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April 2013 Archives

Concerns facing high-wage earners in a marriage

It is generally the case that men have the higher income in a marriage. However, there is a trend that shows women are sometimes equal to or passing their husband's earning power in approximately 16 percent of households. Such changing facts are creating new property division issues.If an upcoming marriage is between two high-wage earners, it might be wise to create a prenuptial agreement that spells out exactly which spouse owns certain property and assets. If the couple is already married, a postnuptial agreement may be signed as well. While some people might view this as insulting, experts say couples should take it as a sign of mutual regard between the couple. Should the marriage end in divorce, everyone involved was done a financial service.

Some real estate agencies address common divorce issues

Many sellers in the Florida real estate market make up a niche that has become a specialty for some agencies. Couples going through a divorce often face challenges beyond those experienced by other sellers. The division of marital property can be contentious, and the different types of conflicts can have an effect on home showings, offers from prospective buyers and price negotiations.

With great prize winnings comes great responsibility

Most Florida residents would likely consider a $338 million jackpot to be a boon, but for the New Jersey man who won the March 23 drawing, the big win has also drawn the attention of law enforcement officials in the state and no small amount of public scrutiny regarding an allegedly shirked responsibility. The man is reportedly on the hook for $29,000 in back child support, and law enforcement officials have noted that he is potentially subject to arrest if he doesn't pay what he owes. The man has reportedly opted for a lump sum, which will ultimately come out to $211 million, still a respectable chunk of change. The drawing proved to be a lucky one for individuals in several states, including a $2 million Power Play winner in Iowa; Match 5 players won $1 million each in 11 states, including Florida. In all, over $30 million in non-jackpot prizes were awarded in the national drawing, and the jackpot is down to $50 million for the next drawing.

Understanding property division during divorce

Although divorce is common today, many couples who have decided to end a relationship have no idea where to begin once the decision is made. They are unsure what happens to their property and assets when the petition to divorce is filed. Those who have assets that they inherited or brought into the marriage may be worried that the division of marital property ordered by family court will force them to split assets that are solely in their name.Generally, however, a court will not consider separate assets in the division of property during divorce proceedings, so individuals will retain their rightful property. However, experts caution that many people make the mistake of putting an inheritance or assets and property acquired prior to a marriage in the names of both themselves and their spouse. If this happens, the property or assets in question become joint marital property and will be divided accordingly. This is considered transmutation of property. Be warned however, that laws vary from state to state, and in some jurisdictions, an estranged spouse living on the property is enough to consider it marital property.