Tag Archive for: St. Petersburg divorce attorney

Do My Business Bank Accounts Get Divided In A Florida Divorce 1 - Family Diplomacy | A Collaborative Law Firm

What is Equitable Distribution in Florida?

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If you are going through divorce in Florida, one of the first financial questions is simple but important: What happens to your assets and debts?

In Florida, this is called equitable distribution. It is the process of dividing marital assets and marital debts in divorce. For many professionals, business owners, executives, and high-net-worth families, this can include real estate, retirement accounts, business interests, investments, credit cards, mortgages, and other financial obligations.

The video below gives a brief explanation of how equitable distribution works in Florida and how Collaborative Divorce can help keep financial information more private.

Quick Answer: What Is Equitable Distribution in Florida?

Equitable distribution in Florida means how you and your spouse divide your assets and debts in divorce.

Florida has default rules that courts follow, but you and your spouse can reach your own agreement. In Collaborative Divorce, you can make these financial decisions outside of court, with privacy, professional guidance, and more control over the outcome.

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Do My Business Bank Accounts Get Divided In A Florida Divorce - Family Diplomacy | A Collaborative Law Firm

What Is Collaborative Divorce? 3 Defining Elements.

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Collaborative Divorce in Florida: The 3 Defining Elements That Make It Different

Collaborative Divorce in Florida is not just any peaceful divorce, private negotiation, or settlement-minded process. It has three defining elements:

  1. Each spouse has a separate Collaborative attorney;
  2. The spouses sign a written Participation Agreement; and
  3. The Participation Agreement includes a disqualification clause that keeps the lawyers and other professionals out of contested court litigation.

If you are a physician, lawyer, executive, business owner, public figure, or professional with complex finances, those details matter. You may want privacy. You may want control. You may want your divorce handled thoughtfully, without a judge making the most personal decisions of your life.

Collaborative Divorce gives you a structured way to do that.

Quick Answer: What Are the 3 Defining Elements of Collaborative Divorce in Florida?

The three defining elements of Collaborative Divorce are (i) separate Collaborative attorneys for each spouse, (ii) a written participation agreement, and (iii) a disqualification clause that prevents the Collaborative lawyers and other professionals from engaging in contested litigation.

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Collaborative Divorce In Florida Infographic Showing Private Divorce Process, Separate Lawyers, And Solutions-Focused Out-Of-Court Resolution

What Is Collaborative Divorce?

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If you are exploring Collaborative Divorce in Florida, you are likely looking for a way to protect your privacy, preserve your wealth, and avoid a judge controlling your future.  The video and transcript below explains how it works and why many professionals in Tampa Bay and throughout Florida choose this approach.

Quick Answer

Collaborative Divorce is a private, out-of-court process where you and your spouse work with your own lawyers and a professional team to reach a resolution without fighting in court.

Key Takeaways

  • Collaborative Divorce keeps your personal and financial details out of the public record
  • You and your spouse remain in control of the outcome, not a judge
  • Each spouse has their own lawyer for independent legal advice
  • The process uses a team approach, including a Facilitator and Financial Professional
  • If the process breaks down, the Collaborative attorneys must withdraw
  • About 85% of Florida Collaborative cases in a 2014–2024 analysis reached full resolution
  • It is especially well-suited for professionals who value privacy, efficiency, and control

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Learn Who Can Divorce In Florida

Divorce 101 Video: Who Can Divorce In Florida?

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Quick Answer

At least one spouse must have lived in Florida for at least six months before filing for divorce.

Who Can Divorce in Florida?

If you are asking who can divorce in Florida, you are likely thinking about timing, privacy, and how to move forward without unnecessary disruption to your life and career.

As a physician, executive, business owner, military officer, or other professional, you may not want your personal life dragged through a public courtroom. You want clarity. You want control. And you want to make the right move at the right time.

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Collaborative Divorce Timeline In Florida Showing Most Cases Resolve Within 3 To 12 Months

How Long Does Collaborative Divorce Take in Florida?

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If you are considering a Collaborative Divorce, one of your first questions is likely about timing. “How long does collaborative divorce take?” You want clarity, but you also want privacy, control, and a process that protects your family and your financial future in a timely manner.

Quick Answer: How Long Does Collaborative Divorce Take?

According to a recent study of nearly 300 Collaborative Family Law matters in Florida, approximately 30% concluded in 3 months or less, 60% in 6 months or less, and 90% in 12 months or less

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Portability Benefit - Family Diplomacy | A Collaborative Law Firm

Florida’s Save Our Homes Portability Benefit and Divorce: Is it a Marital Asset?

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If you are going through a Florida divorce, you may worry about how to protect your home, your long-term tax burdens, and your financial stability. Many high-income professionals focus on dividing the home itself, but Florida’s Save Our Homes Portability Benefit also carries real value. If you have established a homestead in Tampa, St. Petersburg, Sarasota, or elsewhere in Florida, this benefit can reduce your future property taxes, yet it is often overlooked during divorce. When you understand how it works, you can make better decisions and avoid losing tax advantages that could protect your financial future.

Quick Answer: Is Florida’s Save Our Homes Portability Benefit a Marital Asset?

Yes. Florida’s Save Our Homes Portability Benefit is usually treated as a marital asset because it grows during the marriage and can reduce future property taxes for one or both spouses. It has a value that can be taken into consideration when reaching a divorce agreement.

Key Takeaways

What the Save Our Homes Portability Benefit Actually Is

Florida’s Save Our Homes law limits how fast your homestead’s assessed value can rise. Even when the market value increases sharply, the assessed value can only increase by 3% or the Consumer Price Index, whichever is lower. This creates a gap between market value and assessed value, known as the assessment difference. Over time, this difference becomes meaningful because it reduces your property taxes year after year.

Portability allows you to take up to $500,000 of that assessment difference with you when you establish a new Florida homestead. This lower starting assessment can reduce your taxes for many years, especially if you plan to stay in your new home long-term.

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Do My Business Bank Accounts Get Divided In A Florida Divorce 2 - Family Diplomacy | A Collaborative Law Firm

Do My Business Bank Accounts Get Divided In A Florida Divorce?

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If you own a business and are facing divorce, you may be wondering whether your business bank accounts—the checking, savings, operating, or money market accounts tied to your company—could be considered “marital assets” and divided.

For many professionals, these accounts represent far more than just money. They reflect years of effort, payroll obligations, and the foundation of your financial life. Understanding how Florida law treats business bank accounts can help you protect what you’ve built and choose the right path forward.

Quick Answer: Can Business Bank Accounts Be Divided in a Florida Divorce?

Yes. Business bank accounts can be divided in a Florida divorce depending on when and how the business was created, how the accounts were funded, and whether marital income or marital efforts contributed to their growth. Under Florida’s equitable distribution law, the court can treat those funds as marital property even if the accounts are in only one spouse’s name or owned by the business.

How Florida Law Treats Business Bank Accounts in Divorce

Under Section 61.075, Florida Statutes, courts must divide marital assets and debts fairly, though not necessarily equally. Marital assets generally include property or income acquired during the marriage—regardless of whose name is on the account.

That means if your business was formed or operated during the marriage, the funds in its business bank accounts could be considered marital.

If your business predated the marriage, those accounts might begin as nonmarital. Still, any increase in their balance or new deposits during the marriage can be at least partly marital—especially if marital income was added or your marital efforts contributed to the business’ success and growth.

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