Florida residents who are planning to divorce may wonder what happens if the other spouse continues to accumulate joint debt on a credit card that is still in both of their names. Problems can arise if a spouse continues to use joint accounts that were granted to the other spouse as part of the property division agreement without making payments.
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.
Florida residents may be interested in the findings of a recent survey by a market research firm which showed that secret credit card purchases can play a significant role in divorce. Ten percent of the survey's 1,000 respondents said that hidden credit card charges had been a factor in their separation or divorce. The survey also showed that 36 percent of respondents had kept charges secret because they knew their spouse would be angry. Another 35 percent hid charges because they knew their partner would not approve.
Dividing property in a divorce can be a stressful and painstaking process. Even when the property division is amicable, there can be some unseen obstacles and traps, especially when the asset in question is the home that was acquired during the marriage.
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.
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.
A question that often arises in a divorce action is what is done with insurance policies. Many Florida residents may wonder whether they can claim a portion of a former spouse's life insurance policy during property division if they are listed as the beneficiary of the policy.
Mako Surgical Corp entered into a settlement with Stanmore Implants Worldwide Ltd. over a patent dispute. The settlement denoted that Mako will receive Stanmore's robotic business assets as well as its intellectual property. Furthermore, Mako has agreed to drop its patent-infringement litigation in two federal courts and the U.S. International Trade Commission, and Stanmore will withdraw from robotics. The dispute between Mako and Stanmore revolved around computerized surgical devices and software. Mako is a Florida-based company, and Stanmore is a London-based company that received U.S. regulatory approval to market one of its products that is used for knee surgery. Stanmore's Sculptor Robotic Guidance Arm competed with Mako's RIO Robotic Arm Interactive Orthopetic system. By securing the property division of its competitor, Mako has effectively taken a potential robotic competitor off the market, says an analyst.
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.