Going through a divorce involves much more than just getting a piece of paper noting the legal end of your marriage. If you and your ex have assets together, you have to consider how the property division aspect of the divorce will affect your taxes and your estate plan. The answer to these issues isn't always easy, but there are some fairly consistent points you should consider.
Divorce and property division go hand in hand. Knowing your rights when it comes to getting assets and debts divided can help you as you go through the process. Getting the settlement you need from the get-go is vital because once the settlement is finalized, it cannot be altered.
When you get married, you likely think that the union will last forever. You probably aren't thinking about what will happen if the marriage doesn't work out. When the marriage ends, dealing with the financial aspects of the divorce can prove to be a challenge. There are, however, some basic points to consider if you are getting a divorce.
Florida residents may have heard about Rupert Murdoch's complex property division that is part of finalizing his divorce and 14-year marriage to Wendi Deng Murdoch. The settlement is waiting to be finalized by a New York judge.
Couples in Florida and elsewhere who are going through a divorce often have difficulties in valuing even visible assets such as financial holdings and real estate. They are advised to remember that some less-obvious items can play an equally important part when it comes to a division of marital property . As property division is often just as important a matter in a divorce as spousal support and child custody, care needs to be taken to ensure that all assets are accounted for.
George Zimmerman, known around the country for his recent Florida trial involving the shooting of a teenager from Sanford, is in the news again because his wife is filing for divorce. According to what Shellie Zimmerman said in an interview with ABC news, the trial put a strain on the couple's marriage. The paperwork filed states that they have been separated since Aug. 13 and that the marriage is irretrievably broken.
Divorces can be very messy. Emotions may be high, and people often act out of anger. Making matters worse, Florida laws governing the division of marital property are particularly complicated. Navigating through the process can be a significant challenge, and people often makes mistakes along the way.
When people file for bankruptcy and undergo a divorce almost simultaneously, they may wonder--should the divorce or the bankruptcy come first? This is an complicated question, particularly when elements like assets, debt and property division come into play.
A comprehensive divorce settlement agreement in Florida should include the valuation and division of all assets that were acquired during the marriage. These assets include everything from homes and bank accounts to baseball card collections and frequent flier miles. The division of marital property should be completed based on the value of the asset although, in many instances, it becomes an emotional battle between the divorcing parties.
With nearly half of the marriages in America ending in divorce, creating a barrier between your soon to be ex and your assets is a smart precaution to take. However, most Florida individuals believe that a prenup is the only way to protect assets during a division of marital property. Actually, there are many alternatives to protect your assets, most of which do not even have to be revealed to a spouse in a legal agreement at all.