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Broward County Divorce Law Blog

Life insurance division may raise questions in divorce

The division of life insurance is one area divorcing couples in Florida may not consider but which can lead to serious problems between partners. Normally, property division includes real estate, bank accounts and retirement funds, but life insurance can also be considered part of the marital estate. If a partner owns a valuable life insurance policy, it can be difficult to liquidate it in order to give half to the other spouse.

Life insurance typically has low cash value but high value in terms of eventual proceeds. Because life insurance is designed to pay out on the death of the owner, few couples have access to the cash represented by the payout when they divorce. However, if the owner intends to keep the policy, the other spouse may claim that these proceeds should be considered part of the marital estate and that he or she should be reimbursed accordingly.

Controversial alimony bill vetoed by Governor

A bill that would have drastically altered Florida alimony law was vetoed by Gov. Rick Scott. The bill would have changed alimony law by capping or eliminating some payments. The payments have been considered to be crucial to spouses in the process of rebuilding their lives in the aftermath of a divorce.

The proposed legislation, SB 718, would have capped alimony awards based on income and marriage length. The proposal would have made it easier for an ex-spouse to lower or terminate alimony payments at retirement. In addition, the proposal awarded equal custody to any children from the marriage.

Prenuptial agreements can protect everyone

Prenuptial agreements provide a practical solution to financial protection in the event divorce. They apply to people of all financial statures, not just the rich. All couples, including those living in Broward County, have certain assets to protect. When couples create a prenuptial agreement in advance of conflict, unnecessary difficulties can be avoided.

The most common protection that prenuptial agreements provide for is future earnings. The agreements also shield the parties from future debt, which is particularly attractive during difficult financial times. When children from previous relationships are involved, parents may be concerned that they will lose their rights to life insurance proceeds, IRA accounts or other financial benefits that they would stand to inherit. A solid prenuptial agreement can provide financial security to the children, not to mention peace of mind to the parent. 

First comes home, then comes marriage

Did you know that budding couples of this generation are more likely to buy a home together before they marry than the previous generation?

According to a new Coldwell Banker Real Estate survey, almost 25 percent of married homeowners from ages 18 to 34 bought a home together prior to marriage. Conversely, only 14 percent of those aged 45 and higher purchased property before tying the knot.

Jane Seymour calls it quits with her long-term husband

Just like your average Joe, even big-named celebrities get divorced. We have seen several celebrity couples have quick and dirty marriages. Kim Kardashian is infamous for her short-lived experience. But even marriages that have lasted for decades can come to an end. Sometimes, marriage commitments simply do not make it. That is the case for Jane Seymour and James Keach. According to sources, the couple is separated and have been apart for several months. At this time, the couple is settling several terms of their divorce.

The former pair is most notably known for their work together on "Dr. Quinn, Medicine Woman." Seymour and Keach were married in 1993. The couple has twin 17-year-old sons together.

Revisions to alimony laws approved by Florida Senate

Last week, the Florida Senate voted to pass a new bill that would put an end to permanent alimony payments in Florida. The bill also includes making other changes in how alimony is calculated and awarded to ex-spouses.

Lawmakers and supporters of the bill argue that alimony is not awarded fairly in Florida, and as a result, those who have been ordered to pay permanent alimony and high monthly support payments have had to put off retirement or have had to make other sacrifices in order to continue paying alimony to ex-spouses who should be able to support themselves after divorce.

While many support-paying individuals, family law attorneys and lawmakers argue that the state's alimony laws are outdated, others also argue that revising alimony laws would significantly harm divorcees who are stay-at-home parents or who were stay-at-home parents for much of their lives.

Convicted rapists may lose parental, custody rights in Florida

In Broward County, there are a variety of reasons for unmarried couples to establish paternity when they have children together.

Establishing a biological relationship between a father and child may prevent fathers from losing their children to adoptions without their consent or knowledge. Establishing paternity is also important for fathers who want to have parental rights and child custody or visitation rights. When mothers make sure biological relationships are established between their partners and children, mothers may be able to secure their ability to receive child support in the future.

Establishing paternity may give fathers parental rights in many cases, but there are some situations in which fathers may not be granted parental rights or child custody rights after establishing paternity. For example, a parent's addiction to alcohol or drugs, or a parent's struggle with a mental health problem may jeopardize one's parental rights and custody rights. And if a newly proposed bill is approved by Florida lawmakers, convicted rapists may also lose parental rights and custody rights of their children that are conceived from rape.

Oil mogul's wife may receive largest divorce settlement in U.S.

Harold Hamm, who is currently estimated to be worth more than $11 billion, may end up losing about half of his assets after his divorce from his second wife is resolved. The couple's divorce may actually be the most expensive divorce ever recorded once the couple reaches agreements regarding the division of marital assets and other issues. Sue Ann Hamm filed for divorce in May 2012; however, the couple owns complex assets and has yet to reach property division agreements.

Harold Hamm founded Continental Resources, which is one of the top petroleum producers in the U.S., and he has served as the company's Chief Executive Officer since it was founded in 1967. However, when the pending Hamm divorce is settled, the oil mogul may no longer have control of his company. As part of the divorce settlement, the oil mogul's wife may be entitled to nearly 70 percent of her husband's ownership of the company. Once everything is said and done, Sue Ann Hamm may walk away with $5 billion after the divorce.

Court says millionaire's prenup cannot be enforced due to fraud

Agreeing to sign a prenuptial agreement may not be a romantic event for Florida couples, but it may be a very wise decision in the long run.

A prenuptial agreement may help to ensure one's wealth in the event of a divorce, and it may also help couples to address current financial concerns or issues before getting married. Although prenuptial agreements are legal contracts that determine how finances and property will be addressed and handled during divorce, there are some circumstances in which these contracts may not be enforced during divorce proceedings.

A prenup may be broken when one spouse can prove that the agreement was signed under illegal conditions. In some cases, prenups may not be enforced due to filing errors or other mistakes. And in a recent court decision, a prenup may also not be upheld in court during divorce proceedings when a spouse can prove that he or she was "fraudulently induced" to sign a prenup.

Deion Sanders wins sole custody of two of his children

Divorcing couples who have young children need to remember that even though a divorce is to dissolve a marriage, divorce also changes the way in which families function.

Parents need to be sensitive to their children's needs, and when it comes to resolving child custody issues in Florida, parents should make sure their children's best interests come first. When parents cannot reach agreements on their own about visitation schedules and child custody, the court will get involved to ensure children's best interests remain protected.

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