One of the most contested assets in a divorce is typically the home. Even in an amicable divorce, the issue of the house could still be complicated if the parties do not agree to sell. Those who wish to keep their home following the dissolution of their marriage should consider whether they can afford the maintenance and if they could get approved for a mortgage without a husband or wife to co-sign.
When former Dodgers owner Frank McCourt split from his wife, Jamie, after nearly 30 years of marriage, the couple entered into a very explicit and carefully considered divorce settlement agreement. After consideration of the couple's assets, Jamie was awarded $131 million and several luxury homes that the couple had previously owned together while he retained ownership of the team. In addition, the agreement specified that if either member chose to contest its terms in court, he or she would be responsible for paying the other member's attorney's fees.
For Florida residents going through a divorce, the financial details can be confusing. There are, however, some basic guidelines for determining how couples split up financial assets, retirement accounts and real estate holdings. Many states, including Florida, follow a rule of equitable distribution. Absent an agreement, the court will divide marital property in a manner that it deems fair. If a spouse had property before they got married or inherited property, these assets will normally be excluded from the division.
A recent report that might interest Florida readers is the one about how to protect assets during a marriage. Many people choose to protect their assets with a living trust or a Domestic Asset Protection Trust.
For Florida couples, divorce can be an emotional and stressful period in their lives. During the property division phase of the divorce, however, spouses should be aware of the possibility that their estranged partner could be hiding assets from them. They may be interested in an article detailing some ways to uncover these assets and ensure an equitable division of marital property.
Although many Florida pet owners believe that their dogs and cats are members of the family, the law does not usually treat them this way. Instead, pets are treated like property during divorce and are subject to the marital property division. However, courts can consider a number of factors when determining to whom to give the family pet.
Although all divorces generally involve difficulties in resolving issues like alimony or child support, a high asset divorce presents unique challenges. The process of property division is likely to be quite difficult if a couple has a high net worth. Some of the common challenges parties and their attorneys face may include a failure to disclose assets, assets with a high value that cannot be sold or assets that could be difficult to divide equally.
If you and your spouse have been married for a short period of time, the property division aspects of your divorce are likely to be less complex than property division settlements sought by couples in long-term marriages.
Property division can be the most complicated aspect of a divorce. After years of sharing your life with someone and trying to live by the mentality of "what's mine is yours," it can seem impossible to separate property and assets equitably, as Florida law dictates.
When a couple decides to separate, the reasons behind this split are often complex. Sometimes couples have begun to loathe each other and sometimes abuse drives spouses apart. But most often, couples simply come to the conclusion that they would both be happier if they moved forward in life as single people. In cases involving spouses who are in a position to divorce relatively amicably, a collaborative family law process may be the best fit.