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Divorce and Division of Assets

I recently read an interesting article involving divorce and division of assets. Sue Ann Arnall, who divorced oil magnate Harold Hamm in Oklahoma, intends to move forward with her appeal of the November 2014 Divorce Order even after cashing a $975 million check from the Husband which was the entire balance owed to her of the roughly $1 billion she was awarded. So he wrote her the check. Case closed. So far this sounds like a normal outcome of a case and it was all resolved, right?

As it turns out, it wasn’t. The Wife is appealing because her Husband is worth about $18 billion and she wants more. This is where, in Florida, the determination of what is marital and what is non-marital assets would come into issue. For example, if the Husband earned that money long before the marriage, she would not necessarily be automatically entitled to ½ of it.

Since she cashed the check, the Wife might have trouble pursuing her appeal. The Husband’s lawyers argue that the Wife’s deposit of the check was likely to end her case, and if she continues her appeal, they will try getting it dismissed since she had already accepted the money from the earlier ruling. While I don’t handle appeals of divorces, this sounds to me that this argument against appeal is faulted. The Wife cashing the check is not the same as her entering into an agreement, which would not be appealable. But, again, I don’t do appeals and I certainly don’t know Oklahoma law as I practice Family law in Florida.

The Husband also is looking into appealing due to the falling gas prices taking billions from his personal fortune. I have to assume he will argue that the trial court incorrectly valued his assets. This is certainly a potentially appealable issue. However, it is important to note that because the divorce has been ongoing since 2012, another interesting issue will arise as to when to value the assets. The valuation of assets in a Florida Divorce is usually taken at the date of filing the case. However, if those assets rise or fall during the case, the court can usually do what is “equitable”. It will be interesting to see how this plays out.

From:

http://www.huffingtonpost.com/2015/01/12/harold-hamms-ex-appeals-divorce-case_n_6458368.html

Kissimmee Divorce Attorney Shawn Hungate.

Family Law and Divorce

What is a Divorce? Actually, in Florida, this is technically called a “Dissolution of Marriage”, but “Divorce” is still an accepted and widely used term. A Dissolution of Marriage is just what is says, the dissolution (or dissolving or ending) of a marriage and the resolution of the issues that come along with it. Some of those issues are the division of property, division of debts, time sharing, and contact with minor children (“custody”), child support, and alimony. In a majority of cases, it is these issues that are the source of argument, not the actual ending of the marriage.

Grounds for Dissolution of Marriage: In Florida, the Husband or Wife may file alleging that the marriage is irretrievably broken. This can be due to “irreconcilable differences”. There is no “fault based” divorce in Florida. While issues such as adultery, abandonment, or domestic violence are not legal grounds alone to dissolve a marriage, they can, to differing degrees, be important to the other issues of the case.

Residency Requirement: You or your spouse must reside in Florida for at least six months before filing for a Dissolution of Marriage. This establishes jurisdiction over the marriage. Additionally, the case can be filed in the county in which you last resided together as Husband and Wife, or in a county mutually agreed upon by the parties. If the parties live in different states or different counties, it is best to contact an attorney who is knowledgeable and competent with ALL issues of jurisdiction, and venue. Not knowing all the law regarding jurisdiction and venue can get your case transferred, or worse, dismissed.

Parental Responsibility and Time Sharing: In Florida, the word “custody” is, for the most part, not used. Years ago, the legislature got rid of “custody” and started to use the term “primary residence”. More recently, the legislature decided to eliminate this term also and this has resulted in a lot of confusion and vagueness regarding which parent has “custody”. The idea is to promote the idea that both parents are equal, or at least start out that way, in the eyes of the law. This does not necessarily mean that rotating custody happens in every case, but it is becoming more common than in years past. Ultimately, the best interests of the child will determine Parental Responsibility and Time Sharing (or “custody”).

Child Support: Child support is based on the number of overnights and income of the parties. Some other minor factors can change the calculated number.

Alimony: (or “Spousal Support”): In Florida, you can ask for temporary or permanent support in a variety of ways. The Court will consider several factors including the length of the marriage and the relative incomes of the parties.  Some forms of alimony can be modified later, such as permanent periodic alimony, and some generally cannot, such as lump-sum alimony.

Division of Property: Florida has “equitable” division of property. This, for the most part, means that all marital property is divided equally, with a few exceptions. This applies to real estate and personal property. Of course, you and your spouse can agree to divide up the property how you wish as well, saving you time, money, and avoiding frustration.

Divorce Attorney Kissimmee