Throughout a marriage, couples usually accumulate possessions and assets. In many cases, both parties work hard to get the things they have together. If the marriage begins to fail, there is a chance that a divorce will occur soon. One aspect of divorce that is necessary is dividing up all those assets and possessions that you acquired during your marriage.
Understanding what happens to the marital debt during and after a divorce is an important part of being prepared for life after the divorce and ensuring you understand what financial obligations you will have to meet. In Florida, what happens to debt depends on whether it is a joint or individual account.
Changing your name back to your maiden name after a divorce is a surprisingly controversial subject with those on both sides having strong feelings on the matter. It's asked as part of almost every divorce settlement where one or both party changed their last names after the marriage. In the end, this is a personal choice, but there are some pros and cons to be aware of as you make this decision.
Divorce can really make you feel as though you're in a whirlwind. You and your soon-to-be ex have been fighting over children, child support, spousal support and property division. You may just feel as though you're ready for the whole thing to be over, so you're ready to agree to whatever property division is proposed. Unfortunately, your ex hopes you will forget about several assets that should be divided.
No matter what stage of life you are in, divorce is never easy, but in recent decades, there has been an increase in senior divorces. These divorces may seem easier at first since there are usually no minor children involved, and therefore, no child support or custody issues. However, divorcing later in life — often after decades of marriage — bring particular challenges to the property division process.
The way that prenuptial agreements affects property division during a divorce in Florida might be changing. A recent ruling by the Florida Supreme Court set an interesting precedent regarding the terms of a prenuptial agreement.
Couples going through a divorce might find that they have plenty to disagree on or divide -- from where children will go to school to who gets Aunt Linda's antique vase -- and settling questions and disagreements can be time-consuming and stressful. One area where property division is getting increasingly complex is real estate.
Getting a divorce often means that there will be property division taking place. If you are part of the growing population of older adults getting a divorce, you may have more at stake than property and a bank account or two. What happens to your retirement account when you get a divorce?
Last week, we discussed how a divorce can affect your estate plan and taxes. After reading that blog post, you might be wondering how you can protect yourself during the property division portion of your divorce, especially if you have real estate to divide. We can help you as you work through the division of property.
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.