When you divorce, you aren't just ending a marriage; you are also ending a financial relationship. When two people get married, their financial interests merge. When you get divorced, these interests need to be separated and reassigned.
We often discuss the emotional fallout of divorce, but ending a marriage also takes a financial toll on those involved. Prior to divorce, you may have paid for counseling or therapy sessions, and you might have separated and lived in (and paid for) two separate homes. During the divorce, there are legal expenses to consider and your childcare costs can increase for parents who have to spend more time at work or with their attorney resolving various legal issues.
In Florida, a divorce is commonly known as "dissolution of marriage." Getting your marriage "dissolved" can be wrenching. The person you thought was the love of your life and that you would grow old next to is leaving and you aren't even getting along anymore, much less communicating. Knowing your rights under the law is important at such a time as this.
Property division when you are getting a divorce can go two ways: friendly or acrimonious. It seems sometimes that the couple is playing out their marriage in court to finalize it and mark it as done. In Florida, the divorce courts use something called equitable distribution. Simply put, this means that the court divides all your property by what it considers fair for each person involved.
Getting a divorce in and of itself is hard enough. Adding the stress of trying to divide up the property that you both own can be even more distressing and can cause emotional responses that you thought would never happen. The best way to divide property is to get together with your ex-spouse and decide between yourselves. This doesn't happen often, so the next best idea is to get an experienced attorney who can assist you in getting what is rightfully yours.
Property division in Florida is well discussed among the state's statutes. Chapter 61 of the Florida statutes discusses the particulars of this subject. One of the things that comes up early is that all assets that each party owned prior to the marriage will be returned to that person.
Getting a divorce can be extremely stressful. Dividing up property and assets can be even more stressful. As a matter of fact, this alone can make people stay in a bad marriage. There is some good news: If you or your spouse own a company, the divorce process doesn't have to be so painful.
When you get a divorce, there will be a division of marital property. In Florida, this property division is governed by the statutes of this state. For instance, the property will be as equitably distributed as possible, according to the court. Not only the assets but the liabilities, or debts, will also be distributed. There may be extenuating circumstances when the court looks at the assets and debts.
Getting a divorce means that there will be property division. The assets and debts of the marriage will need to be split up. Sometimes, the two people involved will get together and make the split easy by deciding ahead of time what each one will get. This makes it easy for the judge.
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.