May 6, 2021
Divorce can be hard. The separation of two intricately connected lives can be messy and painful. This is especially true for your finances. Not only is there the cost of the divorce; there’s also the split of your assets.
Your financial stability may be affected by your divorce, both now and for the foreseeable future. If you have a trust, you may be wondering whether that will protect your assets from your divorce. The answer is a little complicated.
State Divorce Laws and Trusts
Depending on your state, trusts may or may not be able to help you. For example, Florida doesn’t necessarily split between two spouses 50/50. The courts will instead do what they think is fair to both spouses. Should your trust fund be classified as marital property, it will be part of your financial split.
However, the fund itself won’t necessarily be split in half. Occasionally, a trust fund will be awarded to just one spouse. This is usually done to balance out property awarded to another spouse. For example, if one spouse gets awarded the family car and other property, the other spouse may be awarded the trust fund to keep things balanced.
Trusts and Divorce
Simply put, to find out what happens to your trust, you have to know what kind of trust it is. There are also other factors like when the trust was created, which spouse contributed the funds, and how the funds within the trust fund were used. These factors can change how the trust is dealt with during a divorce.
The two most common types of trust are irrevocable trust and revocable trust.
Revocable Trust
In short, a revocable trust is one that can be amended or canceled. Instead of wills, people usually use revocable trusts as you can use them to mitigate or even avoid altogether the lengthy probate process.
If one spouse (the settlor of the trust) should decide to execute a revocable trust fund, it becomes null and void when the marriage dissolves. What this means is that should there be any provisions in the trust that affect or are directly for the settlor’s former spouse, these are voided.
Furthermore, the law (in Florida) treats the settlor’s spouse as if they died on the date of the annulment or entry of the judgment for dissolution of marriage or divorce. So as long as you only used separate funds to fund the trust, the settlor retains control of the trust fund. These cannot be transferred to your former spouse.
If you have used marital funds, then the fund will be considered marital property. This may cause the courts to order that the trust be dissolved, and the funds be divided.
Irrevocable Trusts
If you’re in Florida, then an irrevocable trust cannot be considered marital property. This is true even if you made your spouse the beneficiary. Unlike revocable trusts, there isn’t any law that voids provisions for a former spouse. This means that they will continue to benefit from it even after a divorce.
Conclusion
Divorce is truly a difficult thing and a trying part of life. Make it easier by hiring an experienced attorney. They will be able to truly help you manage your trust fund or any other financial holding as you navigate your divorce.
Are you in need of a trustworthy divorce attorney? Contact Dorsey Law JAX today! We represent clients for divorce, family law, criminal defense, and more.
April 29, 2021
In this day and age, there are many real estate opportunities that present themselves to people who want to invest. One example of this comes in the form of a timeshare. While most timeshare deals are uneventful, there may be some instances where timeshare deals can go pear-shaped.
If you have gotten yourself into a timeshare contract that you want to cancel or have found yourself in the middle of a timeshare scam, it is easy for you to feel overwhelmed. This is where hiring the services of a timeshare attorney will come in handy.
Keep reading to find out more about the value in hiring a timeshare attorney.
Need to Get Out of a Timeshare Contract? Hire an Attorney!
There are many aspects of a timeshare that may be overlooked when you initially sign your contract. There may be different parts of the timeshare deal that you may not completely understand. It is these small things that may warrant the need for you to hire a timeshare lawyer later on. Here is a guide to help you discern when you will need this type of legal help.
Why You May Need a Timeshare Lawyer
The moment you sign the dotted line on your contract, it will become a legally binding and fully enforceable document. There may be some instances where you may not fully read your contract prior to signing (which should not be done as much as possible), and not like the terms with which you have already signed and agreed to. Working with an attorney will help you understand what you signed and if there is any way you can get out of this obligation.
Get Help Exiting Your Timeshare
The only way for you to exit your timeshare deal is to prove that there was some type of fraud that took place when you signed the contract, or if there is something fraudulent within the specific wording in the contract. A timeshare lawyer will be able to help you see if you have a valid case that can be filed. If they see that there was indeed some type of fraud that took place, they will assist you in filing a case to get out of your timeshare contract.
A Timeshare Attorney Has Leverage
Leverage is everything, and if that’s what you need, an attorney is your best hope. Keep in mind that no other organization will be able to get you this kind of leverage except a legal professional. It may be extremely difficult to file a case when it comes to timeshare contracts, having legal counsel on your side may make a huge difference.
Conclusion
If you find yourself in a sticky situation that you seemingly have no way out of, your best bet is to contact a lawyer. This is especially important if you feel that you have entered into an unfair situation. Keep in mind that even if you had signed a contract, you may still be able to have a valid case. The thing is that you may never be sure until you talk to a lawyer about your situation.
Should you be in need of a lawyer to help you sort out your timeshare contract, the legal professionals at Dorsey Law Jax can help you! We have skilled lawyers in Jacksonville that specialize in holiday hot topics, COVID-19 effects on divorce or child custody, high net worth divorce in jacksonville or ponte vedra, visitation and timesharing, grandparent’s visitation, social media and text effects in court, DUI, drug trafficking, property division, auto accidents, slip and falls, drug possession. Get the best legal help for your criminal law case today!
April 22, 2021
Alimony is spousal support after divorce that helps the former spouse continue his/her standard of living while they were married. Alimony may be awarded based on several criteria, including the length of the marriage and the need of the recipient spouse versus the financial ability of the payee spouse.
Alimony isn’t a unique concept in Florida as the law ensures that both spouses are able to support themselves after the divorce. However, it does raise many questions about how it works and whether a divorced couple will include alimony.
Here are some questions and answers regarding Florida alimony.
What Are the Different Types of Alimony?
There are five main kinds of alimony: temporary alimony, permanent alimony, durational alimony, bridge the gap alimony, and rehabilitative alimony. The critical differences in these types are how long the payments from one spouse to the other will go on and why.
Temporary alimony is support that’s awarded during the divorce proceedings up until the final judgment of divorce. This is opposite of permanent alimony, which sometimes provides support until either spouse dies or remarries.
Durational alimony is for moderate to long term marriages but cannot exceed the length of the marriage.
Bridge the gap alimony and rehabilitative alimony have some similarities as they focus more on the expenses of one spouse regardless of remarrying and are for shorter marriages. Bridge the gap alimony encompasses that a spouse is transitioning from divorce to single status, needing support for those expenses. Rehabilitative alimony focuses on the spouse possibly continuing their education or expertise to become self-supportive.
What Factors Impact Alimony in Florida?
It can depend on the alimony type, like durational alimony, where the support awarded considers the length of the marriage. Florida divides marriages into three (3) different terms, with short-term for anything less than seven years, moderate term for 7-17 years, and a long-term marriage for anything beyond 17 years.
Some factors that affect alimony in other states like adultery and other reasons for divorce, are not relevant Florida is a no-fault divorce state. Therefore, the cause for the divorce isn’t necessarily influential factor when it comes to applying for alimony. It’s subject to circumstantial factors such as funding.
Can You Receive Support Without Divorce?
It is possible to be awarded support without a divorce in Florida. Florida Statutes provide for support unconnected with dissolution of marriage. Discuss with a divorce lawyer to know what steps you can take to receive support without a divorce.
How Much Alimony Should I Pay and For How Long?
The Florida family court determines the amount one spouse must pay to another based on two matters. Whether the person requesting alimony needs financial support and whether the other party can provide support needs versus ability to pay. The duration of the support is also determined by the Court.
Can Alimony in Florida Be Modified?
It is possible for the Court to modify alimony to increase, decrease, length, or termination. However, substantial evidence is needed to prove why the alimony should be modified, like financial transactions and records of a spouse.
Conclusion
Alimony can boost and help the financial situation of one divorced party who feels like they lost their normal way of living and ease the monetary burden the separation may cause.
Looking for a divorce lawyer in Jacksonville? At Dorsey Law Firm of Jacksonville, you’ll find the right lawyer to provide expert representation in court and fulfill your needs. Get in touch with us today.
