<![CDATA[assets - Alan R. Burton Attorney at Law]]> https://www.alanburtonlaw.com/ Tue, 15 Oct 2024 20:25:09 GMT en-us <![CDATA[Divorcing Later in Life]]> https://www.alanburtonlaw.com/blog/divorcing-later-in-life/ https://www.alanburtonlaw.com/blog/divorcing-later-in-life/ Fri, 16 Oct 2015 17:48:05 GMT Recent research has focused on the growing trend of older adults deciding filing for divorce. A study called “The Gray Divorce Revolution” conducted by sociologists at Bowling Green University focused on the rising number of divorces that occur in later stages of life. In 1990, less than one-tenth of divorcing individuals were over 50 years…

]]> Recent research has focused on the growing trend of older adults deciding filing for divorce. A study called “The Gray Divorce Revolution” conducted by sociologists at Bowling Green University focused on the rising number of divorces that occur in later stages of life. In 1990, less than one-tenth of divorcing individuals were over 50 years old, but today that number has increased significantly to one-fourth. In addition, one in ten divorcing spouses are over the age of 65, which is more than twice the number 30 years ago. With the increase in “gray divorces,” it is important to examine some of the legal issues that may be more prevalent for these divorcing spouses.

Keeping the House

Staying in the family home may not be a priority for many younger spouses who end their marriage, but older homeowners may have potential benefits in being awarded their house. The following are some benefits of homeownership in retirement years:

  • As you age, you may become eligible for tax waivers and exemptions for your real estate;
  • Owning a home can provide benefits when applying for Medicaid or other public benefits;
  • You may need the tax benefits of deducting mortgage interest to offset higher tax liability in retirement;
  • Homeowners age 62 or older become eligible for a reverse mortgage, which can help with financial support;
  • Even if you choose not to live in the home, it may provide rental income or significant equity if you have owned the home for a long time.

Retirement Accounts and Benefits

Retirement accounts are generally a marital asset that will be equitably divided upon divorce. Dividing retirement savings can be complicated and it is always critical to have the guidance of an experienced attorney who can assist with this process. An attorney can help get your Qualified Domestic Relations Order (QDRO) approved for pensions or investments accounts.

Additionally, if you are 62 or older and were married for at least ten years, you may be eligible for a percentage of your former spouse’s Social Security benefits. This is particularly important if you stopped working during the marriage to raise children and provide household support and, therefore, are not qualified for adequate Social Security on your own.

Contact an Experienced Boca Raton Divorce Attorney for a Free Consultation

Whether you are divorcing after one year of marriage or after 50 years, many complicated and unexpected legal issues may arise during the course of your case. It is crucial to have an experienced Boca Raton divorce lawyer representing you, especially if there is a substantial amount of money or property at stake. Family law attorney Alan R. Burton has protected the rights of many individuals facing divorce and can help to ensure you receive the most favorable outcome in your divorce so that you can enjoy your future with peace and financial stability. Please do not hesitate to call us today at (954) 229-1660 to discuss your situation.

]]> <![CDATA[Mandatory Disclosures in a Florida Divorce]]> https://www.alanburtonlaw.com/blog/mandatory-disclosures-in-a-florida-divorce/ https://www.alanburtonlaw.com/blog/mandatory-disclosures-in-a-florida-divorce/ Sat, 11 Jul 2015 13:46:38 GMT During a marriage, a couple can amass a wide variety of assets and accounts. Additionally, they can take on a significant number of debts such as mortgages, loans, or credit accounts. Before a divorce can be finalized, a court must decide how these assets and debts are going to be divided between the spouses in…

]]> During a marriage, a couple can amass a wide variety of assets and accounts. Additionally, they can take on a significant number of debts such as mortgages, loans, or credit accounts. Before a divorce can be finalized, a court must decide how these assets and debts are going to be divided between the spouses in accordance with Florida property division law. In order to do so, a court must be aware of all of the applicable financial accounts and properties that may exist. Therefore, spouses are required by law to submit Mandatory Disclosures regarding their finances within 45 days of the filing of the initial divorce pleading.

The following are financial documents that must be exchanged in mandatory disclosures:

  • Financial affidavits — A spouse can use a shorter form if their income is under $50,000 per year, though must use the long form if it is more than $50,000. Exchanging affidavits is mandatory in every case and cannot be waived.
  • All federal, state, personal property, and gift tax returns filed in the last three years. If a tax return has not been filed, 1099, K-1, and w-2 forms are required for that year.
  • Pay statements or other proof of income for the past three months before the filing, including statements of the source of the income.
  • All loan and credit applications prepared in the last 12 months.
  • All current leases, deeds (for three years), or promissory notes (for 12 months), whether they are individual or jointly owned.
  • Statements for brokerage accounts currently owned or owned in the last 12 months, either individual or joint.
  • Statements for retirement accounts, pension plans, profit sharing plans, or deferred compensation plans.
  • Statements and certificates for all life insurance policies.
  • Cards for any medical or dental insurance plans covering the spouse or their children.
  • Tax returns for any corporations, trusts, or partnerships for the prior three years if the spouse is at least 30 percent owner of the entity.
  • Statements for all credit card account or other debts for the last three months.
  • Any premarital agreements signed or agreements entered into by the spouses during their marriage, including any modifications.
  • Any court orders requiring a spouse to receive or pay child support or spousal support.

In addition to this long list of financial documents, if you are claiming that certain property is non-marital and should not be divided, you must provide evidence and documents in support of your claims. This can include proof of how and when the asset was acquired or why it should be considered individual property.

A Qualified Boca Raton Divorce Attorney Can Help You

Meeting the requirements of mandatory disclosures in Florida can be a daunting task in a short amount of time and it is easy to forget something. It is important to have an experienced divorce lawyer guiding you through the process to ensure you receive the best results possible. If you are facing a divorce, your first call should be to family law attorney Alan R. Burton at (954) 229-1660 for a free consultation.

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