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Thompson Family Law, P.A.
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Posts tagged "assets"

Florida artists' work is an asset in divorces

Before filing for divorce, Florida artists should be aware that their artwork is usually considered an asset in divorce proceedings. Works created before a marriage or after separation or divorce are usually not considered as part of the marital assets, although proceeds from such works may be included in the value of the marital estate if they were sold during the marriage and/or provided a substantial amount of domestic income.

How divorce may affect the credit of the parties

The interaction of credit and the maintenance of credit ratings can be substantially more complex inside a marriage. It is common for married couples in Florida to set up joint accounts with some lenders, and the liability for these accounts will often stay with the couple after they get a divorce. It may be wise to carefully review all financial arrangements and structure the divorce settlement properly, or serious impact to the credit rating and unfair liability for debt may result.

How is property divided in Florida?

When married couples get divorced in Florida, there are certain guidelines that are used to determine how property will be divided between the spouses. These guidelines are based on certain factors that are particular to each marriage. For this reason, the division of property for one couple may not be the same for another couple.

Law spells out how property should be split in divorce

Florida residents contemplating a divorce may be interested to know that state law is very specific when it comes to dividing property when a marriage ends. Following the principle of equitable distribution, a court will divide marital assets and liabilities equally between the spouses, with some notable exceptions.

Protecting separate property during a marriage

Inheritances and gifts are generally considered separate property when obtained while married, but there are exceptions. Any assets or debt deemed marital property are subject to division in a divorce. Although not expressively required, Florida law encourages an equal distribution of property. This might mean a fifty fifty split or what a judge decides is fair. To prevent one's spouse from claiming a share of an inheritance, spouses need to follow some rules.

Overlooking important financial matters during divorce

A Florida couple entering into proceedings for divorce may find that asset division is one of the most challenging issues to resolve. It isn't uncommon for one partner in a marriage to be somewhat unfamiliar with financial issues affecting the couple, and this can create challenges in obtaining a fair settlement in a divorce. It is important to consider both assets and liabilities during the divorce process so that unexpected problems don't arise later.

Considerations when dealing with the family home after divorce

Florida residents might be interested in a recent article discussing mortgages, home ownership and divorce. In many marriages, the couple will buy a home that will be considered joint property. If the couple decides to separate, a number of factors might affect each party's stake in the asset.

Money moves to make during divorce

Gray divorce is on the rise, according to the National Center for Family & Marriage Research. According to this organization, the divorce rate in Florida and across the United States for individuals over 50 doubled between 1990 and 2010. Additionally, the United States Census Bureau reported that 11 percent of men and 15 percent of women between the ages of 65 and 75 had at least one divorce under their belt in 2010. Individuals who get a divorce later in life may have specific financial concerns to consider.

Dealing with the complexities of divorce

When a Florida couple seeks a divorce, they may become involved in property division proceedings that might become complicated, depending on certain factors. However, a recent article discusses some basics of the process that might be beneficial to some readers.

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Thompson Family Law, P.A.
3949 Evans Avenue, Suite 206
Fort Myers, FL 33901

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