When people want to get a divorce in Florida, it's important for them to have a complete understanding of both their finances as well as those of their spouse. Some people make the mistake of not seeking professional financial advice before divorcing and end up with ruined credit as a result.
Making certain finances are protected in divorce
Child support and tax obligations
After a divorce, one Florida parent may end up paying child support to the other, and for the parent receiving the support, the income is not considered taxable income. In addition, the payer is not entitled to a tax deduction for those payments.
Florida lawmakers advancing reforms to family law
Spousal support and child custody present two of the biggest issues in most divorces. Legislative committees in Tallahassee have been listening to testimony about reforms meant to make joint custody with children spending equal time between parents the legal standard. Additionally, time limitations on spousal support, also known as alimony, could become law and abolish the possibility of permanent alimony being awarded.
Credit cards; the latest perks to woo consumers
According to data released by the Federal Reserve early this month, Americans currently owe a combined whopping $936 billion in credit card debt-an astonishing $103 billion more than just five years ago.
Child support and custodial-parent families
Florida parents may be interested in the Department of Agriculture's Center for Nutrition Policy and Promotion's finding that a child costs nearly $250,000 to raise from birth to adulthood. Many families rely on support from the noncustodial parent to maintain their households. Approximately one-quarter of children under the age of 21 living as part of a family live with one parent only, according to 2014 research. Approximately five out of six of those custodial parents were mothers.
Bankruptcy myth #1: People do not lose every item they own
When individuals turn to bankruptcy, they have countless questions and concerns about the process. One of the biggest worries for many people is the fear that they will lose everything they have-their furniture, television, clothes, and even kids toys.
