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
