A qualified domestic relations order, or QDRO, is a domestic order from the court that allows for the existence of an alternate payee, or person receiving a payment, who has the right to receive payments from a retirement plan after certain information is shared and requirements are met.
Some Florida residents who follow celebrity marriage may be interested in Gary Oldman's pending divorce from his fourth wife after a six-year marriage. The British screen and stage actor and star of 'The Dark Knight Rises" was separated from Alexandra Edenborough for about a year before she filed on Jan. 9. Oldman has yet to respond to her filing, according to reports.
Florida residents who are seeking a divorce may wish to know more about how retirement accounts are handled during the split. If the account is considered marital property, it could end up being evenly split between the couple.
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.
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.
For Florida residents seeking to protect their assets before getting married, a Domestic Asset Protection Trust may be the answer. Although this type of trust is only available in just over a dozen states, it can provide big advantages over other asset protection methods.
Couples filing for divorce in Florida may need a judge to help them determine how their marital property will be equitably divided. Although some individuals may want a judge to see pets as children, dogs and cats are treated in divorce courts like any other piece of property subject to equitable division. When one spouse loves a pet like a child, the other spouse may try to take advantage of that party's emotional bond by extorting other property concessions in exchange for relinquishing a claim of pet ownership.
Followers of Forbes in Florida may be familiar with Harold Hamm, the founder of Continental Resources who has an estimated net worth of about $14.6 billion. Hamm owns approximately 126 million shares and a 70 percent equity stake in the oil production company, which saw a 39 percent increase in production in 2013.
It's easy to look at getting divorced as the end: the end of a marriage, the end of living in a particular house, even the end of having a certain last name. But in many ways, divorce is a beginning -- a way to shake off the dust, pick yourself up, and move on to bigger and better things that you felt you couldn't do before.
It is not uncommon for couples facing complex asset division to enter into informal long-term separations instead of pursuing lengthy, often contentious divorce negotiations. For couples with adequate financial resources, living apart might seem like the least unpleasant solution, especially if both parties have a satisfactory standard of living. Delaying a formal agreement, however, can lead to disaster for unprotected spouses.