A person who has invested heavily in the partnership of a marriage can possibly face a loss upon divestment. Although divorce is an emotional affair, it can also be approached like a business transaction. Rates of later in life, "gray" divorces are rising, and when older individuals divorce, they sometimes face more complicated property division. The longer a pair are intertwined, the murkier are the boundaries of what property belongs to whom. In a recent news article, one expert tries to share helpful information that individuals in Florida may find helpful if they are navigating gray divorce.
One may not tend to think of dogs as objects with monetary value. In fact, most individuals think of their pets as treasured members of the family. During a divorce in Florida, however, the dogs are considered property and are part of the property division portion of the divorce agreement.
When people file for divorce in Florida, there are many issues to resolve. Dividing marital property is one of the largest topics to tackle when creating a divorce settlement. It can be difficult to split the property that people have become attached to throughout years of marriage. However, not everything is eligible for division upon termination of a marriage. There are some items that may stay with the original owner once the divorce is finalized.
It is a very common thing for a resident in Florida to wish to keep a family home when getting divorced. People can understandably have strong emotional ties to their homes. This can be even more true when a couple has minor children and there is a desire to stay in a home for the sake of providing consistency and stability for the children. If you are in such a situation, you should know that there are some very specific financial realities that must be addressed when doing this.
Florida residents who get divorced know that their retirement accounts may well be considered part of their marital estate. This means that some amount of this prized form of long-term savings may need to be split with a spouse as part of a property division settlement. In addition to being concerned about losing some retirement money to a spouse, people may also be concerned about the potential for paying high taxes or penalties on money paid to a spouse from a retirement account.
When you are preparing for a divorce in Florida, one of the biggest dilemmas you may face is determining who gets what. While some forms of property may be easy to divide, there can be others that are more confusing to split. In fact, there may be some that you do not even realize you are entitled to. One of the most common of these is a 401(k) account. Forbes.com details everything you need to know about staking your claim to what you deserve.
If you live in Florida and divorce, assets collected over the course of your marriage are often, but not always, split in half. You may, one day, need to split your home, savings accounts, heirlooms, retirement funds and other assets between you, and your spouse may be working to position him- or herself comfortably for when that day comes. At the Law Firm of Chris E. Ragano, P.A., we serve many clients who want to protect their financial interests and see that their assets are fairly distributed during divorce.
If you are getting a divorce in Florida, you may be required to get a qualified domestic relations order. A QDRO is specifically important if you or spouse has a retirement plan that needs to be divided because, according to the United States Department of Labor, they cannot be otherwise settled in a divorce unless by a QDRO. This order dictates an alternative payee, which is a person other than the person whose name the retirement plan is in, who can receive payments from a retirement plan.
For Florida residents who are getting a divorce, the family home may be seen as both an important financial asset and an object of emotional attachment. Couples who are able to negotiate the division of the family home might be happier with the outcome than if they resort to litigation and have a judge decide.
Often, when Florida couples divorce, determining what to do about the marital home is a major issue. In some marriages, the house may be the largest asset that the couple owns. People who have the possibility of remaining in the home may wonder whether it's a good idea to do so or if they should instead sell it.