Florida's Equitable Distribution
Law
and Your Home
This is often the most emotional and also the most expensive
joint asset of divorcing couples. Consult with an experienced
Tampa divorce
and equitable distribution attorney who can help you to
negotiate the process of dividing the assets from your home.
Generally, if you sell the home, property taxes are paid by the
seller. If one or the other spouse wishes to keep the home,
determining whether either spouse will be able to uphold the
financial responsibility should one or the other keep the home
is often warranted. If you sell the home before your divorce is
finalized, then at this point, the expense of the taxes and
other expenses associate with selling your home can be divided.
You may be subject to some assistance with taxes under the
Mortgage Debt Relief Act of 2007.
To find our more about how property and assets can be divided,
please contact our Tampa family law firm
at (813)879-4600.
Filing Taxes When Divorcing in
Florida
Sometimes divorced couples will neglect to negotiate how future
filings will be handled in the final
dissolution of marriage. The filing status of Each spouse
should list whether the spouses will itemize or use standard
deductions if filing separately and both must agree to use the
same method. It should be clear which spouse will be entitled to
claim certain deductions or exemptions. (both must use the same
method), and which spouse will be entitled to claim certain
deductions or exemptions.
Filing Status For Separated Spouses - Understanding and
determining how spouses should file taxes until the final
divorce decree is entered is important. Higher tax brackets or
unallowable credits and deductions may actually impact you
negatively. An accountant with experience in income tax
preparation should be able to help both spouses determine which
filing status will be most advantageous.
Tax Deductions and Dependency
One of the most asked questions of divorced parents of minor
children is "Who gets to claim the dependency deduction for the
children in Florida?" Without an order, the law generally allows
for the parent with primary residency to claim the children.
Allowing the non-custodial parent to claim the children will
actually increase their net income, and can increase the amount
of support that they are obligated to pay. If your earned income
and adjusted gross income is less than the threshold sets by the
IRS, you may be eligible for the earned income credit. You
should consult with the IRS and their updated publications to
learn more about the Earned Income Credit for the current year
as this may frequently change.
Child and Dependent Care Credit
If you are paying for child care and have an order to pay child
support, you should consult with an accountant to see if your
contribution for day care under your order can be claimed. You
must have one qualifying child. If you are married or filing
separately you cannot claim this child care credit.
IRS Qualifiers for Child Tax Credit
Is claimed as your dependent (and)
is your son, daughter, adopted child, stepchild, grandchild or
Frost child (and)
Is a US citizen or resident alien
Was under the age of 17 a the end of the tax year
There are other ramifications that can effect the overall
benefit or detriment to your future income or that of your
spouse. Alimony or spousal support, additional child support and
other factors can apply. A tax attorney or specialist can help
you to determine if it is the best choice to claim this credit,
even if you qualify to do so.
Other Areas Covered Under the Equitable Distribution Law
Other assets that may need to be divided when divorcing in Florida:
Stocks
Bonds
Mutual Funds
Portions of retirement funds
Portions of IRA's
Other Items that have appreciating value
If you are considering hiring a Divorce Lawyer in Tampa, it is
usually wise to make sure he or she has a good deal of
experience in family law, but also in equitable distribution law
in Florida. Nilo J. Sanchez and Associates has specialized in
Florida divorces for
