How is the Stimulus Check Handled in a Divorce?
The COVID-19 pandemic has been an unprecedented time for families in Florida, putting a strain on many marriages. Whether pandemic-related issues caused you to seek a divorce or you were already headed down that path, many couples are finding themselves in the divorce process, which can be affected by pandemic-related issues. One of these common issues is how to handle the stimulus check you received as part of the pandemic relief.
The best way to know what will happen to stimulus funds is to discuss the matter with a Daytona Beach divorce attorney at The Law Office of Jeffrey A. Klein. We can advise you on this and any other property division concerns you might have.
Many people in the United States have received two stimulus payments since the start of the pandemic, and a third one is likely on the way. Initially, individuals under a certain income threshold received $1,200 and then $600 checks, and those were doubled for married couples. Additional funds were received for people with minor children.
Property Division in Florida Divorce
Florida law requires that all marital property is equitably divided in a divorce, and this includes all financial assets. This means that if you received a stimulus check while you were still married, those funds should be fairly divided between you and your spouse.
There can be complications that arise, however. The stimulus checks are often directly deposited into the account the IRS uses for your tax refunds. If this is a joint account, you will have a record of when the funds were deposited. However, in some cases, spouses might file taxes separately or have refunds deposited into a separate account with only one spouse’s name.
If you filed taxes separately, it is possible that you each received separate stimulus checks, and you might each be able to keep those separate funds. However, if you filed joint taxes but the stimulus payment was deposited into an account with your spouse’s name, it is possible that your spouse tried to conceal the funds or simply not tell you about them.
Fortunately, the IRS has a tool that allows you to check on your stimulus payment. If it shows that your payment was deposited into your spouse’s account, your spouse should not be able to simply keep that money for themselves. Instead, it should be counted as part of your marital assets and divided according to your property division plan. This is a matter your lawyer should address as part of your property settlement regardless of the circumstances of your stimulus payment.
Contact a Daytona Beach Divorce Attorney Today
Divorce is complicated enough under regular circumstances, but a divorce during a worldwide pandemic can become even more so. At The Law Office of Jeffrey A. Klein, our Daytona Beach divorce lawyers are ready to tackle any complex issues that arise in your divorce case, so please do not hesitate to call 386-252-3061 or contact us online to schedule your initial consultation.
We are always readily available to answer your questions.
We communicate directly with our clients, always promptly returning calls.
We are a husband and wife team that genuinely cares about our clients.