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property division Archives

Older adults face unique property division challenges

According to the Pew Research Center, the divorce rate for adults over the age of 50 has doubled over the last two decades. This trend, known as "gray divorce," means that many Florida couples who are retired or nearly retired will be undergoing property division. These individuals may have unique concerns and challenges during the divorce proceedings.

Same-sex couples face legal property division challenges

Divorce for same-sex couples can be a particularly complicated issue. This is because many states, including Florida, only recognized these marriages starting in 2015. The starting date of a marriage is very important for establishing issues like property division and alimony, but many may find there are legal roadblocks in establishing the length of a same-sex marital relationship.

Property division takes precedence in gray divorce

Older couples are choosing to end their marriages in increasing numbers. Some individuals with knowledge in this area say that it is a rapidly growing age group for divorces. Florida couples over the age of 50 who are considering divorce should know that they are not alone. Older individuals seeking divorce typically have unique needs, and careful property division is one of them. 

Divorce, property division can affect taxes

A divorce can have a lasting financial impact on an individual. By approaching the matter with a cool head, especially during the property division process, a person may be better prepared to make that impact a positive one and not a negative. In Florida, couples call it quits every day, so experts have compiled a useful checklist for reference while an individual undergoes the divorce process. 

How will repaid debts affect property division?

It is certainly a loving gesture to help a spouse repay student loans. One man who used his own money to pay off a spouse's debt is wondering how this will affect the property division during his divorce. His soon-to-be ex-wife is leaving him after only two years and wants to keep the house and half of his retirement savings. Individuals in Florida facing similar circumstances in divorce may be able to learn from this man's question. 

Politician's divorce may see property division of Florida condos

The pending divorce of one famous politician and his wife of 15 years may soon have them splitting up their vacation homes. The two Florida condos they own together are worth an estimated $4 million. The couple, former mayor Rudy Giuliani and his wife Judith, enjoy spending their free time in Florida. The property division process of the two homes could certainly be an issue.

Property division gets a modern twist in 2018

When two people separate, it can be expected that they may not see eye to eye on everything. After all, if they were in total harmony, they probably wouldn't be separating. Florida property division laws were created so that divorcing couples could have a guideline to go by and keep things fair. In the current age, couples are disputing ownership of some modern types of property and keeping lawyers on their toes. 

Property division in Florida: Retirement plans

A retirement plan can be a helpful tool for individuals to meet their financial needs after they are ready to stop working. During a divorce, many times retirement plans will be split between the two parties during property division. There are different types of plans, and different methods are used to separate the two. In Florida, a person who uses certain strategies when dividing investment plans can avoid some common fees and penalties. 

Property division: Don't forget the QRDO

During the divorce process, the two parties will likely have to settle some matters pertaining to marital assets. In Florida, if two individuals have been married for a significant amount of time, or are older, they may have investments or retirement plans among the accumulated assets. During property division, the proper forms must be filled out to ensure that investments and retirement accounts can be split between the two parties. One such form is called the Qualified Domestic Relations Order, or QDRO.

Reverse mortgage may aid property division during divorce

As gray divorces are on the rise, more individuals find themselves in need of a way to ensure housing after a marital breakup. During the property division portion of the divorce process, individuals may find themselves negotiating about how to handle the family home. An older person may have a more sentimental attachment to the family home but is facing a mortgage that he or she can no longer pay. Another person may want to leave the home but will face difficulty being approved for a mortgage. One expert has suggested that the reverse mortgage could be a possible solution -- a point of view that may interest some individuals located in Florida. 

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