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Boca Raton Divorce Law Blog

How are assets divided in high asset Florida divorces?

As most people are likely aware, the property division process is often the most contentious aspect of reaching a divorce settlement for couples in Boca Raton, and throughout the country. This can be especially true for high profile couples, and other couples of substantial wealth. Divorcing spouses may disagree over what they are each entitled to because of greed, differences of opinion over what each spouse brought to the marriage, asset complexities or any other number of factors.

In cases when divorcing spouses are unable to reach an agreement on their own, Florida law stipulates that the court handles the distribution of assets in accordance with the rule of equitable distribution. Unlike other states that divide assets down the middle, with each spouse receiving an equal share, Florida divides marital property based on what is equitable or fair. To determine this, courts may take into consideration a number of factors, including the length of the marriage, the earning potential of both spouses and any debts owed by each of the spouses. Through equitable distribution, Florida courts are able to take this into consideration, however, and are thus able to divvy up a couple’s assets based on what makes the most sense, and is most fair, for both of the spouses.

Divorce settlement could affect founder’s holdings in company

In Florida, like many states, the assets and wealth that is accrued by each spouse over the course of their marriage is generally considered marital property. Should a couple decide to divorce, these are the assets that typically must be divided between the spouses. While some holdings, such as bank accounts, can be easy to divide, others, including business assets, may be more complicated.

According to reports, one man’s pending divorce settlement could seriously affect his stake in an Oklahoma-based oil drilling company that he founded 20 years before he was married. When the couple married in 1988, the company was reportedly still relatively small, but it has grown to be one of the largest companies involved in North Dakota’s Bakken Shale formation. Currently, his wealth is estimated to be approximately $20 billion, but it was not reported how much of that is tied up in the company.

How inaccurate information affects Florida child support awards

Raising children, as any parent will confirm, can be an expensive undertaking. Beyond just the common daily expenses, including food, clothing and shelter, there are typically a number of others, such as medical costs and education expenses. As was explained in the first post of this child support series, Florida family law judges often order child support to ensure that both parents bear the financial responsibility of raising their child. This post will discuss the guidelines that are used to determine the amounts of child support awards and the effects that inaccurate information can have on such awards.

By law, the amount that parents are ordered to pay per month in child support in the state of Florida is generally determined using a numeric formula. According to the Florida Department of Revenue, the child support formula considers a number of factors, including the income of each parent, the child’s health care expenses, the child’s standard needs, any childcare costs and the number of children that the parent owes child support for. 

Enforcement of child support orders in Florida

As was discussed in the first post of this child support series, family law judges in Florida regularly order child support in order to ensure that parents fulfill their financial obligations toward their children. Whether due to circumstances beyond their control, such as the loss of a job, or simply by choice, there are situations when parents neglect to make their payments. In order to limit these occurrences, and establish consequences for parents who fall into arrears, there are procedures and tools in place at both the state and the federal court legislative levels. This post will discuss some of the methods commonly used for child support enforcement in the state of Florida.

The primary method for enforcing Florida child support orders is through income deductions. According to the Office of the State Courts Administrator, when child support orders are established, it is mandatory that income deduction orders also be entered. Through these orders, employers must automatically deduct child support payments from parents’ paychecks. Furthermore, the state of Florida requires businesses to report all new hire information in order find out where parents who owe child support are employed. Parents must also inform the Child Support Enforcement Program, and the court, when they change jobs.

An overview of child support awards in the state of Florida

Generally, both parents take on the financial responsibility of providing for their child’s needs in Florida, at least until their child is 18-years-old. When children are not living with one, or both, of their parents, family law judges often order child support awards to ensure that both parents continue to provide the financial support their children need and deserve. These monetary payments are for the benefit of the child and can be applied toward everyday expenses, such as room and board, as well as health care, medical and education expenses.

Under Chapter 61 of the 2014 Florida Statutes, one, or both parents, may be order to pay child support to the other parent, or to the child’s custodian by the court. In general, these orders can be established through one of two types of procedures – administrative or judicial.

Relocating with children after Florida divorces

After a divorce in Florida, it is common for people to want to move. For parents, however, it can be a very complicated process. At the law firm of Peter A. Rose, P.L., we often hear from parents who are in this situation, but are unsure of the state’s laws regarding relocating with minor aged children.

Under Chapter 61 of the 2014 Florida statutes, parents who have time-sharing agreements must have permission from the court if they wish to move more than 50 miles from their residence at the time that their existing child custody and time-sharing agreement went into effect. There are two primary methods by which parents can gain permission from the court to relocate – either with the other parents’ consent or through petitions.

What are the different types of alimony in the state of Florida?

It is common in Palm Beach, and throughout Florida, for one spouse to be the primary earner in a marriage. Should married couples in these types of situations divorce, it could place a heavy economic burden on the lesser, or non-income-earning partner. In order to help alleviate this, family law courts often order spousal maintenance awards, including alimony.

Generally, alimony is a monetary allowance that is paid by one spouse to the other during the divorce process or after its completion. In most cases, higher earning spouses are ordered by the courts to pay this type of spousal maintenance to lower earning spouses. Depending on the circumstances, under Chapter 61 of the 2014 Florida Statutes, there are four primary types of alimony that are awarded in the state of Florida – bridge-the-gap, durational, permanent and rehabilitative alimony.

High asset divorce appears eminent for Carey, Cannon

Due to their sizeable earnings, celebrities in Palm Beach, and elsewhere, often bring in significant income during their marriages. Unless they have a prenuptial agreement, celebrity couples, like all married couples, must negotiate the division of their assets and property. In some cases, these negotiations may begin long before the motions for divorce are filed, while in other cases, reaching an asset division agreement can hold up finalizing a divorce for months.

It appears that steps toward divorce have long been in the works for singer, Mariah Carey and her television host-actor husband, Nick Cannon. The couple’s recent marital issues have been widely publicized, with recent reports indicating that they have been separated since May. Carey and Cannon have been married for six years. The split, news sources reported, seems to be related, at least in part, to statements made by Cannon during his recent appearances on two widely listened to radio programs regarding his previous partners and his physical relationship with Carey before they were wed.

Talk show host continues fight to avoid paying child support

Disputes over the payment of child support aren’t all that uncommon in divorce cases in Boca Raton. Often, the one being asked to pay child support will dispute the amounts asked for by the custodial parent or even contest the need to pay such support altogether. The reasons why people may choose to contest paying child support can vary, with most having to do with the payer’s lack of a relationship with the child. Yet in some cases, those disputing the need to pay child support do so not based upon their relationships with the children involved, but rather upon their feelings towards their ex-spouses.

One might certainly argue that this has become the case involving the ongoing child support dispute between talk show host Sherri Shepherd and her ex-husband. The couple had agreed to have a child via a surrogate, but have since divorced. The popular host of The View has fought her ex-husband’s claims for child support, claiming that he entered into the surrogate contract with her already planning on divorcing her and asking for child support.

Rutherford fighting to get custody of kids back from deported ex

Depending on the circumstances of their custody and parenting agreements, when parents in Palm Beach are granted full custody of their children, it generally grants them the ability to determine where they, and their children, will live. In cases, however, in which a parent wants to move across the country, or even the world, it can create new challenges for parents to deal with.

The child custody dispute between “Gossip Girl” actress, Kelly Rutherford and ex-husband could potentially impact future cases with similar circumstances. According to reports, Rutherford’s ex-husband, who was born in Germany, had his U.S. visa revoked and was not allowed to re-enter the country after it was found there was some type of fraud involved with how he obtained his visa. Since Children’s father cannot travel to the U.S. to visit them, a family court judge awarded him custody of the couple’s seven and five-year-old son and daughter; Rutherford had previously had custody and been acting as the children’s primary caregiver.

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