Articles Posted in Divorce

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When you meet with your Fort Lauderdale marital and family law attorney, you will be asked about you and your spouses assets and liabilities as part of your divorce case. Your Fort Lauderdale divorce lawyer will explain to you the difference between marital and non-marital assets and liabilities as set forth in Florida Statute 61.075. One way that the Broward County divorce judge can award you an interest in the enhancement value of a non-marital asset for equitable distribution purposes is as a result of marital efforts or marital funds that result in an increase in value of a non-marital asset.

In Shinitzky v. Shnitzky, the former wife appealed the trial court’s order which held that funds recovered in a lawsuit for damages arising from the loss of a non-marital asset were a non-marital asset. Before the marriage, the Former Husband sold his business for $8 million. The parties did not dispute that the $8 million from the sale of the Former Husband’s business was non-marital. After the marriage, the Former Husband placed the $8 million into a brokerage account. The broker absconded with the money. The parties worked together to recover the funds for two years during the marriage. The Former Husband then moved out of the house and pursued the lawsuit on his own before recovering $5.6 million and an uncollectible judgment against the broker.

The Former Wife argued that the funds received from the lawsuit were marital since they were acquired during the marriage. While the Former Husband agreed that if marital labor or funds had been used to pursue the lawsuit and that if the expenditure of marital effort or funds had increased the value of the recovery that the increase could be considered marital, he argued that none of the recovery was marital since marital funds or efforts did not increase the value of the $8 million non-marital asset.

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When you meet with your divorce lawyer in Fort Lauderdale, you will soon understand that there is never a best time to file for divorce. However, if a man is considering filing for divorce in the Broward County marital and family law court, the recession might be the time to do it. Divorce attorneys in Miami and Fort Lauderdale have exlained to clients that income, business values and assets have decreased in their present values.

For men, it may be less painful to walk away now. For women, it is important to think about whether they should file for divorce now before assets and income continue to decrease in value. However, couples throughout Florida believe that they should not file for divorce during the recession because of the need for dual incomes.

In Miami-Dade and Broward County, the business of divorce is slightly down from the number of filings one year ago. Throughout the state of Florida, new divorce filings fell from 21,333 in the first quarter of 2008 to 18,028 in the first quarter of 2009. In Miami-Dade County, new divorce filings fell from 3,239 in the first quarter of 2008 to 3,196 during the same quarter in 2009. In Broward County, new divorce filings fell from 2,148 in the first quarter of 2008 to 1,543 in the first quarter in 2009.

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In some divorce cases filed in Broward County, the division of assets and accountability of income is clear. In other cases, the division of assets is not so straightforward. One spouse in a Fort Lauderdale divorce case may believe that the other spouse is hiding assets. Spouses may also disagree about their shared lifestyle which is relevant when your divorce attorney needs to determine alimony. When you file for divorce in Fort Lauderdale, your lawyer may request that you hire a forensic account to prepare your case and ensure that your divorce is based upon full disclosure of assets, liabilities and income.

Forensic accountants analyze the economic aspects of a divorce case. By reviewing financial documents such as bank statements, tax returns and corporate financial records, they develop an accurate assessment of the financial situation by evaluating when money is deposited, where assets are kept and how assets are distributed. All in all, the assets are examined for the purposes of child support, alimony and property division.

In calculating alimony and child support, a forensic account ensures that there is a truthful reporting of each spouse’s income. For property distribution, the forensic accountant ensures that this is fair when there is not a full understanding of the marital assets and liabilities. If both parties have not actively managed the family finances, one may not be aware of all of the assets. If one spouse is trying to hide assets, an untrained person may have difficulty finding the concealed assets.

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One of the factors that couples need to consider when filing for a divorce in Fort Lauderdale is the economic implications placed upon parties during the pendency of and after a divorce. In Broward County, it is important to discuss the impact of the recession with your marital and family law attorney before entering into a marital settlement agreement.

In many divorce cases, a husband and wife decide that they do not want to be married to each other. While they are ready to move forward in their lives, they can not afford to move out of the marital residence. Couples do not want to sell their home during a decline in the real estate market. In other instances, the parties can not afford two households until one of them finds a new job. In the interim, couples are residing in the same marital residence but on different floors. Children are generally acceptable to these conditions and understand that mom lives upstairs and dad lives downstairs.

While proceeding with your divorce case can be complex or inexpensive, the recession has complicated the process further. Many individuals are delaying the decision to file for divorce or are living in uncomfortable marriages due to the economic crisis. Other couples continue to reside together after the divorce as a result of financial necessity. It is unclear how the recession is affecting divorce rates overall because of the delay in compiling economic data. However, what is clear is that parties have been forced to become creative in order to adjust to these turbulent economic times.

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If a man is going to file for divorce in Broward County, the recession might be the time to do it. Fort Lauderdale divorce attorneys have found that incomes, business assets and other holdings have decreased in value. In a strong economy, men do not believe there assets are valued at such a high level when it comes time to equitably divide the marital assets and liabilities.

Strategizing is common when a spouse files for a divorce. The recession may play a part of your strategy. For women, they may argue that they need additional alimony and child support of they have been laid off from their job. But for men, if a guy is impoverished, it is going to give him an advantage in arguing that his wife should take on more of the debt.

If you are planning to file for divorce, you should speak to your Broward County marital and family law attorney. It is important to discuss the best time financially for you and your spouse to file for divorce.

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In part one of my last blog, Planning Your First Step After Your Fort Lauderdale Divorce, I discussed why it is important to speak to financial and legal experts following the entry of the Final Judgment of Dissolution of Marriage by the Broward County divorce judge. Most likely, your marital and family law attorney in Fort Lauderdale has advised you to update your estate and financial plans to reflect your new economic circumstances. Here are some additional ideas to consider:

Plan For Special Needs Children

If you have a disabled child who is expected to need lifetime assistance, consider a special needs trust to protect your child from having to give up any public financial assistance. In addition, your special needs child may not have to give up access to medical care that could be taken away due to an inheritance. When assets are held in trust, they are generally not considered the child’s assets.

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After your divorce in Broward County, the last thing that you want to do is consult another attorney. Let’s face it, your probably paid your Fort Lauderdale divorce lawyer a lot of money. Regardless of your age or whether or not you have kids, it is important to consult both financial and legal eperts to be sure your estate and financial plans are updated to reflect your new circumstances. If you were not working with a financial and legal expert during your divorce, now is the time. You should consider the following:

Start With A Financial Planner

Get a look at your finances after your divorce is finished. Expenses for single people can grow quickly and unexpectedly. A financial planner can help review your new spending and savings needs, compare strategies to achieve long-term goals and give you tools to protect your assets and loved ones if you die suddenly.

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On April 23, 2009, I previously wrote about a Fort Lauderdale bakery that sells divorce cakes. Let’s face it, after the marital and family law Judge in Broward County makes you and your spouse’s divorce official, wouldn’t you want to have a party where you can serve a divorce cake to your friends that can cushion the breakups with sugar and laughter? You can invite your friends in Broward County or even ask your divorce lawyer to leave his office in Fort Lauderdale and come by for the celebration.

For individuals who have been divorced in Broward and Miami-Dade County, do not be sad that you have to pay your spouse alimony or that you did not receive your fair share of the marital assets. Instead, from 8:00 P.M. on Thursday, July 2, 2009 to 2:00 A.M. on Friday, July 3, 2009, visit the Mamajuana Cafe, 225 Altara Avenue, Coral Gables, Florida and get a glimpse of some divorce cake freshly baked by Elite.

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Financial hardships in Broward County brought on by the recession have made divorce a reality for couples who live in South Florida. The recession is causing many couples throughout Fort Lauderdale to rethink their marital situation since a high priced divorce may further deplete their shrunken assets and liabilities. Many divorce attorneys in Hollywood, Cooper City, Miramar, Plantation and other cities in Broward County are available to assist you with your dissolution of marriage during these tough times.

Many couples do not want to get divorced because of recession related problems. People who have have no children and limited finances can save money on their divorce by hiring a lawyer when they have reached a settlement and file for a simplified dissolution of marriage. However, couples with children, real estate and a more complicated financial situation have to salvage their finances during a divorce.

You must be consistent in communicating with your lawyer. Get a referral through word-of-mouth, local and state bar associations or online through search engines such as Google. During your initial consultation with a marital and family law attorney, ask for a free or reduced rate consultation. You should also ask your divorce lawyer about attending mediation as soon as possible. Be cooperative, realistic and prepared to compromise with your spouse during your divorce.

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Getting divorced in Broward County can be a daunting experience. You are not just breaking up with your spouse, but you are dividing your assets and liabilities and creating a parenting plan and time-sharing schedule with your children. Whether you live in Cooper City, Coral Springs, Plantation or Southwest Ranches, a divorce can be a long and expensive process. By hiring a divorce lawyer in Fort Lauderdale, you can avoid some of the most common and costly mistakes.

Here are the top five mistakes:

Being Unprepared

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