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?
Prenuptial Agreements for Same-Sex Couples
In the aftermath of the turbulent election season, are you and your partner seeking to add stability to your lives by tying the knot? Have you been in a long-term relationship and are now seeking to formalize and get legal recognition for it? You may want to consider getting a prenuptial agreement. You and your partner may have a certain way of handling your finances. Do you wish to keep certain funds separate to maintain a degree of independence? Do you want to keep other funds joint for your mutual enjoyment? Do you want to clarify which of your assets should be considered non-marital and which should be seen as common property? (more…)
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What is separate property?
How Tax Loss Harvesting Can Turn Non-Marital Investments Into Marital Assets
If you’re an investor going through a divorce, you likely have a keen eye on your finances. You may already be familiar with tax loss harvesting, a strategy that can help reduce your tax bill by selling investments at a loss to offset capital gains. While this technique can be a smart financial move, it can also have unintended consequences in divorce—potentially turning what you thought was your separate, non-marital property into a shared marital asset. What Is Tax Loss Harvesting?* Tax loss harvesting is a strategy that can be used to lower your tax liability. For example, if you have investments in a taxable brokerage account that have lost value, you can sell them at a loss to offset capital gains from other investments. This reduces your overall taxable income and can lead to significant tax savings. There are many rules associated with tax loss harvesting. For example, you cannot sell a mutual fund at a loss and then immediately repurchase that same mutual fund. However, one strategy that many investors utilize is to sell one investment at a loss and then purchase a similar, but different, investment. For example, you might sell VTSAX, the Vanguard U.S. total stock...
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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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Interview: Mosten on Peacemaker Practice Self Survey
I recently had the opportunity to interview ADR legend Forrest "Woody" Mosten. Woody has been on the forefront of Mediation and Collaborative Practice and is the founder of Unbundled Legal Services. Woody also happens to be a friend and mentor of mine and my co-author of "Building A Successful Collaborative Family Law Practice" published by the American Bar Association in 2018. You can find the video below. You can find the Peacemaker Practice Self Survey reproduced below. PEACEMAKER PRACTICE SELF-SURVEY Forrest S. Mosten and Kevin Scudder[1] Peacemaker Professionals are lawyers, mental health professionals, and financial professionals who deliver services to clients in a number of roles: Advisor, Information Provider, Organizer, Legal Counselor, Mediator, Evaluator, and other forms as service-provider. (more…)
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Tax Issues for Divorcing Spouses to Look Into
Mandi Woodruff at the Business Insider provides the following tips for divorcing spouses: Procrastinating. If you're newly divorced and haven't filed taxes as you read this article, you might want to get a move on it. First of all, there's no telling how willing your ex will be to fork over his or her tax records, which could throw a major roadblock in your way. And if you're relying on a CPA or tax preparer to play mediator, chances are high they'll be too swamped this late in the season to field your last-minute questions. Setting yourself up for liability by filing jointly. Every couple has to decide whether to file as married (joint) or married (filing separately) after a divorce. There's a big difference here, which is that filing jointly means you're on the hook if your ex winds up in tax trouble. "You're liable for everything on the tax return even if it's related to your spouse," Mindel says. (more…)
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How much support will I pay/receive?
How does child support get determined?
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?
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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Florida Alimony Reform 2023: What is is and what does it mean?
INTRODUCTION ON FLORIDA ALIMONY REFORM 2023 Florida alimony reform is here. Our legislature passed, and the governor signed, a transformative overhaul to §61.08, Florida Statutes, commonly referred to as the Alimony Statute. As of July 1, 2023, Florida has virtually eliminated new awards of permanent alimony, codified temporary alimony, and implemented limits to the length and amount of alimony a court could order. The Alimony Statute now only refers to the following types of alimony (also known as spousal support or spousal maintenance): Temporary, Bridge-the-Gap, Rehabilitative, and Durational, each of which can be paid over time or in a lump sum. In this blog post, we explore each and highlight some of the recent significant changes. Keep in mind that, though this is now the default law and limits what courts can order, spouses can always agree to do things differently through a private process such as Collaborative Divorce or mediation. NEED AND ABILITY TO PAY Before alimony can be awarded, a court must first determine whether one spouse has an actual financial need, and whether the other spouse has the ability to pay and meet that need. The burden is on the party requesting alimony to show both their...
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In Florida, Can A Husband Be Awarded Alimony?
When you think of Florida alimony, you might only consider those times when a husband is ordered (or agrees) to make spousal support payments to a wife. But we no longer live in the 1950's. I am running into more divorce situations where the wife earns significantly more than the husband, and the wife is ordered (or agrees) to pay alimony to the husband. An award of alimony to a husband is made based on the same exact factors that an award of alimony to a wife is made. The primary consideration is the husband's need for spousal support, and the wife's ability to pay. Once a court has determined that there is a need and ability to pay, the court will determine the length and extent of the alimony award after considering the following factors: (a) The standard of living established during the marriage. (b) The duration of the marriage. (c) The age and the physical and emotional condition of each party. (more…)
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Does Florida Have Alimony Guidelines?
When judges and child support hearing officers determine what amount of child support a parent should pay, they have a formula to help guide them to a proper child support amount. These guidelines take into account each party's income, the amount of time a child spends with each party, and the amount of money each party spends on healthcare and daycare for the child. So does Florida have any similar guidelines to help a judge determine a proper amount of alimony? (more…)
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I’m self-employed. How does my income get determined?
Calculating Child Support: Net Income
In a previous post, I provided a list of items which would be considered gross income for child support or alimony purposes. Florida law does allow some deductions to that gross amount prior to calculating a child support obligation. These deductions include the following: (more…)
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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: (more…)
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What happens to my business?
What happens to my business?
Business Collaborative Divorce Florida Family Law Rules of Procedure Marital Assets Speed Up Divorce
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...
Read More
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?
How Tax Loss Harvesting Can Turn Non-Marital Investments Into Marital Assets
If you’re an investor going through a divorce, you likely have a keen eye on your finances. You may already be familiar with tax loss harvesting, a strategy that can help reduce your tax bill by selling investments at a loss to offset capital gains. While this technique can be a smart financial move, it can also have unintended consequences in divorce—potentially turning what you thought was your separate, non-marital property into a shared marital asset. What Is Tax Loss Harvesting?* Tax loss harvesting is a strategy that can be used to lower your tax liability. For example, if you have investments in a taxable brokerage account that have lost value, you can sell them at a loss to offset capital gains from other investments. This reduces your overall taxable income and can lead to significant tax savings. There are many rules associated with tax loss harvesting. For example, you cannot sell a mutual fund at a loss and then immediately repurchase that same mutual fund. However, one strategy that many investors utilize is to sell one investment at a loss and then purchase a similar, but different, investment. For example, you might sell VTSAX, the Vanguard U.S. total stock...
Read More
Business Collaborative Divorce Florida Family Law Rules of Procedure Marital Assets Speed Up Divorce
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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5 Tips for Dividing Mutual Funds and ETFs In a Florida Divorce
Dividing mutual funds and exchange-traded funds (ETFs) during a divorce can be tricky, but it doesn’t have to be stressful. If you’re divorcing in Florida, these five tips will help you navigate the process, protect your interests, and work toward a fair resolution. 1. Consider Your Short-, Medium-, and Long-Term Financial Interests Before you even think about dividing assets, you should take the time to consider and write down your short-term, medium-term, and long-term interests. For example, are there investment opportunities now where liquidity is important? Or do you wish to build on the relative stability of a buy-and-hold strategy? Do you have an employment-based retirement or profit-sharing plan where it will be easier to save for the future? Or do you need to keep more of the family's tax-advantaged accounts to secure your long-term plan? Do you prefer the control of a defined contribution plan or the consistency of a defined benefit plan? Working with a Collaborative Facilitator and Neutral Financial Professional during divorce can help you identify your interests and adjust your strategy to ensure it aligns with your new circumstances. 2. Understand Florida’s Equitable Distribution Law Florida follows the law of equitable distribution. This means marital property,...
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Asset Protection and Florida Divorce
If you are facing divorce in Florida and have accumulated substantial assets, you may be wondering what asset protection strategies are available. Fortunately, there are some steps to consider, both before and during divorce. Florida is an equitable distribution state, meaning the law divides marital assets fairly, though not necessarily equally. Below are some methods to explore (please note that this is just an overview, and you should speak with a lawyer to determine if these apply to your situation and how to employ them): Asset Protection Before Divorce Prenuptial or Postnuptial Agreements. A prenuptial agreement is signed before a marriage, and a postnuptial agreement is signed during a marriage. Both can be legally binding agreements that essentially allow you to make your own law and specify how assets will be divided and spousal support will be handled in case of divorce. These agreements must be entered into voluntarily, with full disclosure of assets, and include other elements that can help ensure that it holds up if challenged. You can learn more about prenuptial and postnuptial agreements here. (more…)
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Financial Education Books For Spouses Going Through Divorce
It is common when going through divorce in Florida or elsewhere for one or both spouses to be lost when it comes to finances and retirement planning. One of the best things that you can do to make divorce less traumatic and to help ensure that you and your spouse's interests are being met is to involve a Neutral Financial Professional within a Collaborative Divorce process. It is also important to educate yourself when it comes to finances. Below are a list of books that I have personally found helpful to educate myself. Even if you are not going through divorce, you may get something from these resources. The Total Money Makeover by Dave Ramsey If you have medical school student loans, a high interest mortgage or home equity lines of credit, or other forms of large debt, and you just don't know how you could possibly pay it off in any reasonable amount of time, Dave Ramsey's The Total Money Makeover is for you. As someone who went to a very expensive law school and incurred six figures in educational debt, I found this book immensely helpful. I am a big believer in the Financial Independence (sometimes also called...
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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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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: Is Bitcoin a Marital Asset?
Bitcoin has sure been in the news a lot lately. The cryptocurrency, though volatile, has traded at over $50,000 in recent weeks. Billionaires have publicized opposing views about Bitcoin, with Bill Gates warning investors to stay away while Elon Musk has sung its praise. Regardless, more people seem to be getting on the Bitcoin bandwagon, and thus it is popping up more and more in divorce matters. In fact, you may be wondering: Is Bitcoin a marital asset for purposes of divorce? (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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Do my business records become public record?
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…)
Read More