Articles Posted in Equitable Distribution

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Engagement and wedding rings are often an important symbol of a marriage. While these items often lose meaning after a married couple decides to file for divorce, they are often valuable pieces of property and each spouse may wonder who gets to keep the rings after the separation is finalized The answer to this question will depend on the particular circumstances surrounding your divorce, and an experienced attorney can better advise you after learning the specific details of your situation.

Are rings non-marital or marital property?

Rings are property just like a home, assets, furniture, or other valuables. Under most circumstances in Florida, each spouse is able to keep his or her own belongings brought into the marriage. Such belongings are referred to as non-marital or separate property. Florida divorce laws, however, require that all marital property be equitably divided between the two spouses. Equitable does not mean equal, and courts will take many different factors into consideration in deciding how to divide property.

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In any Florida divorce that involves any type of financial issues such as property division, debt division, child support, and more, each spouse is required to disclose certain information regarding their finances to the other spouse. This trading of information is referred to as Mandatory Disclosure and is required by the Florida Family Courts Rule of Procedure 12.285.

In accordance with Mandatory Disclosure Rules, both spouses must submit the following:

  •         A financial affidavit using a particular long form for income over $50,000 or another short form for income under $50,000. The information on these forms includes a detailed breakdown of your gross monthly income, monthly deductions, expenses, liabilities/debts, and assets.
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Many divorces involve heated custody battles regarding time-sharing with the children between the two parents. Florida law presumes that sharing time and fostering a relationship with both parents is in the best interest of the children, unless sufficient evidence is presented to the contrary. However, courts in Florida are significantly less concerned with the well-being of “children” of the furrier variety—namely pets, such as dogs and cats.

Dogs and cats often have very close relationships with their owners, much like a parent-child relationship. Often, couples who do not have children consider themselves parents of their pets. Therefore, if a couple divorces, the question often arises: How is time with the pet shared? While some states have laws regarding time-sharing of pets, Florida does not have any laws specifically addressing this issue.

Florida Courts Not Very Concerned About Pet Time-Sharing Determinations

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In recent weeks, gossip headlines have been exploding with rumors of impending divorce for music superstars Beyonce and Jay Z. The couple married in 2008 and have one child, but media outlets report that they are currently booking separate hotels and hardly speaking. It is widely speculated that the couple is merely trying to keep up appearances due to their current joint tour.

It is not surprising that they would want to successfully complete the tour, as the pair will receive a $100 million paycheck after the tour ends in Paris in September. The tour promoter, Live Nation, has stated that a divorce during the tour would be devastating for public relations, since so many fans specifically want to see them perform as a loving couple. At this point, completing the tour together may be a feat, as they reportedly had an emergency meeting with Live Nation and a group of lawyers four days before the tour was to kick off. Four lawyers are allegedly accompanying them on tour to negotiate any conflicts that arise between the pair.

Business in the Midst of Divorce

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Finances are often a huge source of stress in a marriage. If two people have different spending habits and philosophies, arguments may arise on a regular basis regarding credit card balances and other debts. Unfortunately, financial disagreements are the primary predictor that a couple will divorce, according to a study conducted by the National Survey of Families and Households. These financial troubles can not only lead to divorce, but can also cause issues for you during your divorce proceedings, as well.

In a divorce, Florida law requires that all marital property and assets by equitably divided between the divorcing spouses. The same equitable division applies to all marital debts, as well. Marital debt usually includes all debts either you or your spouse incurred during the marriage, regardless if one or both of your names is on the account. It is surprisingly common for one spouse to take out an individual credit card without the knowledge of the other, and use that credit card to make large purchases or support an unhealthy shopping habit. Unfortunately, a Boca Raton family court may likely still consider this credit card balance to be marital debt and may hold you partially responsible for repayment.

How can you get relief from debts that are not yours?

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Going through a divorce is almost always an extremely difficult process. Often, people going through the breakdown of a marriage may have significant uncertainty about the most important aspects of their lives. Divorce can have significant financial implications for both parties, as you must divide the property and assets you have worked so hard to accumulate. Florida law requires the equitable division of all marital property, which includes most of the assets or debts that are acquired during a marriage. Because of the potentially serious financial consequences associated with ending a marriage and property division, it is important for anyone considering or already involved in a divorce to discuss their situation with an experienced Boca Raton divorce attorney.

Division of a Home in a Divorce

For many people, a home is the largest purchase they will make in their lifetime. When a home is purchased after a couple has gotten married, Florida law treats the home as marital property, regardless of whether the home is titled to one or both spouses. In addition, there are certain situations in which a home purchased prior to a marriage may convert from separate to marital property, making it part of any division of property that may occur in a divorce proceeding.

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If you can show “good cause” to the court, you may be entitled to an interim partial distribution of marital assets.

Good cause is defined as extraordinary circumstances that require an interim partial distribution. In order to obtain this type of relief, you are required to file a sworn motion setting forth specific factual basis for the relief that you are seeking. You would have to demonstrate to the court good cause as to why the court should not defer its ruling until the final hearing.

As just one example, employing this technique for an interim partial distribution of marital assets can be extremely helpful if one person is in need of immediate funds,

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When you are seeking a divorce, the Florida courts will equitably divide the property that was acquired during your marriage. Equitably does not necessarily mean equally. his property is commonly referred to as marital assets.

Florida law provides that it would be a good starting point to divide marital assets 50-50. If the court intends on making a distribution of marital assets that is not equal, the court is required to consider a list of items, and to make specific findings of fact in the final judgment as to why the distribution is not equal.

The Florida statute which gives the judge authority to divide the marital assets is found under Florida statute 61.075, which is known as the Equitable Distribution statute.

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I know that divorce can be a very scary time in your life. I know that you have many questions to which you do not have answers. I am a very capable and experienced divorce attorney, and I can guide you through the divorce process and give you the answers you will need. I know I can make you feel at ease throughout the divorce process.

The question frequently arises as to whether or not one person or the other person can continue to reside in the marital home after divorce. The answer to that question is resolved by the specific circumstances and facts that are applicable in your particular situation.

If the home was acquired during the marriage, and there are no minor children, then generally one person or the other can buy out the other person’s interest. In that manner, you could become the sole owner of the home.

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Married couples acquire many things together over the course of their marriage, including homes, vacation homes, bank accounts, automobiles, and stock portfolios. They frequently start businesses together as well.

What happens to the family business after divorce? How does it get valued, how does it get divided, who gets to continue to run the business …. these are just a few of the questions that need to be addressed in this situation.

Generally speaking, the courts do not like to keep the parties together in a business after a divorce. That being said, the business would have to be valued by a professional, and one party would have to make arrangements to buy out the other party’s interest. This is the scenario which plays itself out most often.