Anyone entering into a marriage in Florida after having completed a college education probably has a lot of student loan debt. If both spouses have significant loan debt, it could become a source of stress during the marriage. A third of the borrowers who responded to a recent study conducted by Student Loan Hero cited college loan debt and other money-related issues as major factors that contributed to their divorces.
The impact of student debt on marriages and divorces
Attorneys report rise in prenuptial agreements
People in Florida in the 18-to-34 age group who are getting married might be more likely to get a prenuptial agreement compared to previous generations. According to the American Association of Matrimonial Lawyers, prenuptial agreements are on the rise in general. However, the growth in prenups among millennials is more recent.
Alimony changes coming after 2018
Couples in Florida who are planning to divorce in 2018 may have a strong incentive to act quickly to avoid changes that will go into effect when the new year dawns. Changes to the way that alimony or spousal support is taxed are going into effect on January 1, 2019, and those changes can have serious consequences for both parties in a marital split. The changes will only affect couples who divorce after the beginning of 2019. Individuals who have finalized their divorces prior to that date will operate under the current taxation system.
Payroll deductions key to child support collection
Payroll professionals can be a particularly critical part of the child support enforcement process for companies in Florida and across the country. Nationwide, direct payroll deductions are one of the most common forms by which parents meet their child support obligation. These deductions can include both voluntary withdrawals and also enforcement actions when a parent has failed to meet their child support obligations in the past. Of the $32.4 billion in child support payments tracked by the federal Office of Child Support Enforcement in 2017, $24.4 billion of those were made through payroll withholdings at the parents' workplaces.
Holding parents accountable for voluntary impoverishment
To avoid paying child support, Florida parents and others may engage in something called voluntary impoverishment. Generally speaking, a parent will either fail to report his or her true income or will intentionally make less money than he or she is capable of earning. Those who are owed child support may take a variety of steps to get the support that they need.
Studies find increase in women paying child support, alimony
In recent years, women in Florida who got a divorce might be more likely to pay alimony and child support than in the past. A study by the American Association of Matrimonial Attorneys found that 45 percent of lawyers said that in the last three years, they had seen an increase in the number of women paying alimony. More than half of the attorneys who were surveyed said the number of women paying child support had increased. Furthermore, according to Pew Research, women are the breadwinners in 40 percent of families.
Why prenuptial agreements are a good idea
Florida residents may be able to make use of a prenuptial agreement regardless of how much money they have. For instance, those who want to decide ahead of time what happens to property in the event of a divorce should draft one. Individuals who have children from a previous marriage could also benefit from a prenuptial agreement. This is because it can ensure that assets go to those children if an individual dies or gets divorced.
The average amount custodial parents receive in child support
When Florida parents go through a divorce, the parent who does not have primary physical custody may be required by the court to pay a certain amount in child support. While these payments are a way for the noncustodial parent to be able to assist with the tangible costs of raising a child, there are many who believe that custodial parents receive too much.
The ins and outs of being the custodial parent
When parents of young children no longer live together, the custodial parent is generally the one the child lives with most of the time. One exception to this might be a single parent who is raising the child with little or no involvement from the other parent. Parents in this situation should not assume they automatically have custody because the child lives with them and the other parent is largely absent. They might want to talk to an attorney about filing for custody.
The advantages of sharing legal custody
Joint legal custody might be a good arrangement for some parents in Florida who are divorced even if they do not share physical custody. This can help ensure that the noncustodial parent still plays a significant part in the child's life. With legal custody, a parent has the right to make decisions on a child's religion, schooling, health care and other major issues.
