Once you decide to divorce, it won't be long before you're making a checklist of all your assets and debts. It's critical to have this nearby at all times, as it'll help you make informed decisions.
When you finally decide to hang up your work boots for good, it's safe to assume you're looking forward to a future full of happiness and relaxation. Unfortunately, you could find yourself facing the divorce process at this time.
If you and your spouse are art collectors and now face a divorce, you may struggle with divvying up the pieces. In addition to their financial value, artwork can retain strong sentimental value to collectors, making it hard to part with cherished pieces.
Divorcing couples must address a variety of assets during the divorce process. For many people, financial assets pose the biggest challenge. These are often the most valuable, leading both individuals to focus on them.
If you're an art collector, or if you and your spouse made a collection together during your marriage, it can become very hard to split it up. After all, you have an emotional and sentimental connection to some of those pieces. It's about more than just the money. And, even with an appraisal, you may not agree on exactly what a certain piece is worth. How can you divide a set if you're not even sure about the value of each individual piece?
For many people, the biggest concern with the asset division process is organization. This is particularly true among those who have complex assets, such as a variety of retirement accounts or real estate all over the world.
Does your estranged spouse have a fascination with cryptocurrencies like Bitcoin? You might want to make sure that all of that currency is accounted for. Hiding property during divorce is unlawful, but countless spouses do it anyway. Now they're turning to secret and anonymous cryptocurrencies for the purposes of hiding marital assets.
If you and your soon-to-be ex-spouse own a home together, you're probably concerned about what will happen to your home in the asset division process. Unfortunately, there is no set answer to this question; it all depends on your unique circumstances.
Alimony payments are either a burden or a blessing, depending on whether you're the "paying" or the "receiving" spouse. If you're the paying spouse, you probably don't want to have to make these monthly payments, and you're hoping that you can defend against the possibility during your divorce process.
When you want to understand more about how assets will be divided during your divorce, it is important that you pay attention to the specific laws relevant to your state. This is because state laws largely determine how assets will be divided. In the state of Florida, the equitable distribution model is followed for asset division in a divorce.