Financial Issues

• Equitable Distribution of Assets and Debts
• Exclusive Use and Possession of the Marital Home
• Alimony
• Military Divorce

Equitable Distribution of Assets and Debts

Property is generally divided on a fifty-fifty basis, but there are some exceptions.  Gifts you received from your family that were specifically for you alone, and inheritances are normally exempt from the fifty-fifty division.  Both property and debts acquired during the marriage are divided fairly or equitably, but not necessarily equally between the parties, regardless of how the title is held.  The unique circumstances of the case, and the contributions of each of the spouses to the marriage are taken into consideration.   Florida Statute 61.075 provides clear guidelines.  Also, equitable distribution includes each party’s retirement account(s) accumulated during the marriage.  Most people feel that these are not subject to equitable distribution because he or she earned it and not the other spouse.  This is a misconception and Florida Statute 61.076 provides otherwise.  If you are a service member or a spouse of a service member, please read Rights and Benefits of Former Spouses of Soldiers to fully understand the former spouse’s entitlement to the service member’s retirement benefits.

Division of debts and decisions that have long-term tax consequences deserve special attention by both parties.  An agreement should be reached on who should make the mortgage payments, income tax liabilities, credit card debts, car payments, etc.  The long-range tax consequences of who gets the dependency deduction for the children, and how taxes will effect support payments or property transfers will need to be carefully weighed.

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Exclusive Use and Possession of the Marital Home

The party who is the primary custodian of the children may request the exclusive use and possession of the marital home.  The court will weigh the best interests of the minor children with the other party’s available assets.  Usually, the best interest standard wins over the other party’s interest in the home, until all the children reach the age of 18 and there is no longer a child support, then as a general rule, the home is sold and the proceeds are equally split.  See Florida Statute 61.077 for Determination of Entitlement to Setoffs or Credits Upon Sale of Marital Home.

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Alimony

According to the financial or other unique circumstances of the parties, either the husband or wife may be awarded spousal support.  If one of the parties lacks the skills to achieve financial independence, then the court may award rehabilitative alimony for a certain period of time to give that party an opportunity to obtain the necessary training.  Permanent alimony may be awarded until the receiving spouse’s remarriage or the death of either party.  Normally such long term spousal support follows a long-term marriage when one spouse is not capable of financial independence and is termed “beyond” rehabilitation.   Another method of awarding permanent alimony is the lump sum payment of money or property.  Florida Statute 61.08 lays out the factors the judge considers in a request for alimony

Normally the paying spouse will be required to carry life insurance naming the receiving spouse as beneficiary for so long as he or she is obligated to pay alimony of child support.  It is up to the receiving spouse to monitor continuation of such insurance by asking for proof of insurance on at least an annual basis.

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Military Divorce

Both service members and spouses should read Rights and Benefits of Former Spouses of Soldiers to fully understand the Uniformed Services Former Spouses’ Protection Act (USFSPA). 

It is important that you hire an attorney who understands the issues involved in a military divorce.  We can help!

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