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.
Floridians should be on guard against a partner’s attempts to hide marital property during a divorce. The potential consequences of trying to cheat a spouse out of his or her share of a marriage’s assets were discussed in a prior article. Despite the risks, many people may be likely to try it anyway. It is up to each party in a divorce to protect himself or herself from efforts to avoid full disclosure.
Asset division when a marriage ends can be complicated, particularly when retirement assets such as 401(k) plans are added to the mix. As provided under the 2015 Florida Statutes, Florida is an “equitable distribution” state. As such, this means regardless of whose name is on the 401(k), both spouses may have an equal claim to the plan if the money inside it was acquired during the marriage.
Not all divorces involve complicated issues or a great degree of conflict that the parties need to work through. In those situations, it may not make much sense for couples to engage in a traditional divorce, which can take more time and money to complete than their situations would call for. An alternative solution is collaborative law. At Mercedes R. Wechsler, P.A., our staff often asks our clients to consider whether or not this type of divorce may be beneficial for them.
According to the National Endowment for Financial Education, 31 percent of adults in the U.S. who have combined their financial resources and assets with a spouse admit that they have withheld information or been deceptive about their finances with their spouse. Women are 18 percent more likely than men to discover that their spouse has been hiding money. Although the practice may be commonplace in marital settings, it is illegal in Florida for either spouse to attempt to hide any assets during divorce proceedings.
One question that many divorcing couples may have revolves around property division. While there are some laws that lay out what needs to be divided and what can be kept, it is usually up to the couple themselves to figure out what they will part with and what they will keep.
Moving abroad can be a confusing and complex situation. It can be even more difficult if someone has gotten a divorce in their home country and do not know anything about the divorce laws in the U.S. They may be wondering whether or not their divorce will even still be valid on foreign soil.
If you are like many people in Florida today, you may have an interest in a business. This may be a direct interest such as being an owner and operator. It may be a more passive interest such as being an investor without day-to-day involvement in the running of the business. You could have property interests or simply financial interests. Regardless of your level of involvement, the financial implications to you if you get divorced can very much include the business assets.
When it comes to legal separation, couples sometimes face a number of challenges. For example, people may struggle with a bitter dispute over complex asset division or a parent may have a difficult time with child support and custody issues. However, for a high-profile couple, divorce can be particularly complicated. After all, with significant assets, property division can be far more tricky. Furthermore, separation is often quite emotional, especially when children are involved. For couples who are preparing to file for divorce in Orange County and across the state of Florida, it is very important to ensure that the smartest course of action is taken. At the law office of Mercedes R. Wechsler, P.A., we work hard to help high asset couples who are in this position pursue a positive outcome.