Often, couples might think that deciding to get a divorce is the hard part. Unfortunately, ultimately one of the more challenging aspects of the dissolution process is deciding how they're going to split up their marital assets. Conversations between Florida spouses regarding who will end up with certain assets often get so complicated that both a forensic accountant and a divorce attorney have to step in to help sort things out for them.
One of the assets that couples end up fighting most about when they divorce is investment accounts. One of these reasons why they do so is because they often have fluctuating values, so it's really hard to hone in on a particular value for them. There are also tax implications associated with taking on or divesting yourself of certain investment assets. These are some of the reasons why individuals who have these types of accounts seek to have a Qualified Domestic Relations Order (QDRO) drafted up in their case.
If you've known someone that's been through a divorce, then you likely know that it's hard on many different levels. It's quite difficult on a financial level. One of the reasons that it's difficult for divorcing spouses to reach a settlement in their case is because they know that a single misstep may affect you and your family's long-term financial security.
In Florida, judges may award either temporary or permanent alimony. The former is the most common. It's intended to give the recipient enough time to complete their education or professional training and restart their career. While most recipient spouses agree to receive monthly support payments, others receive a lump-sum payment.
One high-value asset that couples in the upper income brackets often share is a business. Assigning a value to real property is often much easier to do that it is to valuate a company.
When Amazon founder Jeff Bezos and his wife announced that they were ending their 25-year marriage back in January, it stirred up a media frenzy. Many wondered what this would do to Bezos' $137 million fortune that he'd amassed over the years. It led to an increased spotlight being placed on high-asset divorces.
If you're ordered to pay child support in a divorce, it is based on your income and ability to pay at the moment. The idea is that your wealth will likely stay at or near that level, so the payments are both fair and affordable.
The use of Bitcoin has grown in popularity in Florida and across the rest of the United States in recent years. Many have been drawn to exchange their cash for this global digital currency because of the lack of government oversight. The emergence of Bitcoin has made things more difficult for government agencies and divorce attorneys alike who are seeking to uncover a person's potential hidden assets.
Many of us are conditioned to believe that money has the potential of resolving our problems. However, researchers with the American Academy of Matrimonial Lawyers have concluded that divorce rates increase when the economy is doing well and the more money that a couple makes.
A new study published by the Center for Retirement Research confirms what many financial analysts have long suspected. Divorce has a way of adversely impacting an individual's current and future financial situation. The researchers working on this latest study determined that it's unlikely that many spouses who divorce moving forward will be able to continue to fund their current standard of living once they retire.