Divorce can be like a tornado ripping through your house. Much like a hurricane, you may see it coming your way, yet you're not sure what to do to prepare for it adequately. The ending of a marriage is devastating not only for you as the couple but also for your pets.
It's often hard for spouses to decide how to deal with the debts that they accumulated during their marriage when they choose to divorce. Some debts that couples have difficulty splitting up include the mortgage, credit card balances, medical bills and car payments.
When a divorce occurs, one of the first concerns that spouses have is what's going to happen with their assets that they both brought into and accumulated during the marriage. If you lived in one of the few community property states such as Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin, then these assets would likely be deemed as community property. Fortunately, that's not generally the case in Florida though.
If you're preparing to get divorced, then you may be concerned about what's going to happen to your property such as your home, car and bank account once everything's finalized. Those will generally be divided up between you and your spouse per Florida equitable distribution laws. You may wonder what happens to the property such as your wedding ring though. You may be curious as to whether that's considered a separate or marital asset, especially since it was given to you as a gift by your spouse.
If you're thinking about getting divorced and you have a job where you receive a salary plus some other type of special compensation, then you may be fairly certain that you know what will happen with your standard pay once you finalize things. You may be a little less clear about what happens with your special compensation though. The truth is that it varies depending on the perks that you receive.
If you're preparing to get divorced, then you've likely already started thinking about factors such as property division. You might not have spent a lot of time thinking about how your divorce impacts your tax obligations though.
If you've spent a long time growing your Fort Myers business and rely on it for your livelihood, it's likely that you don't want to jeopardize it in a divorce. If you and your spouse are headed for splitsville, then you may very well lose it unless you have a prenuptial agreement in place.
Most couples marry because they share a magic spark. Some never let that flame burn out. Others watch it do so as children are introduced into the mix or as they age. If you notice that the spark between you and your spouse is becoming extinguished and you're resolved to ending your marriage, then you should prepare yourself for the discussion of financial matters that's sure to ensue.
While many people have high hopes that their marriage will stand the test of time as they prepare to walk down the aisle, sadly that's not always the case. There are some things that you should do before and during your marriage and if you two decide to split up to make sure that your sole assets are protected just for you.
For the past 70 years, spouses ordered to pay alimony could take a tax deduction for their spousal support payments. Recipient spouses didn't have to pay any taxes on the amount that they received. This all changed on Jan. 1 though. Alimony payers can no longer take tax reductions for their payments. Recipients have to now pay taxes on the support that they receive. Even still, there are ways that both parties can reduce their tax burdens.