Florida seniors who decide to get divorced have different concerns than younger couples. While younger couples are often in the middle of parenthood and have to deal with custody and support issues, older divorcees often focus on property division to secure a more stable retirement.
A new question being faced by family law attorneys in Florida and their clients is whether or not an IRA that's inherited can be split during a divorce. The jury is still out on this question as there is no definitive answer.
When entrepreneurs in Florida get a divorce, they will need to deal with the business as part of the process of property division. This may be a business owned by just one person or a business that is jointly owned by both spouses.
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.