Not every marriage will last and some people will eventually seek a divorce. In the divorce process, the couple will need to decide what to do with the marital home, if they own one. Whether they decide to sell it and split the proceeds, or whether one spouse will keep it and refinance it in his or her name only, the house will need to be appraised so that its fair market value can be ascertained. This can be a complex process, but it is a necessary one in order for the property division process to be fair. The following are some points to keep in mind when getting an appraisal on one's home.
Some states in the United States are known as "community property" states. This means that if a couple residing in that state decides to divorce, they both have a right to the full extent of their marital property and debts, and thus it will be split relatively 50-50, with each party walking away with half of the value of the marital estate. When it comes to property division in Florida, however, the state is considered to be an "equitable distribution" state. This means that, while the court will start with the premise that there should be an equal distribution of marital assets and debts, it is not necessary that each party walk away with exactly 50 percent of the marital estate. Instead, the court will consider a number of factors to determine if there is a justification for assigning one party or the other more or less of the marital assets or debts.
When a person in Orlando is going through the divorce process, there are many decisions that must be made. Some of the most important decisions divorcing couples will make involve what to do with their marital property. Who, if anyone, will keep the family home? What about the automobiles? How will they divide furniture, electronics, artwork and other household goods? Whatever decisions are made during the marital property division process, it is important to keep in mind that these decisions could affect a person's entire financial future. Therefore, there is no room for any mistakes to be made.
Many of us in Florida think of our pets like members of the family. It comes as a shock to some people that, when it comes to divorce, state courts treat pets just like any other asset in the property division process.
Valentine's Day is coming up, and it is a time to celebrate love. Those in Orlando who are engaged to be married may be looking forward to a romantic holiday followed by a walk down the aisle later in 2018. However, one part of getting married that is not so romantic, but is very practical, is executing a prenuptial agreement.
When a couple marries, under Florida law, the property they purchase together -- the family home, automobiles, furniture, electronics and more -- becomes known as marital property, joint assets owned by both parties. Therefore, should a couple end their marriage, their marital property (and debts) must be divided in a way that is considered equitable, or fair, under Florida law.
Are you faced with the divorce process? Are you interested in putting this behind you as quickly as possible? Like most people, you don't want your divorce to drag on. However, you also know one thing to be true: There is a lot that goes into property division, meaning that it can take some time.
Divorce is a difficult time for anybody wading through the emotional and physical detachment of a dying relationship. What may have started out as an amicable agreement to part ways can devolve into a lengthy process of name calling, finger pointing and a tug of war over property.
Marriage doesn't end because you've decided one day you're finished with a relationship. Because it's the sum of many complicated matters, this often leaves couples feeling angry, and the result is finger pointing and placing blame. While it isn't uncommon to have these feelings, it isn't productive when trying to come to a resolution.
Pensions and other retirement accounts are valuable. They provide crucial income when the time comes to stop working. They are also a reflection of your career. You spent years making small contributions of money you could have spent elsewhere. The funds are your nest egg for the future, and you want to keep them intact. Do you have to give half away when you file for divorce?