If you and your spouse in Florida have decided to get separated and are now looking at filing for divorce, there will be many aspects of your final settlement that may have serious financial implications for you. You will want to evaluate each one carefully before coming to any final decisions. Income taxes are one of the things that require a good understanding before you sign your divorce decree.
If you are like a lot of people in Florida, when you hear references to the property division portion of a divorce settlement, you think about how assets are split up between the spouses. While this is certainly a big component of the property division negotiation, it is important to remember that debts must also be addressed and divided when a couple gets divorced. The agreements that you make with your partner about how to assign debt responsibility may well impact your choices regarding asset division.
As an older Floridian resident, you may be referred to as a "silver splitter" if you choose to divorce. Grey divorce is actually becoming more common among older couples these days. However, there are certain hurdles you will likely face that your younger counterparts may not have to. Today, we will take a look at some of them.
Your property settlement agreement represents one of the most important parts of your Florida divorce. Most couples arrive at a fair and equitable property division on their own, but a court can decide this issue if you and your spouse fail to agree.
Floridian couples who are in the midst of a divorce will be dealing with a lot of heated financial matters. What makes these matters worse is if both parties aren't being completely honest with each other. Michael E. Golub, P.A., is here to describe some potential signs that your partner may be attempting to hide assets from you during the divorce proceedings.
If you have a prenuptial agreement and are facing divorce in Florida, you may think you are all set. You will not have to worry about any surprises during the divorce proceedings because the document already lays out what will happen. While this is usually true, you may also run into issues where your prenuptial agreement becomes void or parts of it do.
Couples in Florida who have made the choice to get divorced will now be moving into new territory as the Tax Cut and Jobs Act takes full effect after New Year's Day. One of the biggest changes for divorcing spouses will be the elimination of a tax deduction for the person who might be paying alimony. Similarly, the person who would receive alimony will no longer claim that money as income and therefore not have to pay tax on it.
Florida has long been known as a state that is popular for retirees. The lovely and warm weather all year long understandably brings a lot of people in their 60s or older to the area. Many people in their 50s who may not be retired yet but who are planning to retire in the coming decade or so may also find Florida a good place to relocate to. It seems, however, that many of the people in this age group may also be facing another major life change: divorce.
Many residents in Florida love their pets dearly so it comes as no surprise that when couples get divorced, there can be quite a bit of discord over which spouse will keep the family pet or pets. The New York Times reported that in a 2014 survey of the American Academy of Matrimonial Lawyers, respondents indicated they had seen a jump by as much as 27 percent in the number of divorce cases involving pet custody since 2009.
If you and your spouse have decided to end your marriage in Florida, you may well be concerned about your financial health. In fact, many couples who get divorced find themselves under serious financial stress and this stress may even have contributed to the failures of the marriages. Depending on the severity of your money problems, you might want to think about filing for bankruptcy. But, before you do anything you should carefully evaluate the timing and how a bankruptcy might impact your divorce.