What a Florida Court Considers as Income in a Divorce Case

Orlando Female Attorney Beryl Thompson-McClary

A common concern for divorcing spouses is the ability for each to afford a divorce and to be financially independent from their spouse.  There are many details of a divorce case that consider the income of each spouse, such as spousal support, equitable division, and child support.  Hence, it is highly recommended that you and your spouse accurately provide details as to your respective incomes.  

One of the key details to consider regarding the calculation of income is the difference between your gross and net income.  In a divorce case, the court is considers an individual’s net income, as provided in more detail below.  This includes your gross income minus deductions that are allowed per statutory law.  For instance, this net amount is provided on your tax return and can provide you with an accurate gross income along with each deduction to determine the proper net income amount.

However, if you need to perform a present calculation of your net income during a divorce case, which is highly recommended, you must determine your gross income. This includes anything that provides you with a source of monetary benefit. Under Florida law, gross income includes any form of salary, bonuses, hourly wages, overtime pay, commissions, or tips received by a parent, whether employed outside of the home, self-employed or contracted.  Benefits received from worker’s compensation, pensions, annuities, disability, or social security are also included as income for purposes of a Florida divorce case. Income also includes rental income, spousal support payments, interest, royalties, dividends, trusts, or any other type of gain or reimbursement.  

Call the Law Offices of Beryl Thompson-McClary P.A. Today

We have law offices in Orlando and practice in Orange, Seminole, Osceola, Lake, Brevard,and Volusia counties.  To schedule a free initial consultation with an attorney, you can call our office at 1-888-640-2999.

Beryl Thompson-McClary

390 N. Orange Ave., Suite #2300
Orlando, Florida 32801

Tel: 1-888-640-2999
Open: 8 AM to 5 PM or by appointment

Google Maps / Cell Phone Directions |  Email Us

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Deciding What to do with a Marital Home in a Florida Divorce Case

High net worth divorce attorney in Orlando, Florida

When undergoing a divorce, there is likely a concern as to how to handle the marital home, should this apply in your case.  Many people feel that when they are divorcing, that there are only two options available when dealing with the marital home – one spouse retains the home or the house must be sold.  However, there are a variety of things to think about when choosing to divide a home.  For example, these are contingent upon whether there is a financial encumbrance of the home.  If the home has no mortgage, which vastly decreases the spouse’s monthly expenses, which in turn decreases other financial needs such as spousal support while increasing the value of the asset.  Hence, if you believe you will be required to pay spousal support, you may choose to offer your spouse to remain in the marital home so as to decrease their monthly expenses and decrease the amount of spousal support that you will have to pay.  

Conversely, if the home does have a mortgage, the couple should think about the balance of the mortgage in comparison to the value of the house. If the value of the home is less than the outstanding mortgage balance, then there will be no proceeds available to split between the parties and they will owe an outstanding debt that must be paid.  Furthermore, in the event of a mortgage balance and you wish to keep the home, you will need to determine whether you will be able to support the payments and upkeep of the home without financial assistance by your spouse.  If not, then you should consider selling the home.

Call the Law Offices of Beryl Thompson-McClary P.A. Today

We have law offices in Orlando and practice in Orange, Seminole, Osceola, Lake, Brevard,and Volusia counties.  To schedule a free initial consultation with an attorney, you can call our office at 1-888-640-2999.

Beryl Thompson-McClary

390 N. Orange Ave., Suite #2300
Orlando, Florida 32801

Tel: 1-888-640-2999
Open: 8 AM to 5 PM or by appointment

Google Maps / Cell Phone Directions |  Email Us

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