In many Florida divorces, part of the property division that occurs involves college funds which have been set aside for the benefit of the children.

Unless these funds are owned by one spouse alone as a result of money from before the marriage or as a result of a gift from someone other than the other parent, the funds will be divided along with all of the other assets and debts of the parties.

If the plan procedures allow both parents to exercise joint control, the solution is fairly simple.  You merely request that the plan confirm in writing that neither spouse can withdraw or otherwise move the money without the written consent of the other.

Sometimes that is difficult to do.  Many plans, including the state operated Florida Prepaid College Plan, require that the accounts be opened in one name only.  When that is the situation, your expert Tampa divorce lawyer will merely place a paragraph in the Marital Settlement Agreement or ask the judge to place a paragraph in the Final Judgment of Dissolution of Marriage which states that neither spouse can make any decisions regarding that money without the written consent of the other spouse.

Bottom line:  Don't assume that the children's college funds will be handled the way that you want them to be.  Have your Florida divorce lawyer obtain clear rules for withdrawing the funds.

Benjamin Franklin said, "The only two sure things are death and taxes."  When you are going through a divorce in Florida, you must remember that there are tax consequences to certain parts of it.

Suppose that you bought some rental property with your spouse a few years back and it looks as if you are going to get the property as part of a settlement proposal from your spouse's expert Florida divorce lawyer.  Of course you will consider the amount of mortgage debt that is on the property when you analyze what the property is really worth to you, but you need to be aware of a hidden debt.  The amount by which the property has increased in value since its purchase will be subject to capital gains tax (currently 15%).  There will be no tax due at the time of the divorce, but when you later sell the property you will have to pay that tax.

For that reason, you may not wish to put that property in your column on the property division balance sheet.  If your spouse is not willing to factor that debt into the equation, then your expert Tampa divorce lawyer may suggest that your spouse get that property and you get something else that has no future tax burden.

Bottom line:  Your Florida divorce lawyer can help you look at all of the tax factors involved in the property division aspect of your divorce.

© Copyright 2009 by Stann Givens

© Copyright 2009 by Stann Givens

© Copyright 2009 by Stann Givens

© Copyright 2009 by Stann Givens

© Copyright 2009 by Stann Givens

A common question we hear in Florida divorces is, "Does the property always get divided 50/50?

The law requires that the assets and debts of the marriage are to be divided "equitably".  That technically means that it will be done fairly, but not necessarily equally.  If a family court judge has a "substantial" reason to divide your marital property other than 50/50, the judge may do so.

But history shows that many, many family court judges in the past have had their rulings dividing marital property other than 50/50 reversed on appeal.  On the flip side, when judges divide property 50/50, they have very rarely had those rulings overturned.

Keep in mind that Florida family court judges run for reelection every six years.  When they run, the local newspapers inform the public as to how many times they have been reversed on appeal as compared to other judges.  If you were a judge and liked job security, wouldn't you be inclined to almost always divide marital property 50/50 despite the leeway allowed in the law?

Bottom line:  Based on my experience as a Florida Divorce Attorney, although it is not technically required by the statute, you can expect your family court judge to divide your marital property 50/50 almost all of the time.

© Copyright 2009 by Stann Givens