When you think of property division in a divorce, assets such as houses, cars, bank accounts and valuables may come to mind first. Another asset you will want to claim your rights to is your spouse's retirement plan. You need to remember to consider not only your financial standing immediately after your divorce but also well into the future. That money would go to your benefit if you and your spouse were still married, and some of it still can even with the dissolution of your marriage. You can receive retirement benefits through a Qualified Domestic Relations Order.
So you're getting divorced, and you're trying to divide up assets. One of your largest assets is your bank account, and you're happy because you opened it and only put your name on the account. That means you get to keep all of the money yourself, right, rather than splitting it with your spouse?
Gone are the days when couples routinely stay married for 50 or 60 years. While those couples still exist out there, they are the exception and not the rule.
Generally speaking, you will get to keep an inheritance if it's given to you when you are married and then you later get divorced. While standard income is typically thought of as belonging to the couple -- making it marital property -- inheritance money is typically thought of as belonging to just one person: The person to whom it was left.
One of the biggest assets -- and liabilities -- that a couple might have together is a home. If you are going through a divorce, then who will keep the home -- or whether anyone will keep the home -- is an important consideration. Every situation is unique, but these three questions are a good place to start when making such a decision.
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.