According to Florida law, retirement accounts can be treated as both an asset AND a source of income for alimony purposes. So, in the context of seeking alimony modification due to retirement, courts are correct to look at retirement accounts now in pay (distribution) status as sources of income for the alimony payor, even though […]
Tag: division of marital assets
Exclusive Use Of The Marital Home
During a marriage the parties enjoy a status that is similar to a partnership. That is, all assets and liabilities of the partnership (marriage) are jointly owned in equal proportions by the partners, including the marital home. Partners in a business venture may define their partnerships in unequal proportions (for example, one partner may have […]
What Is The Significance Of Filing A Petition For Dissolution Of Marriage As It Relates To Assets And Liabilities?
According to FS 61.075(7), the cut-off date for determining marital assets and liabilities is the date of filing, unless there is a written agreement otherwise. So, if you are concerned that your spouse may acquire debt for which you will become liable, filing the petition will establish the date where that cannot happen. All assets […]
P.E.A.C.E. In Divorce
Family law attorneys are often asked if there is an order in which the Court decides various issues in a divorce. The answer is, yes. The acronym P.E.A.C.E. sets forth the order in which the Court will determine the issues in your case. P.E.A.C.E. stands for: (P)arenting; (E)quitable Distribution; (A)limony; (C)hild Support; and(E)verything Else. Why […]
How Is The Marital Estate Determined?
Everything that a spouse acquires from the day that the marriage occurred to the day that a Petition for Dissolution of Marriage is filed is marital by default. That includes assets and liabilities, however they are titled. We start with the assumption that all of those things are marital and thus part of the marital […]
Marital vs. Non-Marital Property And Debt
One of the first things a court is called upon to do in a divorce is to determine what is and what is not part of the marital estate, that is, what things are subject to distribution to the spouses. As a general rule, all property acquired by either or both spouses, and all debt […]
Dividing Marital Property – Part II
Recently, we spoke of QDROs as a tool used to distribute retirement accounts. Another tool that is less often used is known as an immediate offset. It is less often used because there must be other assets of similar size that one can use to offset the retirement plan. Consider the following example ITEM […]