (also known as collaborative divorce), by contrast, is non-adversarial.  The spouses’ attorneys are not seen as “opposing counsel,” but rather as teammates.  The clients themselves are not seen as “opposing parties,” but rather as co-parents or simply people looking to transition to the next stage of their lives.

Collaborative attorneys can only help the spouses reach an out-of-court settlement, so no time, money, or energy is spent on opposition research, dirty litigation tactics, or preparing for a costly trial.  This greatly reduces the stress on spouses and mitigates productivity losses.

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Divorce Without Lawyers – A Mediation Option in Tampa Bay

If you are going through divorce, you should have a lawyer.  Divorce is one of life’s traumatic moments, and it is smart to have a steady hand to advise you during uncertain times.

However, you don’t need to have a lawyer to get divorced.

Florida Supreme Court Mediator

You have the option of going through pro se mediation (mediation without legal representation).

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2016 Collaborative Law Process Act Making Progress in Florida Legislature

Senate Bill 972, the “Collaborative Law Process Act,” is making its way through the Florida Senate and will hopefully become law this summer.

[UPDATE 2: Governor Scott signed the Collaborative Law Process Act on 3/24/16]

[UPDATE: The Collaborative Law Process Act Passed the Florida Legislature on 3/4/16.  Learn more about it in the following Article: Collaborative Law Process Act Protects Families’ Privacy]

The Collaborative Law Process Act creates a legal framework for families to resolve disputes outside of court.  The bill specifies that family law matters under chapters 61 or 742 of the Florida Statutes may be resolved via the collaborative process.  These family law matters include the following:

  • Divorce;
  • Alimony and child support;
  • Marital property and debt distribution;
  • Child custody and visitation (also known as time-sharing and parental responsibility);
  • Parental relocation with a child;
  • Prenuptial and postnuptial agreements; and
  • Paternity.

Families in Tampa Bay, Greater Sarasota, and throughout the state of Florida are already utilizing the collaborative process to resolve divorce and other matters privately and respectfully, but a big improvement with this bill is that there will be a statutory framework to ensure discussions had in the collaborative process can be enforced as confidential.   Read more