What happens to my money and property in a divorce?
The first step of equitable distribution is to determine which assets (such as cash, cars, houses, or 401(k)’s) and liabilities (such as credit card bills, mortgages, and loans) are marital and which are non-marital. This is because non-marital assets and liabilities will generally be set aside and go to the spouse that acquired or incurred them, while marital assets and liabilities will be divided among the parties. In most cases, if an asset was earned or purchased during the marriage, or a liability was incurred during the marriage, it is considered marital.
How does property and debt get divided?
Who gets the house?
Kiplinger: “Think of Prenups and Postnups as Financial Planning Tools”
In an insightful article in Kiplinger, "Think of Prenups and Postnups as Financial Planning Tools," Andrew Hatherly, a Chartered Retirement Planning Counselor, delves into how prenuptial and postnuptial agreements are not just for those planning for the worst. Rather, they can be essential tools in financial planning, particularly for couples marrying later in life. This blog post discusses the contents of article, which you can read here. When you think of prenuptial and postnuptial agreements, what comes to mind? For many, it's the idea of planning for a potential divorce. However, these agreements can be so much more than just a contingency plan—they can be crucial financial planning tools that help you and your partner start your marriage on solid ground, especially if you're marrying later in life or have substantial assets. Why Consider a Prenup or Postnup? In today's world, where financial independence is increasingly important, prenups and postnups (which is like a prenup, but it is signed after you are already married) offer a clear framework for managing your assets. Whether you're entering a marriage with significant wealth, a business, or debts, these agreements provide clarity. They help you and your partner establish expectations and protect what matters...
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Divorce: Who Gets The House?
If you are like most other individuals in Florida, your home is your most valuable marital asset. So if you are contemplating a divorce, one of your first questions will likely be, who gets the house, if anyone? You may be concerned that your name is not listed on the deed of your marital home. However, in Florida, if you purchased the home during your marriage using marital funds, your home is presumed to be marital property, regardless of in whose name it is titled. This means that each spouse is entitled to half of the equity in the home (and responsible for half the loss if it has lost valued). (more…)
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Will a Florida Judge Order a Doggy Custody Schedule?
When two people are getting divorced in Florida, and they have one or more minor children, a custody schedule (now known in Florida as a time-sharing schedule) must be established. Approximately 90-95% of all cases settle at some point (whether it is before the filing of a petition for divorce or after spending tens or hundreds of thousands of dollars preparing for or even going through trial), and so the parties generally end up agreeing to a child time-sharing schedule. But in those times where they do not agree, a Florida family law judge will take the decision out of the hands of the parents and set a time-sharing schedule. But divorce doesn't only affect the children. It also affects the family pets. So will a Florida judge order a doggy (or kitty) custody schedule? (more…)
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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. (more…)
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Am I responsible for my spouse’s credit card debts?
What is separate property?
How much support will I pay/receive?
How does child support get determined?
Imputing Income on Investments for Alimony & Child Support in a Florida Divorce
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...
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Child Support in Florida
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...
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Income Withholding Order
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.
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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.
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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.
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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)? (more…)
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Will I have to pay alimony?
I’m self-employed. How does my income get determined?
What happens to my business?
What happens to my business?
Divorcing in a Down Market – Pros and Cons
Should You Divorce During a Down Market? Understanding the Pros and Cons How market volatility, long-term investing, and the Collaborative Divorce process intersect When the markets drop, your investments, retirement accounts, and even business valuations may look very different than they did just a few months ago. If you’re considering divorce in a time like this—especially after recent economic turbulence and tariffs—it’s natural to feel uncertain. But believe it or not, there may be strategic advantages to divorcing during a down market, particularly if you approach the process thoughtfully. ✅ Pro: A Unique Opportunity for Buy-and-Hold Investors If you're a long-term investor who believes the market will eventually recover (as history suggests it usually does), a down market may present a silver lining. Here's why: Let’s say part of your marital estate includes mutual funds, ETFs, or stocks that have dipped in value. If you receive those investments as part of your divorce agreement, you're essentially getting more shares at a lower “price tag.” Over time, if the market rebounds, those shares may significantly increase in value—benefiting you in the long run. In other words, if you’re a buy-and-hold investor, receiving a larger portion of your share of marital assets...
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Simplifying Divorce for High Net Worth Individuals: Working With Your CPA or Financial Advisor
The Challenge of Divorce for High Net Worth Individuals Navigating a divorce is never easy, and for high net worth individuals, the process can feel even more overwhelming. Between managing the complexities of Florida Family Law Rule of Procedure 12.285—commonly known as mandatory disclosure—and safeguarding your financial future, it’s natural to want to simplify the experience and delegate much of the work. That’s where a skilled family law attorney can be invaluable. By working closely with your CPA or financial advisor, we can streamline the disclosure process and minimize the demands on your time and energy. Understanding Mandatory Disclosure Mandatory disclosure requires each party in a divorce to provide detailed financial documentation. For high net worth individuals, this often includes extensive information about investments, business interests, real estate holdings, and more. The sheer volume of documentation can be daunting, but it doesn’t have to be. If you already have a trusted CPA or financial advisor, they are likely familiar with much of your financial landscape. Our team can work directly with them to gather and organize the required information, so you don’t have to get bogged down in the details. (more…)
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How Are Medical School Student Loans Handled In a Florida Divorce?
When you're facing a divorce in Florida, one of the complex financial issues you might encounter is how to handle student loans, particularly medical school student loans. These debts can be substantial, often amounting to hundreds of thousands of dollars, and it's natural to wonder how they will be treated during the divorce process. Understanding your options and rights is crucial, especially if you and your spouse are seeking a Collaborative Divorce, which focuses on finding amicable solutions privately rather than through a public divorce court battle. Understanding Marital vs. Non-Marital Debt - Med School Loans In Florida, the law distinguishes between marital and non-marital assets and debts. Marital debts are those incurred during the marriage, regardless of whose name they are in or who incurred them. Non-marital debts, on the other hand, are typically those incurred before the marriage or after the date of separation. If you took out medical school loans before you were married, these debts are generally considered non-marital, meaning you would be solely responsible for them. However, if you took out the loans during the marriage, things get a bit more complicated. Medical School Student Loans as Marital Debt If your medical school student loans...
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Kiplinger: “Think of Prenups and Postnups as Financial Planning Tools”
In an insightful article in Kiplinger, "Think of Prenups and Postnups as Financial Planning Tools," Andrew Hatherly, a Chartered Retirement Planning Counselor, delves into how prenuptial and postnuptial agreements are not just for those planning for the worst. Rather, they can be essential tools in financial planning, particularly for couples marrying later in life. This blog post discusses the contents of article, which you can read here. When you think of prenuptial and postnuptial agreements, what comes to mind? For many, it's the idea of planning for a potential divorce. However, these agreements can be so much more than just a contingency plan—they can be crucial financial planning tools that help you and your partner start your marriage on solid ground, especially if you're marrying later in life or have substantial assets. Why Consider a Prenup or Postnup? In today's world, where financial independence is increasingly important, prenups and postnups (which is like a prenup, but it is signed after you are already married) offer a clear framework for managing your assets. Whether you're entering a marriage with significant wealth, a business, or debts, these agreements provide clarity. They help you and your partner establish expectations and protect what matters...
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How We Review Your Prenuptial Or Postnuptial Agreement With You
Your fiancé or spouse's lawyer has provided you with a prenuptial agreement or postnuptial agreement, and it is a behemoth. It is common for these documents to be 30 to 60 pages of dense "legalese," sometimes with hundreds or thousands of pages of additional financial disclosure. Don't just sign the agreement without understanding it! It can have a significant impact on your rights in the event of divorce or the death of your spouse. Further, these documents are rarely "take it or leave it," and you can negotiate terms that address your needs. This post discusses how we review and negotiate prenuptial agreements and postnuptial agreements for our clients. (more…)
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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. But what happens to your small business? (more…)
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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. 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. (more…)
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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. 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. (more…)
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Is my business a marital asset?
Do my business records become public record?
