Florida prenuptial agreement law

A prenuptial agreement can allow you to modify certain provisions of Florida divorce law to better fit your specific circumstances. A well-executed agreement in compliance with Florida prenuptial agreement law will allow you to set forth the terms of the divorce, rather than a judge dictating the distribution of your assets and the amount of spousal support awarded. To find out more about Florid prenuptial agreement law contact a divorce law firm in Tampa to schedule a consultation.

Florida Prenuptial Agreement Law: Adoption of Uniform Premarital Agreement Act

Florida has adopted the Uniform Premarital Agreement Act, which expressly provides that parties may reach a binding contract on the following issues:  (i) the parties’ rights and obligations concerning any assets and liabilities; (ii) the right to buy, sell, use, transfer, or dispose of property; (iii) the distribution of property upon separation, dissolution, death, or other event; (iv) the right to alimony; (v) the making of a will or trust; and (vi) the disposition of life insurance proceeds.

Enforcement of Florida Prenuptial Agreement Law

Under Florida prenuptial agreement law, prenuptial agreements may be enforceable even if, in hindsight, they represent a bad deal for one of the spouses. For instance, in Ferguson v. Ferguson the court upheld a pre-martial agreement concerning the transfer of a home prior to the recent real estate downturn. Per the prenuptial agreement, the husband was to retain sole ownership of the home in exchange for paying the wife $185,000 and indemnifying her from any property taxes, assessments, or other property related expenses. The prenuptial agreement was drafted prior to the real estate market downturn and did not provide for, nor anticipate the drastic drop in the home’s value. The husband attempted to void this provision in the contract because the change in the home’s value made the deal significantly worse for him. However, the court upheld the prenuptial agreement and ordered both parties to fulfill its performance.

The prenuptial agreement can be a legally enforceable contract; however, a Florida family law court does have the authority to overturn the agreement if it was not properly executed in compliance with Florida prenuptial agreement law. Further, a court can disregard certain provisions of the contract while still enforcing the remainder of the prenuptial agreement. Therefore, it is very important that you receive competent legal advice from a Tampa divorce attorney experienced in Florida prenuptial agreement law.

Florida Prenuptial Agreement Law on Child Support and Custody

Not all aspects of a divorce can be resolved with a prenuptial agreement. For instance, a court may void provisions of an agreement that attempts to alter the child support or child custody rights of a spouse. A court will only enforce these types of provisions if they are more beneficial to the child than Florida family law provides. See League v. Lassiter. Additionally, provisions of a prenuptial agreement that attempt to limit or prevent support during a pending divorce are generally not enforceable under Florida prenuptial agreement law.

Divorce Law Firm in Tampa

A skilled divorce lawyer can be very helpful not only with the negotiation process but also in drafting an agreement that will satisfy the rigorous standards of Florida prenuptial agreement law. The Tampa divorce lawyers at Florida Law Advisers, P.A. are experienced at negotiating prenuptial agreements that protect our client’s rights and satisfy rigorous judicial scrutiny. If you are considering drafting or challenging a prenuptial agreement and have questions call us today to speak with a divorce lawyer in Tampa.

Chapter 13 bankruptcy payment plan

If you are experiencing financial hardship because the income you receive is not enough to pay your monthly bills Chapter 13 bankruptcy may provide some much-needed relief. Chapter 13 is a form of bankruptcy in which a consumer consolidates their existing debts into one monthly bill that is paid to a bankruptcy trustee according to the terms of the Chapter 13 bankruptcy payment plan. Unlike Chapter 7, borrowers will not be required to sell their assets as a condition of the Chapter 13 bankruptcy payment plan. Rather, Chapter 13 is considered a restructuring bankruptcy because the debtor continues to make payments to their creditors according to a court approved payment plan.

When to File the Chapter 13 Bankruptcy Payment Plan

When filing for Chapter 13, the petitioner must submit the Chapter 13 bankruptcy payment plan within 14 days of filing the case, unless the court extends the time. A debtor should always seek the aid of a Tampa bankruptcy attorney when submitting the Chapter 13 bankruptcy payment plan. An unsatisfactory payment plan can cause delays and unnecessary hardship for a debtor. The debtor must classify all the debts included in the bankruptcy and provide for payment of the creditors in accordance with bankruptcy law. For assistance with the payment plan contact a bankruptcy law firm in Tampa to schedule a consultation. Once the payment plan is confirmed by the court it will bind the debtor and each creditor included in the bankruptcy.

What Should be Included in the Chapter 13 Bankruptcy Payment Plan

The Chapter 13 bankruptcy payment plan should outline how the income the borrower receives will be used to pay off the debts owed. The plan must provide for secured claims to be paid the present value of the property that it secures, unless the creditor agrees to accept a lower amount as full satisfaction of the debt or the debtor surrenders the property.  On the other hand, unsecured claims only have to be paid as much as they would have received if the debtor filed for Chapter 7, instead of Chapter 13. The amount the creditors would receive in a Chapter 7 depend on a multitude of factors, for more information on Chapter 7 click here.

Priority Claims in a Chapter 13 Bankruptcy Payment Plan

Under Chapter 13 bankruptcy law, not all unsecured claims are treated the same. For instance, the Chapter 13 bankruptcy payment plan must provide for full payment of all unsecured priority claims. Examples of priority unsecured claims include but are not limited to the following:

  • Domestic support obligations – ex. alimony, child support, etc.
  • Administrative expenses of the bankruptcy
  • Employee wages and benefits

Bankruptcy Law Firm in Tampa

Bankruptcy law can be very confusing and intimidating, especially when it involves a Chapter 13 bankruptcy payment plan. If you are considering seeking bankruptcy protection you should contact an experienced Tampa bankruptcy lawyer at Florida Law Advisers, P.A. for legal advice..  Florida Law Advisers, P.A. is a customer-service oriented firm with a strong reputation for providing personalized attention and dedicated legal counsel. For a free, confidential initial consultation contact us today at 800 990 7763 or complete the free case review inquiry on our website.

 

legal separation in Florida

No one enters into a marriage with the expectation that it will end. However, people and circumstances change over time and a once-thriving marriage may find itself in turmoil. When this occurs, often couples will decide to pursue legal separation in Florida before filing for divorce. Legal separation in Florida occurs when a married couple ends cohabitation and lives separately for a period of time. Under Florida divorce law, separation alone may not affect the marital status or property rights of either spouse unless there is a written separation agreement. See Hollister v. Hollister. For more information on the laws regarding legal separation in Florida you should contact a divorce law firm in Tampa to schedule a consultation.

Legal Separation in Florida and Division of Property

A couple’s assets acquired after legal separation in Florida can still be considered marital property and subject to an equitable distribution in a divorce proceeding, unless there is a written agreement to the contrary.  The written separation agreement can act as a cut-off date for determining whether assets and liabilities are marital or separate property. Without a written agreement for legal separation in Florida, assets and liabilities incurred after separation but prior to divorce will be presumed to be marital property. In a divorce proceeding, a Florida family law court will typically divide the marital property 50/50 between the couple unless there are factors that would make a 50/50 split inequitable. A divorce lawyer in Tampa can help to advise on all the factors the judge will consider in a divorce after legal separation in Florida.

Some of the factors the court will consider are:

  •  The length of the marriage
    •    The assets and debts each spouse contributed to the marriage
    •    Homemaking and child care contributions provided by each spouse during the marriage
    •    The financial condition of each spouse
    •    The negative effect on the career or education of either spouse as a result of the divorce
    •    A spouse’s desire or interest in a particular asset
    •    Waste or destruction of marital assets by a spouse

Agreement for Legal Separation in Florida

Once the written agreement for legal separation in Florida is executed by both parties any property acquired by either spouse may no longer be presumed marital property. Therefore, if a couple is separated they should consider entering into an agreement for legal separation in Florida. The agreement can help the parties move on with their lives and reduce the amount of issues that may arise in the divorce proceeding.

Divorce Law Firm in Tampa

If you are contemplating filing for divorce or just legal separation in Florida, you can contact Florida Law Advisers to schedule a free consultation with a divorce attorney in Tampa. Our divorce attorneys in Tampa have extensive experience in a wide range of divorce and separation matters. Every separation and divorce case is different, and our vast experience allows us to cater our services to a client’s individual needs. Whether a couple mutually agrees to the terms of a divorce or are engaged in a fierce battle for their property and child custody rights, Florida Law Advisers, P.A. can help.

Florida divorce with a home

Under Florida Statute §689.115,  when a married couple jointly purchases a home or other personal property it is presumed that the property will be held as a tenancy by the entireties. The way property is held/ acquired can play an important role in cases for a Florida divorce with a home. In a tenancy by the entireties, the property is owned by the marital union, rather than by the individual spouses.

In a Florida divorce with a home held as tenancy by the entireties, each spouse will have a half interest in the marital union, which in turn owns the property. The parties to the marriage will jointly be entitled to any profits, rents, or liability from the property held as a tenancy by the entireties. Further, neither spouse can transfer their interest in the property without the other spouse joining or consenting to the transfer. Additionally, a creditor of one spouse may not encumber property held as a tenancy by the entirety without both spouses being a party to the agreement. If a case is filed for Florida divorce with a home, property held as tenancy by the entireties may be subject to equitable distribution in the divorce.

Florida Divorce With a Home Owned as Tenancy by the Entireties

Tenancy by the entireties is not reserved solely for real estate, personal property may also be held as a tenancy by the entireties.  Further, a tenancy by the entireties will be the presumed type of ownership for personal property jointly transferred to the spouses. However, the transfer of a motor vehicle to a married couple jointly will not create the presumption of a tenancy by the entireties. See Xayayong v. Sunny Gifts. For more information on tenancy by the entireties and Florida divorce with a home contact a divorce law firm in Tampa for assistance.

 In order to hold property as a tenancy by the entireties, the following six characteristics must be present:

  1. Joint ownership and control
  2. Identical interests in the property
  3. The property interests originated in the same instrument/ transfer
  4. The interests commenced simultaneously
  5. The right of survivorship – death upon one spouse will automatically vest all of the property in the surviving spouse, the property cannot be devised by a will or intestate
  6. The parties were married at the time they jointly acquired the property

The tenancy by the entirety will remain in effect until the death of a party, divorce, or an express agreement entered into by both parties terminating the tenancy.  In the event of a Florida divorce with a home, the parties will retain the property as tenants in common with no right of survivorship, unless the divorce decree says otherwise.

Divorce Law Firm in Tampa

If you are contemplating filing for a divorce and are concerned about keeping your fair share of the assets call us today to speak with Tampa divorce attorney. Our divorce lawyers have years of experience in cases for Florida divorce with a home. Every divorce is different, and our vast experience allows us to cater our services to each client’s specific situation. Whether a couple mutually agrees to the terms of a divorce or are engaged in a fierce battle for their property and child custody rights, Florida Law Advisers, P.A. can help.  We are available 24 hours a day, 7 days a week and offer a free initial consultation to prospective clients.

How to Transfer Assets Before Bankruptcy

If you are thinking about filing for bankruptcy you should meet with a Tampa bankruptcy lawyer to discuss your case before taking any legal action. Without competent legal advice you may be unaware of bankruptcy laws that prohibit you from making transfers of property or incurring certain debts prior to filing for bankruptcy. It is highly recommended to get counsel from an experienced Tampa bankruptcy lawyer if you have questions on how to transfer assets before bankruptcy is filed. Failure to obtain competent legal advice on how to transfer assets before bankruptcy can create significant problems for a Chapter 13 or Chapter 7 case.

How to Transfer Assets Before Bankruptcy to Avoid Fraudulent Transfers

Under current bankruptcy law, the Trustee has the right to bring an action to prohibit the discharge of debts or avoid transfers that occurred prior to the bankruptcy filing.  The law is very broad and includes many different types of transfers and debt obligations. Further, a transfer can be deemed fraudulent even if you have no intent to defraud the creditors. This reason, along with many others is why it is so important to receive consult a bankruptcy attorney in Tampa for information on how to transfer assets before bankruptcy is filed.

If you are contemplating filing bankruptcy and need to know how to transfer assets before bankruptcy is filed you should review bankruptcy law  11 U.S.C. §548.  Under this bankruptcy law, the trustee has the power to avoid transfers or debts that are:

  • Made within 2 years before the date of filing for bankruptcy, if the debtor voluntarily or involuntarily:
    1. Incurred the debt or transferred property with the intent to hinder, delay, or defraud a creditor; or
    2. The debtor received less than a reasonable equivalent of value in exchange for the transfer or a debt obligation incurred; and
      1. was insolvent on the date that the transfer was made, or became insolvent as a result of the transfer; or
      2. intended to incur, or believed that the debt incurred would be beyond the debtors ability to pay; or
      3. incurred a debt or made a transfer to or for the benefit of an insider, under an employment contract that was not in the ordinary course of business.

Examples of How to Transfer Assets Before Bankruptcy

Each case is different, you should consult with a bankruptcy attorney in Tampa if you need advice on a specific case or set of circumstances. Examples of fraudulent transfers can include, debtors intentionally selling an asset for less than its fair market value or transferring an asset to another person, with the intent to shield the asset from creditors.

A debtor does not need to intentionally attempt to defraud a creditor for a bankruptcy court to deem a transfer or debt obligation fraudulent. For instance, simply transferring property beyond the reach of creditors or incurring a debt without receiving a reasonable equivalent of value in exchange can be deemed a fraudulent transfer, even if the debtor had absolutely no intention of defrauding a creditor. In Jackson v. Jackson, the bankruptcy court ruled that even though there was no intentional fraud, the fact that the debtor received no value for the transfer, and it left the debtor with little capital to continue his business the transfer was fraudulent under bankruptcy law.

Bankruptcy Law Firm in Tampa

If you are having a difficult time meeting your financial obligations Florida Law Advisers, P.A. may be able to help. Our Tampa bankruptcy attorneys have years of experience helping people just like you prepare for bankruptcy and obtain a fresh start. We combine our experience and skills in the courtroom with a thorough knowledge of the law to help our clients who need advice on how to transfer assets before bankruptcy. When you hire Florida Law Advisers, P.A. you don’t just get legal advice, you get experienced attorneys by your side every step of the way.