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Common financial issues of divorce

| Oct 30, 2020 | High Asset Divorce |

Couples who are facing divorce in Florida may have to confront a great deal of emotional, mental and physical stress. However, one of the biggest hurdles to overcome when divorce is eminent is navigating financial issues such as the division of assets.

If you’re going through a divorce, you may have to deal with some common financial issues. One of the first decisions you and your spouse may have to make when divorcing is how to divide shared property. This agreement can be reached through a decision made between the two of you, or it could be determined by the court based on state laws. In most instances, joint marital assets are equally divided between each spouse.

Deciding who will hold responsibility for any debts that were incurred during the marriage can be an even more difficult task to navigate. When facing this situation, it’s important to order a credit report from the three main credit reporting agencies so that you can make a fully informed decision. This could help you identify which debts are shared between you and your spouse and which are in your name only.

While many couples get caught up in property division, child custody agreements, and other matters pertaining to divorce, one issue that’s often overlooked is tax implications. A Certified Public Accountant may be able to assist with navigating tax issues such as determining who will be able to claim head of household and who will be able to claim exemptions for dependents.

Divorce can be complicated in a myriad of ways, especially if you became financially successful while you were married. If you’re going through a divorce, you might consider consulting with an attorney who is experienced in navigating high-asset divorce.

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