When you go through a divorce, it is a very emotional time. Just when you need to be making the most rational decisions as possible, your emotions are going haywire. Simply getting through each day is a challenge, but now is when you are tasked with determining who will get what assets in your property settlement.
Florida law, like that in the majority of states, provides for the "equitable distribution" of marital assets and debts -- those incurred during the marriage, either by one or both spouses -- in divorce. Unlike states that recognize marital assets as "community property" that is divided in half, "equitable" doesn't necessarily mean "equal."
Going through a divorce will complicate your life in many ways. While there's a lot to think about, matters of property division deserve a good amount of your attention.
If you're a few years within retirement age, there's one more thing you have to think about as you ponder divorce: Social Security.
Divorcing later in life brings about a set of issues that younger people don't have.
You'll be walking down the aisle soon in Florida, and all the wedding plans are made. You even have a plan for how to maintain your finances after you're married.
Sometimes, when it comes to dividing property and other assets in a divorce, it seems like a going out of business sale, where posters in the storefront blare, "Liquidation! Everything must go!"
You know you're headed toward a divorce. You know you want to stay in your Florida home, and your soon-to-be ex will be content if you do. But there's more you need to know.
Florida is an equitable distribution state, meaning that in a divorce, property should be split fairly.
Dividing any assets can be complicated during a divorce. Even if it is as simple as dividing a bank account, when you and your ex do not see eye-to-eye, it can lead to a long court case as everything gets sorted out. And that's for one of the easiest assets to split up, with the least questions. If even something that straightforward can cause problems, what are some more complex assets to split up?