Financial Issues in Divorce
Divorce and Annulment Attorneys in North Florida
Equitable Distribution, Alimony, and Child Support are the three most significant financial aspects of a divorce. These issues, while seemingly simple on their face, require a knowledgeable and experienced attorney to ensure you address all of the details which arise under each of these issues.
Equitable Distribution is more commonly known as the division of the assets and liabilities of a marriage. This requires identification and valuation of each asset or liability and then determining how to distribute the asset or liability between you and your spouse. While some assets and liabilities are fairly easy to value, such as bank accounts, credit card accounts, and retirement accounts, some can be more complicated to value. Valuing real estate may require an expert property appraiser. Valuing a business may require an expert business valuator. Other assets, such as stock options and pensions, may require other financial experts. These are just some examples of why it is important that your attorney not only understands how equitable distribution works, but also understands when it is advisable to bring on other financial professionals to ensure all of your assets and liabilities are appropriately valued.
Alimony, Also Known as Spousal Support
If your spouse has a higher income than you, you may be entitled to alimony. Determining whether you are entitled to alimony requires consideration of many factors. Some of these factors include the length of your marriage, the standard of living during your marriage, your income, your spouse’s income, you ability to earn income, the time necessary to care for your children, and your contributions and your spouse’s contributions to the marriage. While the factors to be considered are listed in a statute, understanding how those factors are interpreted and which facts are most important to support your claim for alimony requires experience and a detailed understanding of alimony laws. Our attorneys have this experience and knowledge
Child Support
Child Support is the support a parent must pay to contribute to the support of their children. Florida has a child support formula for calculating child support. Most lawyers use software programs to calculate child support. Before child support can be calculated, many factors including your income, your spouse’s income, the timesharing schedule, the cost of health insurance, and the cost of childcare, must be known. If alimony is involved in your case, alimony must be determined before child support can be calculated because alimony can reduce or increase income for purposes of calculating child support. Child support is another issue that can seem simple on its face, but there are many details that should be addressed to ensure the child support calculated in your case is accurate and provides your children with the support they are entitled to.