Parenting Plan

As time goes by and your child gets older, their needs and interests will change. With these new developments in their life come changes in their routine and schedule, which also impact parents. For example, pre-school age children will have a different schedule than school age children and time-sharing may have to be modified.  Big changes can happen for the parent, too; you may get a new job that means different hours, responsibilities, and a different commute. Any significant job changes may affect the time you or your ex-spouse have available for your child. Less time for you could mean your co-parent may have to step in to help, while more time may allow you to be with your child.

One of the parents may even get a job that requires them to move, which would be considered a substantial change. This relocation could mean a different school district for the parent who has custody of the child over the school year.  If relocation is anticipated the best interest of the children will be considered.  It may be appropriate for child to remain at their current school, so as not to disrupt their schedules, activities, and take them away from friends and favorite teachers. In this case, both parents may agree to modify the parenting plan rather than have the court do it through litigation.

Because life forces us to change, grow, and adapt, parenting plans can be modified to suit new circumstances, especially if the old custody arrangement is no longer in the child’s best interest.

How to prepare for a parenting plan modification hearing

 When the current parenting plan no longer works and needs to be amended to meet the best interests of the child, you and your co-parent should discuss and try to agree to the modifications before you file a new parenting plan with the court.

Once you have reached an agreement, draft a new parenting plan with the help of your attorneys. Each parent must sign the parenting plan in front of a notary or court clerk before it’s filed. At the final hearing if necessary, a judge will review the plan to determine if the current custody arrangements need to be modified.

A court will only agree to a modification of a parenting plan if the changes are “substantial, material, and unanticipated” and affect the best interests of the child. Florida legislature categorizes these changes under job change, family change, and removal of disability. Beyond a change in the child’s schedule or a parent moving, the following scenarios may warrant a parenting plan modification:

• The child’s physical safety and emotional wellbeing are in immediate danger.
• A parent remarries, and the new spouse is not a good role model (may be struggling with addiction or mental health issues).
• Parental alienation by one parent.

If you and your co-parent find it too challenging to create a new plan you both agree on, you may need to seek the help of a family counselor or attend custody mediation. You can also file a petition in court.

It is important to know your rights. If you would like to discuss the specifics of your custody case or need help with modifying your current parenting plan, call Debora A. Diaz ,Esquire at 727-846-1802.

Attorney Diaz is also a Supreme Court Certified Family Law Mediator and is also available to mediate your case.

Written by Debora A. Diaz, Esq.

Dividing retirement assets

How Are Retirement Plan Assets Divided in a Divorce?
Retirement assets such as IRAs, pension plans, and 401k plans are deferred compensation plans that are divisible as part of a property settlement in divorce.
Because retirement benefits may be part of the division of marital assets regardless of who is named on the plan, it’s essential to know how they are valued and divided. Here’s what you should know about dividing retirement plans in divorce:
Types of Retirement Assets
How retirement assets share will depend on factors such as the type of deferred compensation plan. The following are the two primary forms:
Defined Benefit plans – A defined benefit plan is a company retirement plan such as a pension plan that is based on an employee’s years of service and salary history. At the beginning of retirement age, the employee is provided a monthly benefit with payment continuing for the rest of their life.
Defined Contribution plans – A defined contribution plan’s value is determined by the contribution amounts made into a retirement account, commonly a savings plan such as 401k, IRA, or ESOP.
Methods of Dividing a Retirement Account
Before dividing a retirement account, the present value of the benefits must first be determined. With a defined contribution plan, the present value is the current vested value and will divide the value between the two parties. A professional usually is required to obtain the correct value.
Dividing a defined benefit plan is a little more complicated. There are two different methods of sharing the pension; the present value calculation or the division of future benefit. The division of future benefit approach is also known as the “deferred distribution method;” in this case, the couple shares the future stream of monthly benefits.
With the present value calculation, also known as the “Immediate Offset Method,” the current value of the pension is divided at the time of the divorce. In this scenario, the non-pension holder gives up any rights to future pension payment, and the pension plan holder keeps 100% of all future pension benefits. It is usually the method for couples who do not want to have anything that ties them together, well into their retirement age. However, there are tax implications when dividing a pensions present value.
In a case of division of future benefit, a Qualified Domestic Relations Order (QDRO) is drafted to instruct how the pension plan is paid out to the non-plan-holder spouse.
Qualified Domestic Relations Order (QDRO) Explained
A QDRO is short for Qualified Domestic Relations Order. It can protect your interests in a situation where your spouse is the primary breadwinner, and you need to ensure your share of their retirement account. A QDRO is a court order or judgment that can guarantee you receive the benefits in which you are legally entitled. QDRO is used for private company pensions. A different tyro of order is required for Military pensions. Another order is required for federal civil pensions such as from the Post office. The document is typically written out by a divorce lawyer that specializes in preparing QDROs and other pension orders. It is then signed by a judge, outlining specific instructions to the administrator of the pension how future pension benefits will be divided between the plan holder and ex-spouse and submitted to the retirement plan administrator.
You do not need a QDRO for IRA’s as they can just be divided as necessary.
If you would like to discuss the specifics of your divorce case or need more information about protecting and dividing assets in the divorce, call Debora A. Diaz at 727-846-1802.
Written by: Debora A. Diaz Esquire