Tag Archive for: equitable distribution

How Are Medical School Student Loans Handled In a Florida Divorce?

/in , , , //Tags: , , , , , , , , , , , , , by

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 were taken out during your marriage, they will be considered marital debt. This means that both you and your spouse could be responsible for repaying them, even if it was taken out in only one spouse’s name.  If some student loans were taken out prior to the marriage and other medical school debt was taken out during the marriage, then some loans will likely be considered non-marital and other med school loans will be considered marital. In a traditional divorce, this could lead to a lengthy and contentious battle, especially if the loans are significant.  More commonly, especially in a Collaborative Divorce, only one spouse ends up taking responsibility for paying off the marital portion of the loans, while they also typically get something in return to offset the debt.  Alternatively, the other spouse may take on a different set of debts as an offset.

In a Collaborative Divorce, you and your spouse have the opportunity to work together to find a fair and equitable solution. The Collaborative Process encourages open communication and cooperation, allowing both of you to express your concerns and preferences.

At the end of the day, a court will likely order, and most divorcing spouses agree on, an equal distribution of your family’s marital net worth.  So, for example, if your family has a total of $3 million in marital assets and $1 million in marital debts, equaling a net marital estate of $2 million, then likely each of you will end up with around a net worth of $1 million from the marital estate (though most people agree to an equal distribution of your marital assets/debts, you can also agree to an unequal distribution if it makes sense for your family or as an alternative to alimony).  For this reason, when determining how you are going to split your assets and debts, it is important to look at not just one debt, like medical school student loans, but at your family’s full financial picture.

Read more →

Divorcing Wealthy in Florida

/in , , //Tags: , , , , , , , , , , , , by

What is the best way to end up wealthy after divorce?  It is by being even wealthier before divorce.  The truth is that divorce is not cheap.  But there are things that you can do to help preserve your wealth even if your marriage is ending.

Retain a Neutral Financial Professional

One of the biggest challenges when going through divorce is that one spouse typically knows more about the family finances than the other spouse.  If you are the spouse with the knowledge, this can be frustrating because you feel you are making reasonable proposals that would benefit your spouse, and yet your spouse is outright rejecting them or refuses to make a decision, costing your family even more time and money.  If you are the spouse without knowledge of the family finances, you feel like your spouse is trying to control you by badgering you to agree to their proposal, but how can you even make a decision that could have disastrous consequences for your long term financial future?

This is where a Neutral Financial Professional comes in.

Read more →

The Neutral Financial Professional in Collaborative Divorce: Saving Your Family Time and Money

/in //Tags: , , , , , , , , , , , , , by

Are you considering divorce? If so, you’re likely familiar with the emotional strain that comes with it. But amidst the whirlwind of emotions, it’s easy to overlook the importance of your family’s financial future when considering your divorce options. That’s where a Neutral Financial Professional steps in as an invaluable member of a Collaborative Divorce team. Let’s delve into what a Financial Professional does in this process and how they can help your family save money while preserving your financial well-being.

Collaborative Divorce

First and foremost, it’s essential to understand the Collaborative Divorce approach. Unlike traditional litigated divorces, where trial lawyers are retained and there is the constant threat or reality of a court battle, Collaborative Divorce emphasizes transparency, cooperation, and durable resolutions. The Collaborative Team typically comprises of specially-trained lawyers for each spouse, a team leader known as a Neutral Facilitator, and a Neutral Financial Professional. All professionals, once the process starts, can only help with out-of-court dispute resolution, and they are prohibited from being used to fight in court.  The Collaborative Approach fosters open communication, leading to more amicable resolutions and, compared to litigated court battles, significant cost savings.

Role of the Neutral Financial Professional

Now, let’s shine a light on the role of the Neutral Financial Professional on the Collaborative Divorce team. As a Collaborative Lawyer, I often emphasize the pivotal role they play in ensuring fair and sustainable financial outcomes for both spouses. Here’s how they do it:

1. Financial Clarity

Divorce involves complex financial matters, from asset division to spousal support and child support. A Neutral Financial Professional brings clarity to this complexity by helping each of you analyze your financial situation.   This is important, as it is common in divorce for one spouse to be less knowledgeable about the family’s finances than the other spouse.  This disparity in knowledge oftentimes causes one spouse to freeze in the face of making long-term decisions out of fear of making the wrong decision, causes long delays and increased fees for both spouses.

Accordingly, the Financial Professional helps explain your family’s assets, liabilities, income, and expenses to provide a clear picture of your financial standing. This clarity is crucial for making informed decisions during negotiations, preventing surprises down the road.

Read more →

Collaborative Jewish Divorce

/in //Tags: , , , , , , , , , , , , , , , , , , , by

In these uncertain times, if you are Jewish and considering divorce, you may wonder where you can safely turn.  I have watched in horror at the chants of “Jews will not replace us” in Charlottesville in 2017, the massacres of Israeli civilians on October 7th, and the more recent intimidation of Jewish students on campuses across the U.S.  I have personally experienced people telling antisemitic jokes to me, apparently not realizing that I was Jewish.   If, with this as a backdrop, you are facing the upheaval of divorce, let us help you and your family through a Collaborative Jewish Divorce.

Read more →

Create Your Own Path with Collaborative Divorce

/in //Tags: , , , , , , , , , , , , , , , , , , by

If you’re reading this, chances are you’re either going through a divorce or know someone who is. And let’s face it, divorce isn’t exactly a walk in the park. But what if I told you that in Florida there’s a way to navigate this challenging time while still preserving your self-determination and sanity? Enter: Collaborative Divorce.

Picture this: instead of duking it out in a courtroom with lawyers battling it out, Collaborative Divorce brings everyone to the table – you, your soon-to-be ex, and a team of professionals (including separate attorneys to provide each of you with independent legal advice) dedicated to finding solutions that work for everyone involved. Sounds pretty good, right? Here’s why it’s worth considering:

Collaborative Divorce Puts You in the Driver’s Seat

One of the biggest perks of Collaborative Divorce is that it empowers you to take control of your own future. Instead of leaving decisions about your life in the hands of a judge, you and your soon-to-be ex get to work together to find solutions that meet both of your needs. From dividing assets to co-parenting agreements, you have a say in it all.

Read more →

Can I Get A Discount For Virtual Divorce Legal Services?

/in //Tags: , , , , , , , , , by

If you are facing divorce and have done your research, you probably realize how expensive divorce can be.  Not only are you charged for your attorney’s time spent engaging in the actual legal work, but it is also common practice for you to be charged for travel time to go to hearings, mediation sessions, or Collaborative Divorce meetings at the lawyer’s regular hourly rate.  Further, firms that practice mainly in person incur additional expenses including leasing larger office space, renting additional equipment, and purchasing additional office snacks, drinks, and supplies.  And, of course, those expenses get passed on to you, the client.

But what if you were comfortable working with your lawyer through Zoom, telephone calls, e-mails, and other virtual means, and you did not feel the need to meet in person?  Since it ends up costing less for the law firm, shouldn’t you get a discount for virtual divorce legal services?

Read more →

How to Smartly Negotiate Your Divorce

/in , //Tags: , , , , , , , , , , , , , , , , by

Divorce is undoubtedly one of life’s most challenging experiences, requiring emotional resilience and practical decision-making. When navigating the complex terrain of divorce negotiations, a strategic and smart approach can make all the difference. In this blog post, we’ll explore three key principles to help you smartly negotiate your divorce and pave the way for a more amicable and satisfactory resolution.

Focus on the Big Things, Not the Small Things

It’s easy to get caught up in the minutiae of divorce proceedings, arguing over every detail from who gets the newly purchased air fryer to who keeps the television. However, a smart negotiator knows the importance of focusing on the big picture. Prioritize the key issues that will significantly impact your post-divorce life, and don’t sweat the small stuff.

Consider the division of larger assets, child support, alimony, and child custody as primary areas of focus. By concentrating on these critical aspects, you’ll streamline the negotiation process and avoid unnecessary emotional turmoil over trivial matters. Remember that keeping your eye on the big picture is key, and being willing to let go of smaller items can lead to a more expedient and less emotionally taxing divorce.

Read more →

Divorce: Is Bitcoin a Marital Asset?

/in , //Tags: , , , by

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?

Read more →

Top 3 Tips To Prepare For Divorce

/in , //Tags: , , , , , , , , , , , , , , by

Now may be a tough time if you are considering divorce.  Your mind is racing, your future is unsettled, and your questions are unanswered.  But rest assured, there are things that you can do to prepare for divorce.

Here are the top 3 tips for you to consider when you are preparing for divorce.

1.  Gather Your Financial Documents

As part of any divorce process, you and your spouse are going to need to divide your marital assets and debts.  These could include funds in checking accounts, savings accounts, money market accounts, retirement accounts, investment accounts, and other accounts.  These would also include liabilities such as mortgages, credit cards, charge cards, and loans.  Your marital assets might also include cryptocurrencies, such as Bitcoin, Bitcoin Cash, or Ethereum.  You should make sure that you have access to (or make copies of) documents, statements, and/or screenshots reflecting all of these so you and your lawyer know what there is to divide.

Read more →

Is There A Better Way To Divorce?

/in , //Tags: , , , , , , , , , by

Divorce is never easy.  I oftentimes hear people going through the stages of grief when discussing divorce, as if a loved one has died.  And, in a very real sense, divorce does signify the death of a relationship.

But imagine if, when a loved one died, you then picked a battle and entered a very public adversarial court system.  Your every move is scrutinized by a lawyer looking to portray you in the very worst light.  You are subjected to depositions and court hearings and a wide-net fishing expedition through all of your personal and financial matters.  And, all of this could be exposed to public scrutiny, as hearings and the court file are open for public viewing.

All of this, while you are experiencing the grief and trauma of death.  In this case, the death of a relationship.

There has got to be a better way to divorce, right?  To avoid the public indignity of an entrenched fight, right?

Fortunately, there are alternatives.  One alternative, which in this lawyer’s opinion is best for most families, is collaborative divorce.

Non-Adversarial Process

Collaborative divorce is a non-adversarial process.  Each spouse retains a separate attorney, and the two attorneys are there solely for the purpose of reaching an out-of-court agreement.  In fact, the collaborative attorneys are prohibited by law, once a collaborative process is started, from fighting in court.

Imagine that, attorneys helping clients reach a peaceful resolution.  The attorneys spend no time, no energy, and no money on opposition research, motion practice, or demonizing either spouse.

Wouldn’t that be wonderful?

Read more →