If you and your spouse are joint business owners heading toward divorce in Florida, you may be wondering if your professional relationship will last after your personal separation. Despite the obvious hurdles, some divorcing couples have managed to remain civll and continue working together for the sake of their business. According to Entrepreneur, the ones who successfully navigate this significant relationship change have several qualities in common, and it may be wise for you to incorporate them into your own situation.
Divorce is often an unstable time. During the process, spouses in Florida are figuring out how to continue their lives separately while maintaining the same standard of living and, if children are involved, without disrupting the family structure any more than necessary. One factor which should not be forgotten among all the logistics is life insurance. According to NerdWallet, establishing a policy at the time of divorce with one spouse as the beneficiary is recommended, and even required by the court, in some cases. Most alimony and child support rulings expire upon the death of the one who pays. In such cases, the other spouse and children may be left without a means of support. A person who wishes to guarantee that his or her children are cared for, or that they may continue to live in their home, may choose to set up a life insurance policy with the former spouse as the beneficiary.
The excitement of an upcoming marriage does not always naturally lead to a discussion about finances. While newly engaged couples in Florida may prefer to focus on the romance of this new stage in life, it is important not to neglect fiscal responsibility. According to Forbes, arranging a prenuptial agreement is advisable for couples in a variety of circumstances, and it should be discussed openly between future spouses. The first step is to explore the options available for asset protection, especially for those who own a business or real estate. A prenuptial agreement may provide couples with the security of knowing their significant assets will be protected in the event of a divorce.
When people think about credit cards while they are going through the divorce process in Florida, they may focus on who will be responsible for the debt involved. Forbes magazine points out that there may also be marital assets connected to these accounts that should be noted before marital property is divided.
In the case of a divorce, one of the greatest issues to resolve is the distribution of assets and liabilities between the spouses. According to Florida statutes, the state operates under the process of equitable distribution. This concept means that marital assets are split evenly between the spouses in most cases. However, the statutes also outline a series of potential exceptions. Generally, only assets that are acquired within the duration of the marriage are considered marital and eligible for equitable distribution. Assets which may not be distributed evenly are called nonmarital.
Florida residents, like others around the country, have been watching national headlines explode with news about one of the latest celebrity divorces to be announced, now being referred to the breakup of the couple called Brangelina. Apart from seeing yet another celebrity couple's marriage and family disintegrate for all to see, this divorce may actually be able to be a way of understanding a few things about divorce in America today.
Florida residents who get divorced know that they have many financial decisions to make during the process. There may also be ongoing financial obligations once a divorce has been completed, such as the need to make spousal support or child support payments. People who must make these payments should know that they may have the option of utilizing funds from select retirement accounts or pension funds for these purposes.
When a couple in Florida makes the difficult choice to get divorced, many new financial challenges may develop. Living alone is generally more expensive than sharing living costs with your former spouse. Regardless of whether both of you worked or only one of you worked, now two households must be maintained on an income that previously only had to support one household. When you have minor children are you are ordered to pay child support on top of everything else, you may wonder how in the world you can make ends meet.
If you and your spouse have several assets, dividing them fairly can be challenging. One of the questions we often hear at Mercedes R. Wechsler PA, concerns the determination of what assets are marital property. As you are probably aware, property that is accrued during your marriage is usually considered by the courts to be marital property and therefore, subject to division. However, it is possible that separate property – property that was acquired prior to the wedding – may have transitioned into marital property too.
Ending a marriage in Florida can be a trying experience for everyone involved. In fact, wrangling with important issues such as child custody and the division of marital property could take a toll on your health in several ways. It could even increase the likelihood of losing some portion of your mobility.