How does a Florida divorce affect your taxes?

How does a Florida divorce affect your taxes?

If you have a mortgage, the court may order both of you to split the debt; if you stay in the home, the mortgage may be restructured to make you the sole owner and borrower. It is important to think about how a divorce, for Florida residents, will change your taxes.

What to know about divorce for Florida residents?

If you are considering a divorce, there are a few things about divorce for Florida residents that you should know before consulting your attorney. These will save you both time and money.

How are assets divided in divorce in Florida?

If both you and your spouse agree on how to divide property, debt and responsibilities for any children, the divorce can be finalized without a trial. Otherwise, the court will assign a time for a hearing. Any assets and debts amassed during the marriage, referred to as “marital assets,” will be divided “equitably,” or fairly, upon divorce.

When to file excessive motions in a divorce?

If Spouse B prevailed at the hearing, Spouse A could be ordered by the court to pay some of Spouse B’s attorney’s fees as well as sanctions. If the court has already ruled on a particular issue, filing another motion that essentially rehashes all of the arguments dealt with in the previous ruling is excessive.

What happens when you file for divorce in Florida?

In Florida, there is often a presumption that property acquired during the marriage is considered marital. During the divorce, you and your spouse may agree to a value for each asset, or the judge may assign a value.

When did the Rogers family file for divorce?

Rogers, the parties filed for divorce after eight years of marriage. During the marriage, the wife incurred over $23,000 in student loan debt; the husband did not incur any student loans.

If both you and your spouse agree on how to divide property, debt and responsibilities for any children, the divorce can be finalized without a trial. Otherwise, the court will assign a time for a hearing. Any assets and debts amassed during the marriage, referred to as “marital assets,” will be divided “equitably,” or fairly, upon divorce.

What are the statutory factors for a Florida divorce?

The relevant statutory factors under Florida Statute 61.075 include the following: (a) The contribution to the marriage by each spouse. (b) The economic circumstances of the parties. (c) The duration of the marriage. (d) Any interruption of personal careers or educational opportunities of either party.