When Florida couples decide to end a marriage, one of the first issues is working through living arrangements. Thinking about where to live can be overwhelming, but it is a necessary part of the process. Divorcing couples must balance individual needs with emotional, logistical and financial realities to find the right situation.
Division of property in some Florida divorces can be complex. For example, some couples may have art collections to split, and this could lead to complications in determining the value of the collection and who purchased the artwork. Others may have prenuptial agreements, but if they do not specifically address the art collection, these complications could remain.
Some estranged Florida couples might need to sell their home before their marriage legally comes to an end. One real estate website found that this is the case in almost two-thirds of divorces. Selling a home can be stressful at the best of times, but during a divorce it may be particularly difficult. However, there are steps a couple can take to make the process go more smoothly.
It may be a good idea for Florida residents and other individuals who are getting a divorce to either sell their homes or refinance their mortgages. Failing to account for a mortgage in a divorce may hurt a person's credit score. A lender doesn't care if a marriage has ended when it comes to getting the money it is owed. A lender can still come after a person listed on a loan until it is paid off or refinanced.
Many engaged couples in Florida might feel uncomfortable discussing finances and prenuptial agreements before getting married because it's not romantic. It may make them feel like they're saying 'I do" to a divorce before they say 'I do" at their wedding.
For Florida couples whose marriages are coming to an end, financial matters are often among the most important. Having a qualified attorney and a financial adviser can help prevent an imbalance of power and ensure important issues do not go overlooked, but individuals are their own best advocates in many cases. There are a few things that parties to a divorce can do to make sure they're covering themselves with regard to assets.
Finances are often tighter after a divorce, but a strain can start before a settlement is finalized. Florida residents may wonder about using joint accounts during the process. In many marriages, one partner handles the finances. While there is nothing wrong with this, the other person should at least know basic information. This includes income and investment information, the different types of joint accounts a couple has and how to access them.
When it comes to issues related to divorce, Florida residents may not put much thought into what happens to their car insurance policy. While it may be tempting to kick a former spouse off of a policy, it cannot happen without that person's consent. Insurance companies may ask that a removal request be presented in writing to prove that consent has been given.
A marital residence is typically the biggest asset a married couple owns. Therefore, figuring out what to do with a home is often one of the most difficult parts of a divorce. Florida residents may wish to keep a home or buy a new one with funds from the equitable distribution of joint assets.
When a Florida couple gets a divorce, there might be a retirement account to divide. Depending upon the type of account, the process may require a complex document called a Qualified Domestic Relations Order. It can end up being costly, and the parties might want to work with a certified divorce financial analyst.