Imputing Income on Investments for Alimony & Child Support in a Florida Divorce

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When you go through a divorce, how much income you and your spouse can earn may become important for purposes of calculating alimony or child support. If one or both of you have investments and savings—like stocks, rental properties, or savings accounts—these assets may count as income, even if they are not bringing in cash every month. This process is called imputing income on investments.

In a courtroom divorce, each of you would likely hire your own financial expert to argue about how much income should be counted. This often leads to a battle of “dueling experts,” which can be stressful and expensive. But in a Collaborative Divorce, you and your spouse can work with one neutral financial professional to come to a fair decision together.

What Does It Mean to Impute Income?

Imputing income means estimating how much money an investment could make, even if it is not currently earning income. For example:

  • A rental property that is sitting empty could still be rented out, and the potential rental income can be counted.
  • A stock portfolio may not pay dividends every year, but it has a history of earning money and growing in value.
  • A savings account could be invested to earn interest instead of just sitting unused.

By imputing income, you ensure that all financial resources are considered when calculating support payments, helping both spouses and children receive the support they need.

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Child Support in Florida

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Child support in Florida is the financial obligation aimed to provide a fair and consistent means of sharing the costs of raising a child between separated parents. There’s a Collaborative Law process that offers an alternative way to address child support matters. This approach emphasizes cooperation, open communication, and prioritizing your child’s well-being. In this post, we’ll take you through the fundamentals of child support in Florida and the benefits of pursuing child support solutions through the Collaborative Process.

CALCULATING CHILD SUPPORT

In Florida, you’ll find child support guidelines laid out in Florida Statutes §61.30. You’ll notice that the calculation takes into account key factors like your income and your partner’s income, the number of children involved, and the time each of you spends with them. It’s essential to understand that the state utilizes a specific formula incorporating these elements to calculate the exact amount of child support owed.  Though you may deviate from these calculations under certain circumstances, the child support guidelines determine the default amount you can expect to pay or be paid.

CONSIDERING YOUR INCOMES

Remember, both your incomes play a pivotal role in calculating child support. It’s worth noting that not all types of income are straightforward (for example, income from a private business). Additionally, it’s important to keep in mind that if either of you is voluntarily unemployed or not fully utilizing your earning capacity, income may be attributed to you based on your potential earning capacity.

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Income Withholding Order

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For quite some time, Florida has permitted child support and alimony payments to be deducted directly from a person’s paycheck.  This had been done through an income deduction order authorized by section 61.1301 of the Florida Statutes.

Recently, the federal government mandated that OMB Form 0970-0154 (Income Withholding for Support Order) be used in place of state income deduction forms.  Accordingly, Hillsborough County’s Thirteenth Judicial Circuit has published a packet which includes the federal Income Withholding Order along with the Florida Addendum to the federal order and a Payment Information Sheet.

If you have a matter involving Florida alimony or child support and you are looking to schedule a consultation with a Tampa Bay family law attorney, contact The Law Firm of Adam B. Cordover, P.A., at (813) 443-0615 or by filling out our online form.

Video: Basic Allowance for Housing

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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.

 

Video: Divorce TV – Child Support Guidelines

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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

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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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