July 2, 2021
Divorce is sometimes a necessary measure to ensure the happiness of married people—separately. The entire divorce process can be stressful, however, especially for embittered couples. Assets are also at stake, which can be especially complicated in high asset divorce cases.
In Florida, the divorce law dictates that there will be an equitable distribution for the division of assets and liabilities. This means that the division of assets and liabilities for couples going through the divorce process will be 50/50. However, there are circumstances where a 50/50 split won’t happen easily.
To understand more about Florida’s divorce law, read on below.
Can You Lose Your Assets in a Divorce?
Determining whether or not you can lose your assets in a divorce can be tricky, but never impossible. The first step is to examine any asset or accumulated debt as a singular property. This is usually a straightforward process, as an asset acquired during the marriage will normally be divided equally. However, there are some exceptions to the case, such as an asset acquired prior to the marriage will usually be considered non-marital property and remain with the owner. Commingled property, like investments, bank accounts and also the home are usually titled in both names.
The House
One party can plea for a partition claim in the divorce if they want to sell the house as part of the divorce. Should the partition be granted, both parties receive equal proceeds. However, a special master will be needed to sell the house.
If a mortgage remains on the house, the spouse who has possession will be responsible for the monthly payments post-divorce. If the required spouse fails to pay, both parties will be held liable by the mortgage company. This is because the mortgage company is not a party to the divorce and is not controlled in any way by the divorce.
Student Loans And Credit Cards
Credit card debt and student loan debts are liabilities. As such, they may be split 50/50 under Florida’s divorce law. In the case of credit cards, they are considered marital debt even if only a single spouse is on the card.
Student loans, on the other hand, can be huge amounts of money. There are even cases where it’s greater than the couple’s mortgage. Like credit card debts, student loan debts incurred during the marriage are also to be divided equally among both parties.
The Prenuptial Agreements
A prenuptial agreement is a contract that couples sign before they marry. In the contract, it states what will happen in the event of a divorce. Under Florida’s divorce law, marital assets will be divided 50/50 unless stated otherwise in a prenuptial agreement. A well-executed prenuptial agreement will be followed by the divorce proceedings, even if the Florida Divorce Law is in effect.
Is It Possible to Receive More Than 50% Of the Marital Property?
As stated before, all assets and liabilities are to be divided equally under the Florida divorce law. However, it’s also possible that a spouse may be awarded more than 50% of the assets. This is referred to as an unequal distribution.
Under Florida Statute, 61.075, the following criteria are considered by the Court in determining whether there is jurisdiction for an equal distribution.
(a) The contribution to the marriage by each spouse.
(b) The economic circumstances of the parties.
(c) The duration of the marriage.
(d) Any interruption of personal careers or educational opportunities of either party.
(e) The contribution of one spouse to the personal career or educational opportunity of the other spouse.
(f) The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party.
(g) The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the nonmarital assets of the parties.
(h) The desirability of retaining the marital home as a residence for any dependent child of the marriage.
(i) The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition.
Conclusion
When it comes to dealing with your divorce, it’s crucial to hire an attorney who knows the law. You need an attorney with a good reputation. Hiring the right one can give you justice, especially in an unhappy marriage.
If you need assistance with your divorce in Jacksonville, Dorsey Law Firm can help. We have experienced lawyers who will assist you through your divorce. Book a consultation with us today!
June 24, 2021
Sometimes, certain situations will end up leading single parents to have difficulty with putting personal feelings aside. That can be quite tricky when there needs to be co-parenting for the child or children. For the most part, child time sharing arrangements are the best possible solution, especially if this ends up being mandated by the court as a solution in certain situations.
That way, both parents will be able to actively play a role in the child or children’s life. It also encourages engagement with the child for both parents. That said, effort is required on all sides in order for it to work well.
Florida Co-Parenting
When it comes to making arrangements for the child or children, the very first step is for legal paternity to be established. Advice from the Florida Department of Revenue states that this can be done through their office or through a judge-issued court order. When it’s established, then a return to court can happen so that time-sharing arrangements can be negotiated. Several issues will have to be considered, including but not limited to:
- Agreements for holidays, special occasions, and school breaks
- Division of legal decision-making authority in matters that directly affect the child or children (medical care, education, and/or religious upbringing)
- Living arrangements (child being based with one parent while the other has visitation or other arrangements)
- Participation per parent in the activities of the child (educational, recreational, social)
- Pick-up and drop-off arrangements after parent visits
- Visitation from third parties such as family members and friends
- Communication between the parents and each parent and the child(ren)
- Travel out of state and foreign travel
Ideally, arrangements will be thorough and detailed. This way, there will be no confusion regarding roles, and the likelihood of disputes will lessen.
Make It Work
There are challenges that are unique to single parents when it comes to raising their children. They’re not much different from challenges that married couples end up facing with child-rearing, however. Both parties should never forget that while a romantic relationship between two people can end because things weren’t working, that does not take away from a person’s capability as a parent.
Adjustment can be tough all around, especially in the earlier weeks or months. This also depends on the age of the child or children and their level of understanding of the situation. Some tips to make things go smoothly include, but are not limited to:
- Avoid Bad Mouthing the Ex and/or Hostility – No matter how bad things went, the child or children are not involved. The bare minimum should be politeness and being cordial. It will make co-parenting go much smoother.
- Keep a Routine – Consult with the other parent about both issues and needs of the child or children. This includes sleep schedules and dietary restrictions. Avoid plans that conflict with the other parent’s schedule or, worse, that of the child.
- Stick with the Schedule – Make sure that the parenting plan is followed as is. It’s key that every effort is made for punctuality to be achieved. When something happens, the other parent needs to know quickly.
Conclusion
There is nothing easy about being a single parent, but it can certainly be less stressful. A great way to do this is through child time sharing. It’s key to keep a routine, avoid bad-mouthing the other parent and/or having hostility, as well as to stick with the set schedule.
Looking to hire a child custody lawyer you can depend on? Reach out to Dorsey Law JAX today! We are top-notch attorneys in Jacksonville, Florida.
June 17, 2021
Divorce can bring about many complicated feelings from both parties. It can be even more difficult to prepare when you don’t have a clear picture of what’s expected of you in court. Getting legal advice and going through that experience can help you separate and start a new chapter in your life.
Sometimes in divorce cases between two high-net-worth individuals, the lines can quickly get blurred about how funds and assets will be divided.
Following these few key steps should be able to guide you through this aspect of the divorce case.
1. Prepare Plans
First, calm down and create a plan. It can be hard to pinpoint what your goal is if there are many emotions building up. Take a deep breath and consult with someone you trust about what you plan to achieve in the divorce case and what you hope to end up with. Divorce changes almost every aspect of your daily life, but what result do you really want?
Speaking with an experienced divorce lawyer can help you understand what will happen with your assets and what moves you will be able to realistically make. It can be really stressful in the beginning, but proper preparation and choosing the best divorce lawyer for you should equip you with great odds in court.
2. Get Financial Advice
Having a lawyer is excellent for handling the legal aspect of things, but your divorce may encompass a lot of financial expertise. It’s highly likely that you and your spouse had a financial advisor to assist you. Contact that person or hire a new advisor who will be able to help you with your finances and get monetary advice for only your benefit.
Having a financial advisor can help you identify ownership percentages and have a basis of where you currently stand in terms of money management and taxes. Plus, divorce does have an effect on your taxes; being given a rough estimate of the tax consequences can give you better control over your personal finances and direction on where you’ll be after the divorce case.
3. Take Initiative
Communication with your spouse is a must for the divorce case. Contact him or her, or let your divorce lawyer contact his or her attorney regarding a compiled list of assets, properties, and businesses that you two may share. Taking this initiative will be a well-perceived approach in the divorce case.
Plus, disclosure is a much better alternative to keeping most of that information in the dark. A lack of transparency could be deemed as an attempt to hide things and wouldn’t bode well for the court’s decision. Consult your attorney on what’s best to do to protect your high net worth status.
Conclusion
Money and ending a marriage can be complex for many people. Consulting and working with professionals will help you ensure that you’re not alone in preparing and going through your divorce. Being truthful and having a pragmatic approach should leave you with no regrets.
Getting a divorce in Jacksonville? The Dorsey Law Firm in Florida offers divorce lawyers who can help tackle your divorce cases. Call us today for a consultation!
