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?

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?

Will I have to pay alimony?

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

What happens to my business?

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…)

Collaborative Divorce Business 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…)

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Is my business a marital asset?

Marital Assets Debt Money & Property

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...

Collaborative Divorce Business Debt Marital Assets

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...

Marital Assets Alimony Business

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…)

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…)