For Florida servicemembers, going through a divorce is a challenging time. Determining how to divide marital wealth is one of the most difficult aspects of the process, and the outcome will shape the financial futures of both parties. A recent case that went before the United States Supreme Court has led to clarification on property division issues that affect military families.
Once a divorce is concluded, most Florida spouses will walk away with a share of the wealth that was accumulated during their marriage. The proceeds of the property division process should be dealt with very carefully, so that the wealth is preserved and available for use for many years to come. In order to reach those goals, it may be necessary to make financial adjustments in the months or years following a divorce.
Dividing marital wealth can seem like a straightforward process, but that is not always the case. Pointedly, there are issues that can arise long after the paperwork has been signed, and an inability to reach an agreement on those matters can bring former spouses back to a Florida court. An example is found in the area of real estate and property division. While not a common concern, one couple's story serves as an illustration of how things can turn into a problem years down the road.
Even healthy Florida marriages go through periods of difficulty. In some cases, tensions arise over the shared responsibilities of household management, such as raising kids and paying the bills. For other families, however, disagreement centers on more ideological matters, including politics. According to a recent survey, discord over the new Trump administration may be leading to an increase in divorce and subsequent property division.
Much has been written about the uptick in the number of older Americans who are seeking divorce. For many, that decision comes after years of ambivalence about the marriage. For some Florida couples, the transition from married to single takes a long time to complete. A lengthy separation is not unusual among couples in their 50s and beyond. It is important to understand, however, the impact that a separation could have on property division and other divorce matters.
Plenty of Florida couples place the bulk of their divorce efforts on dividing marital wealth, and rightfully so. The outcome of property division negotiations can have a lasting impact on both spouses for many years to come. However, it is a mistake to overlook the importance of addressing issues of debt during the larger property division process.
Many Florida residents are aware of the importance of addressing retirement savings during the course of a divorce. In fact, these assets are among the most valuable for many couples, and care should be taken to maximize the distribution of retirement funds when a marriage comes to an end. Once property division negotiations have concluded, it is important to carefully review the documentation involved in the division of retirement assets.
Once the dust has settled and the ink has dried, many Florida spouses will emerge from a divorce with a nice nest egg. The wealth gained from the property division process can and should be used to create financial security for the years to come. That is why it is so important for divorcing spouses to have a comprehensive budget for the years that follow a divorce.
For many Florida residents who are going through a divorce, the sheer number of financial decisions that must be made is overwhelming. Making matters worse, most people know that the outcome of those decisions will have a lasting impact on their personal bottom line for many years to come. One way to handle property division is to employ the services of a financial professional who is skilled at managing all of the money matters related to divorce.
Most Florida spouses are aware that there are no laws in place to guide how pets are treated during a divorce. One state, however, recently passed legislation that will guide how judges approach the matter. In that state, pets will be treated more like children than property, and the best interests of the animals will be considered during property division.