When a Florida couple decides to part ways, they must deal with various issues. These issues include property division, child custody, child support and alimony. Most of these affect a divorcing spouse's finances, as well as the taxes they have to pay. For instance, per the guidelines of the Internal Revenue Service, child support is never tax deductible and isn't considered income; however, alimony payments do have an effect on a person's tax obligations. Now, changes under the Tax Cuts and Jobs Act have made solving disputes just a bit more complicated.
Married life has many twists and turns. We should not be disheartened at such an unexpected turn of events but should manage it with care and caution by coming to a mutually agreeable settlement, especially regarding property.
According to a number of studies, people aged 50 and above are divorcing at a historically high rate. In legal terms, these so-called gray divorces are essentially the same as divorces among younger people. However, divorce among older people, who have had more time to earn income and collect assets, can be more complex when it comes to the division of property.
Most Florida couples do not expect to find themselves experiencing divorce after 40 years of marriage. However, it is becoming more and more common, and presents its own set of unique challenges. Late-in-life divorce is also sometimes referred to as a "silver divorce" or "gray divorce." They often result from regrets, resentments, or financial issues which have accumulated over time.
The divorce announcement of Amazon founder and CEO, Jeff Bezos, and wife, MacKenzie Bezos, was made via Twitter on Wednesday, Jan. 2. And, it likely shocked many Florida residents as the couple are considered to be the richest in the world, with Jeff Bezos having an estimated worth of over $137 billion. MacKenzie Bezos was one of the first employees at Amazon. However, she and her husband met prior to the Amazon start-up at a hedge fund and technology development firm by the name of D.E. Shaw, where Jeff was her boss.
As stressful as the Florida divorce process is in general, a high-asset divorce can multiply the tension and stress substantially. When it comes to dividing assets such as businesses, high-value real estate, priceless artwork and offshore bank accounts, it can sometimes be difficult to determine whether full-disclosure is at play.
Most Florida couples do not expect to find themselves unfortunately wading through a divorce after 50 years of marriage. However, it is becoming more common, and presents its own set of unique challenges. Late-in-life divorce is also sometimes referred to as a "silver divorce" or "gray divorce." Often, these are the result of infidelity, regrets or financial issues that have taken place over a number of years.
Whether entering into a simple, no asset divorce or a complex, high asset litigation, one thing remains the same; it is usually a stressful time. In the divorce of a high-profile couple with a multitude of assets to valuate and divide, there are a whole host of reasons to work hard at reaching a settlement agreement outside of court.
A Florida resident may be pleased to find that a long-lost relative left them a small fortune as an inheritance. This unexpected windfall may enable the recipient to improve their lifestyle, make desired investments, or simply build up their own portfolio of assets for the future benefit of themselves and their relatives.
Going through a divorce can mean giving out a lot of information about one's financial situation and property holdings. Ending a marriage is only one of the legal matters that is addressed during the divorce process, as courts must also contend with support needs, property divisions, and child custody plans. In Florida, a person may be subject to discovery efforts to ensure that they have fully disclosed all issues that may be relevant to the divorce.