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High Asset Divorce Archives

Florida congressman files for divorce following $18 million loss

Making the decision to get a divorce isn't something that any couple makes lightly. For some people, the decision becomes necessary when they grow apart from each other because of social or financial decisions. When these differences become so great that the couple can't come together again, they may claim the marriage is irretrievably broken. For one Florida congressman, a recent divorce filing shows that he and his wife of 23 years have decided to end the union.

Joint bank accounts after divorce can be tricky

Florida residents that are thinking about or currently experiencing their own divorce may be interested to learn of a recent article concerning some of the possible tax implications of divorce. According to its author, continuing to mix finances even after separation can be tempting given the possible complexities involved in extricating them from one another, but this could also cause a great deal of problems in some cases. To emphasize his point, he presents the example of a man who was taken advantage of by his former spouse during tax season.

Divorce, retirement and benefits

Florida couples going through a divorce later in life may wonder if it will have any effect on their respective Social Security benefits. Current law provides that an ex-spouse who has been divorced for at least two years can collect retirement benefits based upon the work record of the other spouse under certain conditions. The marriage had to last for at least 10 years, the ex-spouse cannot have remarried, must be at least 62 years of age and cannot be eligible for higher benefits based on his or her own employment history. The former partner does not need to be receiving benefits in order for the ex-spouse to qualify.

Dividing retirement assets during divorce

Florida couples contemplating a divorce might be interested to learn that they should not put off dividing up their retirement assets. Although sometimes couples are eager to hurry up and get the divorce process over so they can begin to move on with their lives, there are some easily overlooked issues that could prove to be quite important. Financial advisors say that splitting up retirement assets is an issue that couples should ensure they take care of during their divorce proceedings, or they may regret it later on.

Planning for the best outcome in a divorce

When someone is going through a divorce in Florida, they might focus on child custody, the division of assets or property distribution. Most states have laws that divide assets equitably, not in half, which means that women could end up short-changed. According to Huffington Post, couples can take steps to prepare for a complex asset divorce.

Filmmaker Michael Moore divorcing after 21 years

Floridians may be interested to hear that after 21 years of marriage, acclaimed filmmaker Michael Moore has filed for divorce from his wife Kathleen Glynn. A complaint filed at the Antrim County Court has revealed that the high-profile couple had already been living apart for some time. The complaint also stated that there is "no reasonable likelihood that the marriage can be preserved." The two own a home together in Traverse City, Michigan, and have no children.

How divorce can affect a home sale

Some Florida residents planning to divorce may wonder about the tax implications. Divorce often includes the sale of a home. The Internal Revenue Code may allow a spouse to exclude some of the gain from a home sale from being considered income. Knowing how to take advantage of these laws can become important in a complex asset divorce.

The complexities of high asset divorce in Florida

When a couple gets divorced, many financial matters have to be settled. This is especially true for people with numerous assets. Because Florida is an equitable distribution state, assets are divided in a fair and equitable manner but not necessarily 50-50. A spouse who is divorcing in Florida should be aware of the factors that judges take into consideration when dividing assets.