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?

The House

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?

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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…)

Divorce Money & Property The House

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…)

Am I responsible for my spouse’s credit card debts?

Credit Cards Debt LGBT Family Law Matters Money & Property

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…)

What is separate property?

Collaborative Divorce Family Law News Mediation Separate Property Unbundled Legal Services

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…)

Divorce Money & Property Separate Property

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…)

How much support will I pay/receive?

How does child support get determined?

Child Support Divorce Money & Property

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.

Child Support Divorce Money & Property

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.

Child Support Divorce

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.

Child Support Divorce Money & Property

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…)

Will I have to pay alimony?

Alimony Divorce Florida Statutes

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...

Alimony Florida Statutes Money & Property

In Florida, Can A Husband Be Awarded Alimony?

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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?

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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…)

I’m self-employed. How does my income get determined?

Divorce Money & Property Self-Employeed Income

Calculating Child Support: Net Income

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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…)

Divorce Money & Property Self-Employeed Income

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

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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…)

What happens to my business?

Business Collaborative Divorce Divorce Money & Property

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…)

Business Collaborative Divorce Divorce Marital Assets Money & Property

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…)

Is my business a marital asset?

Divorce Marital Assets

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…)