Category Archives: finance

Top Ten Must Do’s to Prepare For Divorce Settlement Negotiations

Top Ten Must Do’s to Prepare For Divorce Settlement Negotiations

Divorce, finance, General, Mediation
There are so many financial and emotional aspects of divorce that have to be balanced that if parties aren’t careful, they can end up in a big mess. As a mediator, cases that settle most smoothly in mediation are those where the parties have done their due diligence and are realistic about settlement. Following these ten tips will help you and your client ensure a more productive mediation to negotiate settlement. Identify the Marital Estate: During the course of the marriage, a couple accumulated assets and liabilities and it must be divided in the divorce. Until your client knows what...Read More
Financial Affidavit

Top Five Mistakes to Avoid When Preparing the Financial Affidavit

finance
Financial Affidavits are the first step towards a resolution of financial issues. They require careful consideration to ensure that the statement is an accurate reflection of a party’s financial situation. An accurate Financial Affidavit not only ensures a fair and equitable settlement, but reduces conflict and saves your client money. It may be helpful for a financial professional to work closely with the client and their lawyer to ensure that the assets and liabilities are accounted for, all required documents are disclosed, and that no stone is left unturned. Most family law cases involve at least one or several financial...Read More

Top Ten Reasons Mediation is Useful in Settling Family Cases in Florida

Divorce, finance, Mediation
1. Mediation is often required by court ordered. In most family law cases, the presiding judge will send the parties in family matters to mediation parties before trial and during pending litigation at least once. Depending on the judge, often cases are sent to mediation multiple times during litigation. Mediation is popular with the courts because the judicial system simply doesn’t have the resources to hear every issue in every case and because the judicial system simply prefers not to make decisions relating to children and finances if they don’t have to. Nobody knows your client’s family better than you...Read More

Dividing IRAs in Divorce

Divorce, finance, General, Mediation
Practically every divorce case involves marital assets to be divided between the parties. Of significant concerns are the tax issues involved in these transfers. Under U.S. Code § 1041 - transfers of property between spouses or incident to divorce, are non-taxable events. In order to utilize a “divorce or separation instrument” to divide an IRA, you should be sure that the judgment or settlement agreement includes language that is sufficient to divide the IRA, provides a clear method of division, provides a valuation date as of which the IRA is to be divided, and addressed gains and losses on the...Read More

Five Ways the New Tax Laws Will Affect Divorcing Couples

Divorce, finance, General, Mediation
The 2017 Tax Cuts and Jobs Act is the most sweeping update to the U.S. tax code in more than thirty (30) years. The recently released bill would lower taxes on businesses and individuals and unleash higher wages, more jobs, and untold opportunity through a larger and more dynamic economy. How will these changes affect divorcing couples? These tax changes sunset in 2025. All marital settlement agreements with minor children should include proper language to handle changes if/when tax laws change. Please send me as message at info@southfloridamediationservices.com and I will gladly send you language to include in agreements addressing...Read More