Nothing about a divorce is easy, but dealing with the cost can be one of the most daunting aspects. This is especially true in Florida, where divorce laws can be complex and sometimes vary from county to county.
However, with the right information and planning, couples can successfully navigate the financial aspects of a divorce. It is possible to emerge on the other side with a solid foundation and a clear path forward.
Understanding Florida Divorce Laws
Florida is a "no-fault" divorce state, meaning that either spouse can file for divorce without proving wrongdoing by the other party. Additionally, Florida has unique laws when it comes to property division and alimony, which can significantly impact the financial outcome of a divorce.
Florida uses an “equitable” division system. This means that marital property goes to the most deserving spouse, regardless of whose name is on the lease.
Consult with an experienced attorney to fully understand your rights and obligations under these laws. Russell S. Hershkowitz, L.L.C. is here to help if you have questions.
Asset and Debt Division
In Florida, all assets and debts accumulated during the marriage are subject to equitable distribution. This means that they will be divided fairly, but not necessarily equally. The court will consider a variety of factors when making this determination. This includes each spouse's financial resources, what each spouse contributed to the marriage, and the length of the marriage. Make sure you have a detailed inventory of all assets and debts, including bank accounts, retirement accounts, real estate, and personal property.
In Florida, there are several types of alimony. They include bridge-the-gap, rehabilitative, durational, and permanent alimony. The purpose of alimony is to provide for the lower-earning spouse after the divorce is finalized.
To determine whether alimony is appropriate and how much should be awarded, the court will consider a variety of factors. These factors include the length of the marriage, each spouse's financial resources and earning potential, and the standard of living established during the marriage.
If children are involved in the divorce, child support will likely be a key financial issue. Child support is based on a formula that accounts for each parent's income, the number of children, the time each parent as with the kids, and more.
You will need accurate information about both parents' incomes and expenses. You must also consider any special needs of the children, such as health or educational concerns.
Keep in mind that child support can be modified if circumstances change, such as a job loss or an increase in income.
Managing the financial aspects of a divorce requires careful planning for the future. This may include creating a post-divorce budget, updating estate planning documents such as wills and trusts, and reviewing insurance policies. You should consider working with a financial planner or accountant to ensure your assets are prepared for long-term growth. By taking a strategic approach to financial planning after divorce, couples can set themselves up for a stable and secure financial future.
Our firm is here to help make sure your divorce doesn’t break the bank. We can assist in mediation, avoiding costly courtroom litigation, but we can also help protect you in litigation when necessary. To reach our office, call (407) 753-4111 or fill out our online contact form.