Unfortunately, greater than half of all first marriages end in divorce and those numbers increase for second and third marriage. As a result, it is important to know how a family business may be handled during a divorce.
Family law is a broad area of the law that helps families and couples in Florida through some of the most challenging personal issues they face. It offers a variety of tools and resources. Couples struggling with child custody or child support concerns, or facing a divorce, should understand the tremendous amount of help those family law resources can provide.
When a divorcing party is asked to list the assets they share with their soon-to-be ex, some obvious items may jump into their mind first. They may think of their home and their cars, as well as personal property like furniture, jewelry, and any artwork they may own. They may focus on the things that they can see and touch, but they may forget some of their most important and financially-significant assets: investments, business holdings, and retirement funds.
Property division during divorce can be overwhelming, especially if the parties do not know what to expect. It can be even more complex in circumstances of a divorce between spouses with a high net worth.
A divorce can be a financial nightmare. Even those with high incomes and significant assets may find it difficult transitioning from a marital relationship into a single lifestyle. At least one of the spouses will likely have to find a new place to live, and both will have to make ends meet without the combined income of two earners.
Florida residents who intend to divorce must often weigh significant emotional and financial factors. Soon, some of the financial matters that they felt confident about may be changing. In fact, in 2019, certain tax implications relating to alimony and prenuptial agreements could introduce uncertainty into the divorce process.
The divorce process can take its toll emotionally, financially and otherwise which is why couples facing a high asset divorce should understand how to proceed through the process. High asset divorces can create additional complexities and stress in some circumstances which is why divorcing couples should be prepared for what to expect and how to best approach the divorce process.
It is not uncommon for husbands and wives to share the duties of running their households. While one partner may focus their efforts on caring for their children, maintaining their home and meeting their social and familial commitments, the other may prioritize earning money and ensuring that their family has a strong economic base on which to grow. In traditional Florida households, women may tend toward the more domestic roles of familial support, while men generally focus their attentions on the financial health of their relationships.
Getting divorced in the United States is a fairly common legal process. While not all marriages end in divorce a large percentage of them will eventually terminate and return the partners to their original single statuses. For Floridians contemplating divorce, it is important to think through a variety of considerations as the divorce process begins. This post will touch on some issues to work through pre-divorce but readers should consider discussing their divorce needs with their family law attorneys.
Divorcing couples may encounter disputes related to child custody, child support and property division, including dividing up retirement assets. Because understandable concerns may arise when dividing a 401(k), and there may be tax and penalty concerns associated with the division process, it is important for couples to understand how retirement accounts are divided, especially during a high asset divorce.