5 Key Financial Aspects Of Florida Divorces

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5 Key Financial Aspects Of Florida Divorces
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1. Division Of Assets
A major aspect which is the root cause of most
conflicts in legal separations is asset division.
Anything which you acquired in your individual
capacity or do not own jointly with your partner
is legally only yours. You can retail all
non-marital assets or things which you obtained
when you were not in the present relationship.
However, any increase in the value of such assets
must be shared between the two people. The laws
of the state specify that marital assets or
valuables which the couple acquired or own
jointly must be done in an equitable manner. It
usually means equal but if a judge feels that a
50-50 split is unfair to one partner, then he/she
can devise another formula.
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2. Determination Of Alimony
Alimony is an instrument through which the person
with more financial resources supports the
divorced partner. The duration for which the
marriage lasted is an important factor considered
by the courts while fixing the amount. Marriages
which lasted for less than 7 years are considered
as short-term and those which lasted for less
than 17 years are termed as moderate-term. A
long-term marriage is one which continued for 17
years or more. A spouse will receive temporary
alimony as soon as the case is accepted by a
court. It is replaced by another format once the
divorce is formalized. Permanent alimony is
usually granted in moderate and long-term
relationships. Rehabilitative alimony is awarded
to support a spouses educational or vocational
pursuits.
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3. Child Support Responsibilities
Child support responsibilities are one of the key
financial aspects of Florida divorces. It is
mandatory and parents are legally bound to pay
financial assistance to meet their offsprings
basic and developmental requirements. The income
shares model is applicable in Florida which means
that a kid must get the same proportion of money
which he/she would have received from unseparated
parents. Courts consider parental income and the
time spent by a child with the person to
calculate the assistance amount. Individuals can
deduct income taxes and other expenses like
health insurance payments from their gross
income. Salary, wages or any other workers
compensation and even pension and social security
benefits are considered as an individuals
earnings.
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4. Division Of Debts
Debt division is another important point which
can have a significant financial impact. Just
like assets, Florida laws specify that an
equitable distribution of debts must take place
between the couple. Repayment of any liabilities
which a partner incurred before the marriage is
his/her sole responsibility. Such liabilities are
termed as premarital debt. A non-marital debt is
one which was taken by a person in his/her
individual capacity. Its repayment cannot be
shared with the other partner. A joint debt will
have to be shared by the couple as both of them
benefited from the money.
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5. Tax Implications Of Divorce
You can file joint tax returns with your partner
until the divorce decree is entered by a court.
Filing separate returns can move you to a higher
tax bracket but will make you responsible for
your individual income only. The best way to
understand the full implications of the
separation on your taxes is by approaching a
local expert. If you live in Fort Pierce, hire a
divorce lawyer in that city to know how your
changed marital status affects your tax
liabilities. Do not forget that the amount
received as alimony is taxable. The paying
partner will enjoy the benefit of reducing the
taxable income by the alimony amount.
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