Dealing with the Tax Consequences of a High Asset Divorce

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Are you facing a divorce? Expect all aspects of your life to change. This is particularly true if you are part of a high-asset couple. 

Florida law states that fair and equitable is how assets are divided. With a high-asset couple, the division and tax implications can be more complicated by the valuation of a business, marital property, assets, or future income.

You will want to fully consider the implications of your tax liability by working with an experienced family law attorney. 

Crystal Collins Spencer has decades of helping spouses involved in a high-asset divorce, as the tax consequences will now be on your shoulders as you file as a single or head of household. 

Transparency and Divorce

High-asset divorces have special considerations. Everyone must put all of their cards on the table and be transparent about their assets, including, but not limited to, bank accounts, both domestic and offshore, property, pensions, art, and jewelry.  

Unfortunately, some high earners think the rules do not apply to them. Instead, they may conveniently hide assets in little-known places and then file inaccurate and outright false information on the required financial disclosure documents.

This is a very serious mistake. Saving some money may cost you more and could even bring perjury charges and jail time. 

Another mistake is for one spouse to withdraw funds from a joint bank account. Technically, they are joint marital property and belong to each spouse equally. 

If one of the spouses has filed for divorce, an injunction may be in place that prevents you from withdrawing money. As a result, that spouse could be facing criminal contempt charges. 

Assume any financial moves you make at the last minute to deprive your former spouse will be frowned upon by the court.  

Family Law Attorney Crystal Collins Spencer has seen the creative accounting tactics of high-net-worth individuals who think the rules do not apply to them. 

They are very much mistaken when facing a seasoned family law professional who understands the tricks of the trade.

Tax Consequences in a High Asset Divorce

There will be tax consequences to a high-asset divorce that lawyers on both sides should consider before entering into a divorce settlement. For example:

Alimony or Spousal Support – Once upon a time, alimony was deductible from the payer’s taxes. If he made $200,00 a year and had to pay $50,000 in alimony, he could show his income was $150,000. 

Following the 2017 Tax Cuts and Jobs Act (TCJA), alimony is no longer deductible for the greater earner. Nor is it taxable as income to the receiver. 

Because of TCJA, a dependency exemption for children can no longer be a tax deduction.

This new dynamic may significantly alter how alimony is negotiated into the final picture. Obtaining alimony may become more challenging because of the higher tax rates that apply, and the individual paying alimony will no longer be able to receive an alimony deduction. 

The bill is not retroactive and only applies to divorces finalized after January 1, 2019.


Dividing Assets

Retirement accounts must often be divided in a high-asset divorce. The higher earner may use money from a 401(K) to pay alimony. To transfer retirement assets, a tax-free Qualified Domestic Relations Order (QDRO) will minimize the tax implication of moving retirement assets to the other spouse. 

Capital Gains can be minimized when offset by capital losses or transferring those assets to the spouse who is the lower earner.

Other Considerations

  • Monies acquired before marriage are generally not subject to equitable division.
  • Assets you inherited or were gifted to you are not divisible if you kept them in a separate fund from your spouse.
  • Legal fees related to your divorce are no longer deductible as they were a few years ago. Instead, they are regarded as personal expenses.
  • Children are considered dependents for the spouse who has physical custody. Tax credits are available to that parent. Child support payments are not tax deductible for the parent who pays or counted as income for the parent who receives them.
  • Your divorce settlement is not taxable, provided it was transferred under the divorce settlement and within six years of the end of the marriage. 

Your Florida Divorce and Family Attorney

Crystal Collins Spences has spent over 35 years representing divorcing couples involved in high net-worth divorces. She is highly respected in the field and provides sound, aggressive strategies in your best interest in your high-asset divorce. 

Let her move your life forward by arranging a consultation in her Pensacola office at (850) 795-4910.  

Sources:

IRS
https://www.irs.gov/taxtopics/tc452

Divorce and Debt Division: Legal Strategies for Managing Marital Liabilities

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Equitable distribution. Remember that phrase.

Unlike a community property state where assets are divided 50/50, in Florida, when a couple decides to divorce, expect the “equitable distribution” doctrine to apply in the division of both assets and liabilities. 

Divorcing your spouse can be a stressful time. You and your spouse have decided to end your partnership. But you will be better prepared if you understand the legal strategies for managing your divorce and marital liabilities. 

Crystal Collins Spencer has decades of experience helping couples end their marriages, even when there are complicated circumstances.

You only get one chance to dissolve this marriage equitably, and you want to make sure you explore every avenue available as early as you can. Talk to Crystal Collins Spencer to explore your options. 

Marital Assets

When a couple marries at a young age, they often do not start their marriage with assets. The bank accounts, pensions, and bonuses come later; if one is savings-minded, they accrue over time.

These are considered marital assets. Unless a premarital agreement states otherwise, these assets, whether bank accounts, property, or other valuables, are subject to equitable distribution upon divorce.

Assets acquired before the marriage are not subject to distribution, nor is an inheritance or gift. An exception may come when the individually-owned assets acquired pre-marriage or an estate is comingled with other accounts that are marital assets. 

Marital Liabilities 

The Florida court will consider each spouse’s earnings and earning potential, each person’s contribution to the marriage, how long they were married, and the number of minor children. 
Also, it important to consider is how much one person sacrificed career-wise to care for children or follow the other’s job or education requirements.

Liabilities include debt from a credit card, a student loan, a mortgage, or taking out loans on other assets. When it comes to liabilities, the following must be considered:

  • Maybe you saved all of your life. Your spouse spent everything he made and then some. If you are still married, the court expects you to pay the credit card bill, even if your name is not on the credit card.
  • The exception to this may be if one spouse wasted assets, spent without your knowledge, or gifted money to a third party. A forensic expert will investigate financial records to ascertain an accurate picture of who ran up the debt and for what purpose. Suppose the investigation reveals that your spouse acted recklessly, siphoning off marital assets for his purpose or hiding them from you and your attorney. In that case, you will be able to challenge whether they are your joint responsibility.
  • Occasionally, one spouse is losing money through a gambling or drug habit or due to his involvement in illegal behavior. Florida law allows you to go to a judge and obtain an injunction to stop the spouse from wasting marital assets. 


Manage Your Marital Liabilities
Debt in divorce can be accrued before the marriage, during the marriage, and there can be non-marital debt. Determining that will help determine who is responsible for paying.

Prenuptial Agreement – One strategy may involve getting a prenuptial agreement before you marry. The agreement will allow each person to specify what assets they expect to own or continue to own in case of a divorce. 

Postnuptial Agreement – After marriage, the couple may decide to get a postnuptial agreement to divide assets before a divorce. If the relationship is contentious, a postnup may be challenging to obtain. If it is not contentious, a postnuptial may ease any stress about ownership of material assets going forward. 

Separate Property – A business or individual property can continue to be owned separately if you do not co-mingle it. Once that happens, the court may consider it a marital asset. Neither party must sell or gift anything as the marriage is being divided since this will raise suspicion with the court.

Your Florida Family Law Attorney

Managing debt and liabilities in a Florida divorce can be particularly challenging. At this time, it’s vital to be transparent with your attorney. The discovery process is intended to reveal the assets and liabilities within the marriage.

Keep documents in an organized manner for easy access. Only with an accurate picture of the marital assets can they be fairly divided.

Crystal Collins Spencer has spent decades representing individuals who are facing a divorce in Florida. She can be reached in her Pensacola office at (850) 795-4910 to schedule an appointment.

Sources:
DivorceNet
https://www.divorcenet.com/states/florida/equitable_distribution_of_property

Divorce and Blended Families: Legal Rights and Co-Parenting Challenges

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Navigating co-parenting during and immediately after a divorce is a major challenge for many parents. Even if the divorce was mutual and obviously in everyone’s best interests, figuring out how to share your child is a learning process. It gets even more complicated when one or both parents remarry and have to learn how to co-parent while in blended families.

No matter where you are in your co-parenting journey, having the help of an experienced family law attorney in Pensacola makes the entire process easier. Call Crystal Collins Spencer at 850-912-8080 to set up a consultation with our team now.

Co-Parenting Concerns

Co-parenting can bring a number of issues to the surface, each of which you must work through with your co-parent. These range in severity from complete disagreements regarding the parenting schedule to minor spats about where the child’s favorite toys stay. Some of the issues you may need to work through include:

  • General expectations regarding communication
  • Conflicting parenting styles
  • Helping the child overcome the trauma of the divorce
  • When one parent requests a change in schedule to accommodate an event or obligation
  • The role of stepparents in the child’s life and in parenting
  • Disputes over schooling, medical care, and religion

The good news is that you’ll likely work through these and other issues as part of the divorce process. This means that even if these issues do crop up again, you’ll at least have a solid foundation to return to as you discuss them again.

Navigating Life as a Blended Family

Being part of a blended family can be an amazing experience for a child. Having more caring adults in a child’s life gives them a strong sense of support and security, so it’s in the parents’ and stepparents’ best interests to make the blended family environment a positive one. It’s not uncommon for new issues to arise when one parent remarries. The other parent may feel replaced in their child’s life, worry about the stepparent taking over their role, or feel that the stepparent will try to take on too much responsibility for the child.

It’s important to navigate this change with open and honest communication. Many parents feel better when they get to meet their child’s new stepparent early in the process. In many cases, this is enough to show the parent that the new stepparent will add to the child’s life—not take away from the parent’s role in it.

You may run across disputes or arguments that you simply cannot solve via communication. In these cases, you may want to bring in an expert. If the other parent is overstepping your parenting rights or attempting to interfere with your family, you may want to bring in an attorney to help you assert your rights. If the arguments aren’t causing legal issues but are damaging the co-parenting relationship, you might consider consulting a family therapist.

Parenting Strategies

Whether you’ve remarried, your ex-spouse has remarried, or you both have remarried, it’s important to remember that you are both on the same side. You both want what is best for your child, and remarriage doesn’t change that. Try to focus on the fact that remarriage gives your child more adults they can rely on for guidance and support. Some strategies that can help you and your co-parent reach a happy, stable place include:

  • Discuss your parenting plan in great detail and make important decisions before issues arise.
  • Focus on making your co-parenting relationship a positive one that allows your child to feel safe and supported.
  • Rely on community resources that help you both be better parents for your child.
  • Agree on a dispute resolution plan that you can use when disagreements arise.
  • Agree on when, where, and why you should communicate—for example, only discussing issues related to your child, utilizing a co-parenting communication app, and sticking to emergency issues only on the other parent’s time.

Get the Help You Need with Crystal Collins Spencer, Attorney at Law

We know that this time can be overwhelming, but you do not have to figure it out alone. With the team at Crystal Collins Spencer, Attorney at Law, you can get the legal support you need. Give us a call at 850-912-8080 or send us a message online to set up a consultation now.

What Are the Consequences of Hiding Assets During a Divorce?

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It is not unusual for high-net-worth divorce clients to attempt to hide some of their assets during a contentious divorce. After all, they worked for it, and it’s theirs. At least, that’s how they see it.  

But the court doesn’t agree. So try and hide assets during a divorce, and the Florida courts may show you that there are things worse than divorce.

If you think you can outsmart the court, you may be punished by having to provide your ex-spouse with a more significant amount than they otherwise would otherwise receive.

It is wise to understand your family finances, assets, liabilities, property ownership, pensions, and investment if you are facing a Florida divorce. Review your spouse’s spending and look for any questionable spending, missing bank statements, or overseas trips.

Your Florida Family Law specialist, Crystal Collins Spencer, will be your greatest ally guiding you at this time.

Florida Divorce Laws

The law is clear in Florida and applies to both soon-to-be-ex spouses.

Under the state’s divorce laws, the court must distribute a couple’s assets equitably. That means the distribution will be fair, even if assets and liabilities are divided unequally. The spouse who stayed home and cared for the children contributed to the marriage substantially as did the spouse who went to the office to work outside the home.  

If one spouse did not bring in an income, did not raise the children, and only spent money and accrued debt, the court will not look kindly at that contribution to the marriage.

It is generally advised that the couple develop their own distribution plan for assets, the home and cars, savings and investments, and pension plans. If they cannot, the court will impose a division, but it may not be to both parties’ liking.

Hiding Assets

During the negotiation phase, one spouse may introduce evidence that the other spouse is hiding assets that were accrued during the marriage or bought with money earned during the marriage.

There are many ways an offending spouse can try to improve his finances during a divorce.

They may undervalue property or income or overstate debts and expenses. It is essential that both spouses fully and honestly disclose their assets, and the court will order the offending spouse to disclose such assets. If they fail to do so, they could be held in contempt of court. Ultimately, they could be facing fines or jail time.

Things can get even more severe if the offending spouse lies under oath.

Criminal Perjury – They may make a false statement to the court while under oath in an attempt to hide assets. This is considered perjury. While hiding assets is not a criminal offense, committing perjury is a misdemeanor offense that can bring fines and up to one year in jail.

Contempt of Court – Additional criminal fraud charges may be levied on the spouse if they intentionally schemed to hide assets by making false statements to the court. The judge may declare the offending spouse is in contempt of court until the assets are revealed and turned over.

Reallocation of Assets – Instead of outsmarting the court, the offending spouse may find the tables turned on them. The judge can award more monies or property to the other spouse, even up to the amount the offending spouse tries to hide. They may also have to cover the other spouse’s legal fees spent in uncovering the hidden assets.

If you believe your spouse may be attempting to hide assets, you will want the help of experienced family lawyer Crystal Collins Spencer.

Your Florida Family Lawyer

Crystal Collins Spencer has seen these scenarios many times. Sometimes high-net-worth individuals believe the law doesn’t apply to them. They have been successful in other parts of their life and they may not be inclined to share in that success.  

Ms. Spencer will issue requests for documents and discovery. She will dig deep to investigate any attempt to hide assets, and she will enlist the assistance of a forensic accountant and other experts when necessary.

Crystal Collins Spencer has offices in Pensacola, Ft. Walton, and Sandestin. Let her 35 years of experience work for you in a contested divorce. Arrange your first meeting by calling (850) 795-4910 or make an appointment online.

Tips for Dealing with Divorce During the Holidays

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Despite all the hoopla about the joy of the holidays, they can be incredibly stressful if your family unit is not intact. A divorce will definitely do that.

You will not see marriage and children through the same lens as before, and the holidays bring out the difficulties emotionally and logistically.

If your children are young and still not fully able to make decisions about family life, the holidays may mean you have to insist on your time, even though it disrupts the flow for the children.

There are some things you can do to get through the holidays with a little less stress:

Self-Care Comes First

Some of us tend to overdo it during the holidays. Drinking too much and eating lots of sugary food may be things you don’t normally do, and that can throw off your generally healthy routine.

Be careful of the excess, and make sure you sleep well. You will be more able to deal with upcoming stresses if you feel well.

Socialize

You may feel stressed knowing you will have to talk to many people you don’t usually visit. Maybe it’s a relative you don’t particularly like or a neighbor with whom you are supposed to be friendly, but you would rather not talk to them.

If you put yourself out emotionally and socialize, you may find the rewards exceed your expectations, and you form bonds with friends and family. This, in turn, will make you feel better overall and, at the very least, less lonely during a time you are going through a divorce.

Be Willing to Change Plans

If you share the kids during the holidays and don’t get the exact time you planned to be with your family and kids, go ahead and be flexible. It’s not the end of the world if you celebrate Thanksgiving on Saturday rather than Thursday. Besides, there may be less traffic in your area, and your kids will likely be able to spend time with their friends, which is their routine, lessening their stress too.

It’s not time to insist that you always get your way. A divorce disrupts the entire family unit, which comprises individuals – it’s not just about you. Be generous with your time and flexible with holiday schedules, and you may find it comes back to you in surprisingly positive ways.

Embrace the Positive

It’s easy to wallow that things will not be the same as when you were married, but isn’t that the point? You do not want to raise your children in an atmosphere where parents are in conflict with each other.

You got divorced for a reason, and the future will be better for you as an individual and for the children. Embrace how much better it will be for the children. Begin new holiday traditions in the spirit of a better future.  

Make plans with the goal of keeping the kids happy with the least amount of disruption in their lives. This will involve working cooperatively and without animosity with your ex.

Whether you are sharing kids during the holiday or choosing alternate holidays – one house for Thanksgiving, the other for Christmas – the kids will appreciate that their parents are working cooperatively to create a new plan.

Your Florida Family Law Attorney

Crystal Collins Spencer focuses her family law practice on the communities she calls home, from Pensacola to Fort Walton Beach, Destin, and Sandestin to Rosemary Beach and Panama City.

The holidays are never an ideal time to consider divorce, but no one thinks they will face divorce when they marry. Then life happens.

If you need some direction before you file, or if child support, spousal support, or property division now seem like they will be roadblocks to divorce, Crystal Collins Spencer, Attorney at Law, has more than 30 years of experience dedicating her practice to these challenges.

You are in the process of making decisions that will impact the rest of your life, and it may be a time when you cannot trust your spouse to be entirely honest. You want to be prepared as much as possible before facing a judge who will make your divorce final.

Spencer Law will ensure you receive thorough representation in all areas. Call our Pensacola office to set up a consultation with Ms. Spencer and her team at (850) 795-4910 or contact us online.

Helpful Tips for Working Divorced Single Parents

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In the 1950s, the nuclear family consisted of mom and dad, their children, Dick and Jane, and their pets. Few families today bear any resemblance to those of seventy years ago.

Today, nearly 24 million kids live in a family with only one parent, according to the Annie E. Casey Foundation. Some parents choose to remain single rather than marry, and others are divorced and have custody of their children. Adoption by a single parent is increasingly common for those who have not found their partner.

The research and philanthropy group breaks down the numbers further – among single-family households, about 15 million live in a mother-only home. In contrast, three to four million kids live in a father-only house.

White, Asian, and Pacific Islander kids are among the least likely demographic to live in a single-parent home, while Black and American Indian kids are more likely to fit this demographic. Latino families represent about 40% of kids living in single-parent families.

Regardless of the race or gender of their parent, most of these kids live in a household where the single parent must work to avoid joining the ranks of the 30% of single-parent families who live in poverty.  

Making Single Parenting Work

Being a single mom or dad means you have responsibility for your children all day and night. In order to work, childcare will become a necessity. Some parents opt for daycare outside the home, while others, who can afford it, may choose a stay-at-home nanny for their children.

Single parents may qualify for grants for low-cost housing and food allowances or to return to school. Make sure you explore programs that may be available in your area.

Another option is working for a company that offers on-site daycare for employees. Single parents may:

  • Find a Parent-Friendly Company – This type of company prioritizes parenting, and the rewards extend to the parent and child and the company by producing a happier worker. For many, this is ideal because you can check in with your youngster during the day.
  • Organize – Not everything will get done, so list your priorities. Maybe a clean home isn’t as crucial as preparing wholesome food for your children. Realize you can’t do everything and take care of your own health at the same time. Being organized makes you feel more in control and prepared for the day ahead.
  • Delivered Groceries – If you are organized enough to know what you want to feed your family in the upcoming week, a grocery delivery service saves time shopping. You can even take advantage of items on sale by shopping online—one more item to cross off your to-do list daily.
  • Moms/ Dads Group – You are not alone in this journey, and you can safely assume other single parents are trying to be the best parents they can be. Find these folks through online groups or by asking your neighbors. Maybe there are other single parents with kids in the same afterschool team whom you can rely on to carpool. In exchange, you will take their children to the same event another day.

There is a great sense of relief when you can call on a neighbor to step in if you are late or stuck in traffic.
Family and friends should round out the support group as you juggle the responsibilities of life. You can bet on it that children will get sick and need to be picked up while you are at work. Make sure there are others whom you can count on for support.

You may also rely on your older children or neighborhood teenagers to help you with chores. They will appreciate making some money and will grow from the responsibility.

Finally, to be successful as a single parent, establishing and sticking to boundaries will serve as a guide when the requirements of home and work clash.

Your Florida Family Lawyer

Pensacola-based Crystal Collins Spencer, Attorney at Law, is experienced in all phases of divorce, settlements, and negotiating the most favorable financial outcome for your new life as a single parent. She practices in the Florida Gulf Coast from Pensacola to Sandestin, and Fort Walton Beach, and is available for a conversation about your future at (850) 795-4910.

Sources:

Annie E. Casey Foundation
https://www.aecf.org/blog/child-well-being-in-single-parent-families?gclid=CjwKCAjw-L-ZBhB4EiwA76YzOe4C9s5nS1X3m5JsYu8pcBzMRbnDpOwYNdlpJf2n3gQPegESOwR5ZxoCJ2AQAvD_BwE

Swirlster
https://swirlster.ndtv.com/wellness-mother/single-working-moms-ease-the-load-with-these-time-management-tips-2257735

SunSentinel
https://www.sun-sentinel.com/entertainment/sfp-survival-tips-for-single-working-parents-2014-story.html

Adopted Children Might Need Extra Support During a Florida Divorce

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Planning for a family might include adopting children if biological children are not possible. No matter how many children or where they come from, your plans for the perfect family fall apart when a divorce is looming.

In that case, treating adopted children like biological children is essential. They are likely sensitive to the fact they are adopted and may feel different from biological children in the family when you announce that you plan to divorce. You will not want to do anything that might make them feel estranged or unwanted.

Some adopted children experienced trauma and a lack of stability during their early years. Divorcing parents can unleash those memories and recreate trauma in the adopted child.

If a child was older when they were adopted or spent some time in foster care or a group home, they might have experienced some degree of abandonment. The child might benefit from additional counseling to help ease this transition.

Each parent needs to let the adopted and biological children know they are there for them, even though the couple will no longer be married. In other words, the parent is not divorcing the child, just the spouse.

Florida Divorce Basics

Like any Florida divorce, you must come up with a child custody agreement which should include:

  • Where the child lives
  • What percentage of time does each parent have
  • Who makes primary decisions about education, extracurricular activities, and medical care
  • How to divide the cost of caring for the child and their activities

If you and your soon-to-be-ex disagree on the above, the court may have to step in and decide for the family. In this case, both spouses will likely be unhappy with any imposed arrangement.

That’s why it is always best to put your disagreement aside and come up with some form of a parenting plan, even if it means you do not get everything you want.

Family law attorney Crystal Collins Spencer will suggest you enter into mediation to finalize the terms of any custody agreement. You both have the best understanding of what is best for your family dynamics.

Encourage your adopted child to share whatever they feel about the divorce. Because they entered the family differently from the biological child, they may be reserved about sharing. It’s encouraged that you be extra sensitive to their feelings.

Stability and Structure are Important for Adopted Children

Attorney Crystal Collins Spencer reminds you that both parents need to be in sync about structure and rules during this stressful time.

Let the adopted child know how much you love them and that a change in living arrangements does not mean that the established rules will change. Both parents should agree that the expectations they set as a couple will continue even as the living arrangement does not.

Structure in the home is often very good for children with an unstable past, so let the child know what you expect so nothing is left to chance.

No matter what the former couple does not agree on, maintaining a similar routine in both homes will make the divorce less traumatic for all children.

Your Florida Family Lawyer

Parents who stay involved in their children’s lives, whether adopted or biological, ultimately work in the child’s best interest.

If you have questions about your impending divorce and do not want to have regrets, Crystal Collins Spencer can help you with your questions, just as she has helped thousands of divorcing couples in her decades of experience as a family law specialist.

Call the Spencer Law Group in Pensacola at (850) 795-4910 to discuss your family’s workable parenting plan and ensure you have the assets you will need in the future.

If it is impossible to make a parenting plan with your ex, Ms. Spencer has the expertise to establish that the children have the advantages they deserve, even if each parent cannot or should not be present.

Each parent still has the legal duty to care for the child, no matter their marital status. Let us be your ally during this difficult time to make sure the decisions ahead take everyone’s welfare into account.

Can I Move Out of the Area with My Child after a Florida Divorce?

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Moving a child out of state after your Florida divorce is not a simple thing. You must consider the ex-partner who is still an equal parent to the child. Your divorce did not change that fact.

Even if you are the custodial parent and must relocate for a job, a Florida judge will balance your right to move for employment with the ongoing opportunities of the parent left behind to continue meaningful contact with the child or children.

It is generally assumed that if both parents are healthy and have a good influence on the child, it is in the child’s best interest to continue seeing both parents with as little disruption as possible.

Crystal Collins Spencer can play an essential role as an advisor when the important co-parenting decision becomes complicated. She can be reached at her Pensacola office at (850) 795-4910.  

Filing a Petition to Relocate

Relocation can be as far away as 50 miles for as little as 60 days or longer, as long as it is not a vacation. It is always preferable if the parents agree on a new parenting plan. If that is the case, they must create a new agreement that dictates the terms of the move and the custody responsibilities.

If the former couple agrees, they will have to include in the agreement:

  • How to handle transportation of the child and the costs associated
  • What the time-sharing schedule will look like in the future for both parents
  • It will have to be signed by both parents in agreement without any undue pressure

This agreement must be filed with the court along with a request that it is ratified or approved without holding a formal hearing.

What if the Parents are not in agreement?

Things are much more complicated if the parents are in conflict over one moving out of state with the child. In this case, the one proposing the move must file a petition with the court to relocate. That will be served on the other parent, and it must include:

  • The new proposed home, location, address, and phone
  • The reason for the relocation and the proposed date
  • Any job offer in writing that necessitates the move
  • A proposed visitation schedule in the future
  • A plan on how transportation will be carried out and the costs associated

Your Florida family law attorney can help you prepare the response, especially if you have reasons to object to the move and can clearly state how it will impact the child’s life. The parent who is not moving has 20 days to respond. With no response, the court can decide.

If one parent chooses to relocate with the child without obtaining a written plan, they can be found in contempt of court. That may mean attorneys’ fees, sanctions, or an order to return the child.

The court’s goal is to protect the custodial rights of both parents regardless of any external circumstance.

Moving With a Child

It can become a complex decision to move a child with a parent seeking employment in a new location following a Florida divorce.

While traditionally, it was assumed the mother should retain children during their ‘tender years”, Florida courts have set that assumption aside in favor of both parents having frequent and continuing contact with the child following a divorce.

The court will consider a host of factors putting the child first and their need for both responsible parents to be part of their life, for example:

  • The age of the child and their current needs
  • The relationship the child has with each parent
  • The ability to maintain that relationship with distance
  • What the child prefers
  • Whether the move will improve the life of the child
  • Financial considerations impacting the child, moving versus staying
  • Is there good faith between the parents?
  • Is there a history of drug or alcohol use or abuse?
  • Is there any undue influence on the party who plans on moving?

In this scenario, a hearing will be scheduled within 30 days or a trial within 90 days.

Your Florida Family Law Attorney

Preparing for your future following a Florida divorce is a high priority for attorney Crystal Collins Spencer. She has decades of experience helping parents create a workable plan and maintaining the rights and responsibilities of each parent.  

Call the Spencer Law Group today at our Pensacola, Florida office (850) 795-4910 to set up a personalized consultation to discuss your case.

Sources:

Nolo
https://www.divorcenet.com/resources/child-custody-and-relocation-laws-florida.html

How Are Digital Assets Divided During a Florida Divorce?

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A divorce means dividing homes, dividing lives, and dividing assets. We all understand things of value, including real estate, bank accounts, property, cars, art, pensions, and investment funds.

But as the world has gone online, there is a full array of valuables you may not have considered. They are digital assets, but they may have a substantial tangible or sentimental value to you.

It is important not to leave digital assets out of your divorce plan.

Digital Assets

Over the years, you have you collected pictures of your family vacations online? Do you store them on a cloud or a computer? Does the camera in your smartphone automatically upload to a cloud?

These memories are not replaceable and may hold great value to you.

Besides digital assets with sentimental value, many of your most important financial assets may be online.

For example:

  • A website – Do you have a business attached to a website that generates traffic and income? A website is the digital equivalent of a business calling card and may represent a substantial online income.
  • An Etsy storefront or eBay presence – Some people turn to the web to sell their products. It may be one supported by the platform, but the visitors you have generated over the years represent an asset. You have created a presence and brand that brings value to your bank account.
  • Social media accounts – Not just for selfies, your online presence may represent a form of income through your efforts as a social media promoter or influencer.
  • Email Accounts – You may have amassed a listing of people interested in you, your work, or your products. You need to stay in touch with them to keep your business healthy. If you use AWeber or Mail Chimp to grow and market your business, that list has value both now and in the future.
  • Cryptocurrency – Currency has gone online as well. Bitcoin, Ethereum, and Binance Coins are volatile digital assets that may hold a significant monetary value.
  • Investments – Your investments, stocks, bonds, mutual funds, and retirement funds may live online and create an extensive digital asset portfolio that represents value. 
  • Streaming media – You have paid for a subscription to streaming movie services and paid memberships for some sites such as online gaming. You may have amassed a digital music library, books, and even frequent flyer miles.

It’s easy to overlook the value of these assets to you, but they may represent thousands of dollars of value and are not to be forgotten in your Florida divorce.

A Negotiated Divorce Settlement

To divide property in a Florida divorce, both parties must disclose their assets, and their value needs to be determined. Each individual must create an inventory of the assets accumulated during the marriage.

Digital assets in cryptocurrency are a relatively new topic in the law. Cryptocurrency should be considered a financial asset similar to a stock or mutual fund, especially if they were purchased with joint funds. Since the value of cryptocurrency is subject to wild fluctuations, it may need to be liquidated to determine a fair market value that can be divided.  

You will need to determine how much you value each digital asset, now and in the future. The assets will be divided equitably through negotiations between the partners and their legal representatives. In some cases, it may be challenging to split online assets. In other cases, things may be able to be worked out more smoothly. Your experienced family law attorney can help you negotiate the items to be divided after their value is assessed. 

How Do I Divorce My Military Spouse Who is Stationed Overseas?

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Divorce is always a difficult decision for a couple, but it is compounded when one is serving in the military, especially if they are overseas. You will have to navigate several different areas, including the division of the retirement benefits, jurisdiction, child custody and support, and health benefits.

Crystal Collins Spencer has more than three decades of experience dealing with divorce and will evaluate all options when it comes to divorcing your military spouse who is stationed overseas.

A Military Spouse Divorce

Jurisdiction – The U.S. court may not recognize a divorce filed overseas, so it’s best to file domestically.

There must be some substantial connection for the Florida courts to apply its rules to your divorce, particularly in the area of alimony, child custody, and asset distribution.

Florida requires one or both of the spouses reside in Florida for a term of at least six months. You should own property in the chosen state, one of you should have a permanent residency, or you may have spent the most time there as husband and wife. Your choice of state may depend on where the service member is currently stationed.

Support – Spousal support amount may depend on whether your spouse is receiving off-duty versus active-duty pay. If your spouse deploys regularly, the average yearly salary may be used to calculate alimony and/or child support.

Health insurance for the children should continue to be provided by the military member. If the service member has been in the military for at least 20 years, the health benefits are lifelong. If the marriage lasted less than 20 years, those full benefits might be available for a limited time or until a new military health policy is purchased.

A negotiated Marital Settlement Agreement will specify who receives survivor benefits, which provide a monthly payment or annuity to replace the retirement income upon death.

Any alimony will be negotiated depending on whether one party gave up a career for the other, particularly if the marriage lasted more than seven years. Even a marriage lasting less can entitle the other spouse to alimony if the marriage impacted their life choices and/or career.

Child Custody – A PCS or Permanent Change of Station is standard during military service, and often you do not get to choose where you will be stationed. This change may severely impact the time you spend with your children unless you plan on taking them with you. The parent relocating has the burden of proof to convince the court that the move is in the children’s best interest.

The other side must prove by the preponderance of the evidence that not moving is in the children’s best interest.

A Florida court must hear the requests within 30 days of filing, but a postponement or stay of administrative proceedings can occur if the service member cannot attend.

Retirement Benefits – If you are married to a military spouse, you must be married for a minimum of 10 years. The military spouse should have served no less than ten years to receive retirement pay directly from the military.

Less than ten years, the nonmilitary party can receive half of the existing pension. Your military spouse will be required to pay some portion of his military retirement benefits to you, with the court overseeing the plan for direct payments.

The length of the marriage will determine how much you can receive. The longer the marriage and the service, the better the benefits for the divorcing nonmilitary spouse.

Do not forget that assets in the Thrift Savings Plan (TSP) will need to be divided if the spouse qualifies.

A former spouse may also be eligible to receive Tricare medical coverage if the service member was enrolled for at least 20 years or the marriage overlapped the service period by at least 15 years.

Your Pensacola, FL Family Law Attorney

Crystal Collins Spences has three decades of experience and understands the area of military divorces. Ms. Spencer can advise you of your rights and strategize your alternatives during your divorce. During this difficult time, we will review your case to uncover how best we can serve your interests and that of your children. Call our Pensacola office at (850) 795-4910 to begin the conversation.