July 2020 | Law Office of Philip A. McLeod, P.A.

Splitting debt in a divorce

July 20, 2020/in Divorce /by

Divorcing spouses often find splitting their marital assets one of the biggest challenges of their divorce process. However, they must be aware that any shared debts may also need to be split or assigned to one party when they get divorced.

Understanding how creditors view debt liability after a divorce is important for anyone in this situation.

Debts, account names and divorce decrees

After going through the arduous process of deciding which spouse should repay which debt after a divorce is finalized, the details of the agreement may be documented in the divorce decree. However, Bankrate warns that consumers should pay special attention to which names remain on any credit accounts as well.

A divorce decree may indicate financial responsibility for a debt to one party but if both spouses’ names remain on the account, the creditor may consider both still liable for the debt. Missed or late payments may be reported to credit bureaus against both spouses. Collection efforts may target both spouses. Some couples attempt to repay any joint debt prior to completing their divorce to avoid these scenarios.

When it comes to mortgages, even signing a quit claim deed that grants full ownership of a property to one spouse may not prevent a lender from pursuing repayment against the other person should their name remain on the loan.

Student loans and use of funds

Student loans may be taken out in one person’s name only, but they may be deemed marital debts. As explained by Student Loan Hero, the use of the funds may dictate whether or not the debt is considered solo or joint.

How can I request a child support modification?

July 12, 2020/in Divorce /by

Either parent may request a modification of child support orders. However, there must be a compelling reason to make this request, and the request must follow the guidelines set by law.

According to the Florida Department of Revenue, you need to have a significant change in your circumstances or not have had a review in the past three years before you can request a modification. In addition, your obligation cannot end within the next six months.

Significant changes

Significant changes are anything that would trigger the court to change your order. It might be that you lost your job, had your work hours decrease or switched jobs. If your earnings change by quite a bit, then you would count that as a significant change.

Changes may also be something not related directly to your income or employment, such as having another child. They may also include differences in your visitation or living situations. For example, if your child starts living with you instead of the other parent, then this is something to bring to the court’s attention. Serious medical issues with your child is another reason to request modification since it will impact the financial care of the child.

Every three years

Regardless of whether you have any changes in your lives, the law states that you have a right to a review of your case every three years. This applies to you and the other parent. It does not matter if you pay or receive the support as the law believes you both have the right to a review of your case to ensure fairness and that support is adequate for the needs of your child.

How do you tell your child about a divorce?

July 6, 2020/in Divorce /by

Divorcing Florida parents have a lot on your plate. You need to deal with everything a childless couple deals with. This includes spousal support, asset division and complex matters of taxing and estate.

But you also need to deal with matters of your child, too. This includes custody, visitation schedules and child support payments. On top of everything else, you also need to decide how you want to break the news to your child. For some, this is the hardest part of divorce.

Present a unified front

Psychology Today discusses ways to tell your kids that you are getting a divorce. There are many ways to tackle this hard conversation. But there are some tips that may help yours go more smoothly.

First, do not talk to your child separately. Talk to them together. This presents a unified front for your child, which makes the information less scary. It also allows you to keep each other in check. You do not have to worry what your co-parent says.

Plan out as much as you can

Plan what you say in advance. The last thing you want to do is start an important conversation and have no idea what you want to say. While deciding what to say, work out a non-blaming narrative. Do not force any party to take the direct blame for this divorce. The younger your child is, the less they need to know, too. Keep personal, messy details out.

Finally, keep your kid in the loop. Let them know what will stay the same and what will change. Have a basic, general reason prepared if they ask why you are divorcing. Let them know which parent is moving out. The open honesty provides more security and can help make your kid feel less overwhelmed.