When it comes to family law cases, financial considerations are always a key factor. Money can often be the root of many disputes between former spouses, and it is important to understand what financial factors may be taken into account by a court when making a decision in a family law case. There are a variety of different factors that must be taken into account when making financial decisions in a family law case. Speaking with an attorney can help you understand your options and make the best decision for you and your family. We'll be discussing 4 financial considerations in family law cases if you're based in or around Hollywood, FL.
Alimony, or spousal support, is financial assistance paid by one spouse to the other following a divorce. Alimony is intended to help the spouse who is less financially fortunate continue to live in a similar manner to which they were accustomed during the marriage. There are several factors that courts will consider when determining whether to award alimony and how much alimony should be paid. If you are considering seeking alimony or are facing a claim for alimony from your ex-spouse, it is important to speak with an attorney who can help you understand your rights and options.
Alimony is typically paid by the higher-earning spouse to the lower-earning spouse and is meant to help the lower-earning spouse maintain their standard of living after divorce. The amount of alimony that is paid, as well as the duration of payments, will be decided by the court based on a variety of factors, including each spouse's income, earning potential, and current standard of living.
2) Child Support
Child support is money that one parent gives to the other to help pay for their children. The money can be used to buy things like food, clothes, and toys. It is usually paid when parents are divorced or separated.
In cases where there are minor children involved, child support will also be a major financial consideration. Child support is typically paid by the non-custodial parent to the custodial parent and is meant to help cover the costs of raising the children. The amount of child support that is paid will be decided by the court based on a variety of factors, including each parent's income and the needs of the children.
3) Property Division
In a family law case, property division is the process of dividing the assets and debts of the married couple. This can include things like property, money, cars, and even debt. In most cases, property is divided equally between the spouses. However, there are a variety of factors that can be taken into account when deciding how to divide property, including each spouse's income, earning potential, and contribution to the marriage.
All property that was acquired during the marriage must be divided between the spouses in a divorce. This includes both marital assets (property that was acquired during the marriage) and separate property (property that was owned by one spouse before the marriage).
4) Attorney's Fees
Attorney's fees are also a major financial consideration in family law cases. Both spouses will typically be responsible for their own attorney's fees. However, in some cases, the court may order one spouse to pay a portion or all of the other spouse's attorney's fees. This is typically done if there is a large disparity in incomes between the spouses or if one spouse has been particularly difficult to work with during the divorce process.
The cost of hiring a family law attorney typically depends on the attorney's experience and the scope of services that are required. Most attorneys charge an hourly rate, which can vary depending on the area of law. Some attorneys also charge a flat fee for specific services, such as drafting a divorce agreement.
If you are considering hiring a family law attorney, it is important to speak with several different attorneys to get a sense of how much they charge. It is also important to discuss the scope of services that will be provided and what, if any, additional costs you may be expected to pay.
Divorce is truly a rough process. It is hard to think about all of the potential financial ramifications when you are already going through an emotionally tough time. However, it is important to be prepared for all of the potential financial considerations that may come up during a divorce. Planning today can help to make the process easier (and less expensive) down the road.
If you are considering a divorce or if you are already in the midst of one in Hollywood, FL, contact a family law attorney in your area to discuss your specific situation. An attorney can help you understand your rights and options, as well as assist you in making sure that all of the financial considerations are taken into account. If you want to learn more about how these factors impact your case, contact Jodie Bassichis Law and schedule a free consultation.