People going through a divorce may be under a lot of stress. Of course, there are the emotions that come with a failed marriage -- sadness, anger and perhaps, even relief. Then there are financial stressors. After all, one may be going from a two-income household to one, and one's marital assets will have to be divided. All of these stressors can cumulate in a way that causes some people to make bad decisions.
Sometimes, a person in Florida receives a financial windfall from an inheritance. If that person is happily married, they may think nothing of placing their inheritance in a joint bank account or use it to make purchases while married. However, this could be problematic, should the couple decide to divorce.
The student loan debt crisis has hit many people in Orlando and across the nation. Many people went to institutes of higher education in hopes of obtaining a degree that would land them a lucrative job once they graduated. However, the cost of higher education is not cheap, and many people had to take out thousands in student loans in order to finance their education.
Part of getting a divorce is determining who should get what in the way of marital assets and debts. This can be an especially monumental task if a couple has been married for a long time and has accumulated a lot of property along the way. Of course, parties to a divorce can negotiate a property division settlement out-of-court, or the court can order one in a dissolution proceeding. However, there may be times when one party or the other wishes to seek a temporary distribution of marital assets or debts while these negotiations are ongoing or before the final divorce decree is approved by the court.
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.