Category: Divorce

Coming to the decision that a divorce is what is best for you and your family is usually not an easy one. Once you have reached this decision, you may be more than ready to jump in and get the process started. There are, however, formalities that must be observed prior to this happening.

Is there a mandatory waiting period before filing for divorce? 

Some states have a mandatory waiting period in place when parties file for divorce. This waiting period varies between states, but it usually falls around 6 months to over a year. The intention behind this type of waiting period was to give the parties to the divorce time to reflect on whether or not divorce is truly something they wish to pursue. The same intention is behind some state requirements for spouses to go through a period of separation prior to being able to obtain a divorce.

Florida, however, has no required wait time or required period of separation prior to getting a divorce in the state. The only timing question that really will impact your ability to seek a Florida divorce comes from Florida Statute 61.021. This statute requires that one of the parties to a dissolution of marriage case must reside in the state of Florida for at least six months prior to filing the petition for divorce. Please be sure to note that only one spouse needs to fulfill the residency requirement. This means that the other spouse does not even necessarily have to live in Florida at all and the Florida resident spouse can successfully file a divorce petition.

In sum, the real issue in seeking a Florida divorce is not how long you need to be separated in order to seek a divorce, but how long you or your spouse have lived in the state. The overall length of time it takes to navigate the entire divorce process will largely rest on whether the divorce is contested or uncontested divorce. It will also depend on how many issues relating to the divorce you and your soon to be former spouse are at odds about and your ability to work with your former spouse on reaching mutually agreeable resolutions. Really, it will depend on just how contentious the divorce proves to be. The more central issues that you and your spouse disagree on, the longer the divorce process is likely to take. Other complicating factors in divorce can be children and high net worth as well as complex asset holdings.

Florida Family Law Attorneys

Orlando Family Team is committed to providing our clients with divorce counsel they can count on. We are here not only to help ensure that the technical requirements of a Florida divorce are observed but to serve our clients by providing them with trusted legal counsel. We will always work to pursue and protect your best interests. Contact us today.

The complexities of divorce seem to touch on everything. There are emotional, legal, and financial implications of divorce and it can be a great deal to try and confront all at once. The financial impacts of divorce can be both substantial and far-reaching. It can be critical to your financial well-being to help ensure that assets are properly valued and accounted for during divorce proceedings. Without an accurate picture of your financial holdings during a marriage, it will be next to impossible for a court to be able to help ensure that you get your fair share. That is where forensic accountants come in. In a divorce, for several reasons, a forensic accountant can prove very valuable.

Forensic Accountant in a Divorce

Forensic accountants probably are most prominently thought of when considering divorces where one spouse fears that the other spouse may be less than forthcoming with accurate financial information or may be hiding assets, such as funneling expenses through a business to paint an inaccurate financial picture. Sometimes, a spouse will try and hide assets so they are not subject to division during divorce. Other times, parties may not remember assets or did not keep records of assets so they remain hidden even where there is no intent for them to be as such. A forensic accountant can find both intentionally and unintentionally hidden assets and income so that they are included in relevant divorce calculations. 

A forensic accountant is usually tasked with sifting through extensive amounts of financial records including:

• Tax returns
• Accounting records
• Financial statements
• Bank statements
• Canceled checks
• Sales invoices
• Credit card statements

This includes both personal and business records relating to the parties to the divorce. With the skilled and knowledgeable eye that a forensic accountant can bring to the table, several things can be accomplished in addition to revealing hidden assets and income, such as:

• Discovering inconsistencies in financial documentation
• Corroborating financial and non-financial information
• Assessing whether personal expenses were included as business expenses (which can impact the proper valuation of a business)
• Determine the value of a business or a spouse’s business interests
• Calculate cash flow for purposes of spousal and child support payments
• Tracing to determine which property should be deemed separate and which should be considered marital or “community” property.

Florida Family Law Attorneys

In sum, a forensic accountant can be an asset in revealing essential information as you prepare for divorce. At Orlando Family Team, we are committed to using available resources to help protect the best interests of our clients. We know that the financial impacts of divorce cannot be understated. It is a big shift in anyone’s financial life and we are dedicated to helping ensure that you are set up for a successful financial future way beyond when your divorce is finalized. Contact us today.

If you are facing a divorce, you may feel overwhelmed with so many things seeming like they are up in the air. You may feel inundated by what can feel like a never-ending to-do list. This is all on top of the fact that you are going through what is often a very difficult emotional time for people and their families. With so much going on, it can be all too easy to forget about everyday things like, who will pay the household bills while your divorce is pending? While you may be at a loss as to this answer, it is an important one to find out. Divorces can take a substantial amount of time to resolve and the last thing you will need is for household bills to continue piling up unpaid.

Paying the Bills During a Florida Divorce

Divorce is really an untangling of a life that you have come to interweave with someone else. The untangling process can be complex and will require you to reevaluate many things, bill paying included. If you have been responsible for paying all or some household bills, will that continue throughout the divorce process? Should it change? These are the questions that will need to be answered.

You need to know that, while you and your spouse could and should try to reach an agreement on who will handle payment of household expenses and bills during the divorce, only a court can set this agreement to be legally binding. While you and your spouse are seeking a legal split through a divorce, you are still both jointly responsible for upholding your financial commitments. This will not change without a court order or a legally binding agreement. While an informal agreement between the two of you is a starting point, it will not be enforceable if one of you fails to uphold their end of the agreement. Get a court order determining who should be paying what household expenses during divorce proceedings.

While the court should make the agreement legally binding, reaching a collaborative solution to who will handle household expenses remains the ideal. If you can, work with your spouse on reaching a mutually agreeable solution to this. It can be good for both of you if you can work out an amicable solution to this on your own or perhaps with the assistance of your divorce attorney.

Speaking of financial issues with a pending divorce, did you know that you may be entitled to what is referred to as “pendente lite,” or “temporary alimony?” Florida law provides that a spouse at a financial disadvantage may be entitled to temporary alimony to provide them with financial divorce while divorce proceedings are pending. This type of spousal support is awarded on an individual case basis when the circumstances warrant it. Should it be awarded, the support payments will automatically end when the divorce has been finalized, although a different type of spousal support may then begin.

Florida Family Law Attorneys

If you are in the midst of divorce proceedings, the dedicated attorneys at Orlando Family Team are here to help. Contact us today.

Approaching the divorce process can be emotional, intimidating, and anxiety-inducing all at the same time. To help calm some of your feelings of unease, it can be helpful to ask your divorce attorneys questions about the process. The more you know about what you are in store for, the more you can prepare yourself. Here, we have gathered some of those central questions you should ask your divorce attorney.

What should I ask my divorce attorney?

At your initial consultation with your divorce attorney or as soon as possible thereafter, you should be prepared to get the answers to several important questions. These questions should get you the information you need to help prepare yourself for the road ahead. With the information you gather from these questions, you should also be able to do your part to help the process go as smoothly as possible.

For instance, you should ask your divorce attorney what he or she will need from you. When you first meet with the attorney, you may find it difficult to know how to begin sharing your story. Instead, let the lawyer take the lead in guiding you through which points of the story you should begin with and what other relevant details are needed. Letting the lawyer guide you through the process of telling the story that led you to his or her office will allow the attorney to gather the information needed to assist him or her in evaluating your case.

You should also ask your attorney what the divorce process is going to be like and what it is going to involve. All divorces will have their own unique difficulties. Each process may look slightly different, however, most will follow a similar standard structure. For instance, all divorces will begin by notifying and serving the other party of the proceedings being initiated. There will likely be temporary orders needed to address things like child custody and support while the divorce is pending. 

Not only can divorce be expensive, but post-divorce life can seem like an uphill financial battle as you get your feet back on the ground going from a double income household to a single-income household. This is one of the reasons why you need to be upfront in asking your attorney how expensive the divorce is projected to be. The cost will hinge on several factors including the complexity of your case and whether there are children involved, as well as whether the divorce is contentious or amicable and how well you and your soon-to-be former spouse can cooperate during the process.

You should also ask your attorney about who else will be involved in the case. Most of the time, attorneys will have support staff such as legal assistants and paralegals to help process cases. Divorce involves some personal issues and you will want to be comfortable knowing who will be involved in your case at any level. You will also want to be clear as to who you will be communicating with and who is your point of contact.

Florida Family Law Attorneys

For trusted divorce representation, Orlando Family Team is here for you. We have the answers you need about the divorce process and are here to represent your best interests throughout the process. Contact us today.

People can get divorced at any age and at any phase of marriage. In fact, with people living longer, among other factors, many are getting divorced later on in life. The trend of those of the older population has gone up in years so much so that the term “gray divorce” has developed.

What is a Gray Divorce?

A “gray divorce” refers to a divorce involving spouses generally past the age of 50 or so. While divorce rates have seen some decline over the past decade, those over the age of 50 have seen a spike in divorce rates. The reasons for this have long been speculated upon.

One of the most common reasons supporting the increase in gray divorces is the fact that people are living longer. On top of this, both spouses are more likely to be working and, therefore, financially independent of each other. There is also the fact that any kind of stigma that used to surround divorce has dissipated greatly.

Other potential reasons for the increase in gray divorces is the fact that those who have once divorced are more likely to get divorced again. Multiple marriages and multiple divorces mean that some of those divorces are going to happen later in life. Also, it is pretty common for one spouse or both spouses to put off divorce until children are grown up and have moved off on their own. The spouse or spouses will choose to remain together until the children are raised and then divorce later in life. In some cases, however, divorce has not been postponed, but, when the kids leave the family home, a spouse or both spouses realize the marriage was built so much on being parents that it is not strong enough to survive the empty nest phase.

Divorcing later in life can present unique challenges that may not be as relevant to those divorcing when they are younger. Those who are considering a gray divorce should be prepared for these specific challenges and practical implications. For instance, each spouse should consider things like healthcare and insurance availability when divorcing later in life. Those who divorce later in life, but prior to the age in which they would qualify for Medicare, need to consider the costs associated with health insurance. After divorce, you are unable to remain on your former spouse’s insurance policy. This means that you will need to consider the affordability as well as the availability of health insurance coverage for yourself.

Another big consideration for divorcing later in life includes retirement savings. It costs more for two people to live apart than together. Retirement savings that may have supported the costs of living with your spouse may not suffice for you living on your own. Older couples who are divorcing need to take a good look at how it will impact retirement. The divorce could mean deferring retirement to later than planned for. It could also mean having to substantially reduce their standard of living.

Florida Family Law Attorneys

No matter what stage of life you are in, Orlando Family Team remains committed to providing you trusted divorce counsel that takes your individual circumstances into account. We are always here to represent and protect your best interests. Contact us today.

One of the most complex and frustrating aspects of divorce can be the division of marital assets. In Florida, marital assets are subject to equitable distribution in divorce. This means that, while most of the time assets are evenly split, the priority is that the assets are divided in a manner that is fair. In other words, if there are factors at play that would merit an unequal division of the marital assets in order to help ensure that the split is fair, then the court will act accordingly.

In some cases, a business may be included in whole or in part as a marital asset and, thus, must be valued and may be subject to division or sale and the proceeds are split. Valuing a business can be challenging as there are so many layers and factors to take into account. Valuation of a marital business, however, must be done as part of the divorce process. There are a few different ways that the valuation of a business may occur.

How is a business valued in a divorce?

Before approaching the task of valuing a business in divorce proceedings, an expert, such as a business appraiser, is usually employed to conduct the valuation. The business appraiser will then determine what method of business valuation will be employed. There are three primary methods of business valuation that are used. They are:

• The market approach: To reach the value of a business with this approach, the business appraiser will compare the business’ value to the baseline businesses that are comparable in size and nature. In other words, the marital business is compared to the value of other similarly situated businesses with similar interests that were recently sold. It is critical that the two businesses be as similar as possible in order to help ensure a more accurate valuation.

• The income approach: This approach is one of the most commonly employed methods used by business appraisers valuing businesses incident to divorce proceedings. With this method, the appraiser utilizes the business’ current earnings or projected future earnings. If projected future earnings are used, then the future value will be determined through assumptions and different formulas in order to arrive at a value of the business presently.

• The cost approach: This approach centers on the idea that a potential buyer will not pay more for the business than what is reasonably necessary to obtain the company’s assets when considering its liabilities.

There are other factors that a business appraiser may take into account when valuing a business. For instance, the intangible business asset of goodwill can be quite valuable. Goodwill includes things like how established a business is in a community and how dedicated its customer base is.

Florida Divorce Attorneys

The division of marital assets can have a profound impact on the financial future and wellbeing of the parties involved. When businesses are involved in this process, things can get very complicated very quickly. The dedicated divorce attorneys at Orlando Family Team will help unravel the complexities involved in this critical stage in the divorce process. We will work to ensure that your best interests are always protected. Contact us today.