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.
It is no secret that there can be many challenging aspects of a divorce and property division is no different. Property division during a high asset divorce can sometimes be especially challenging and acrimonious. It is important that the interests of the spouses are protected but understanding the process can also help create a smoother property division process for everyone involved.
High asset divorces are not uncommon in Hollywood where celebrities and entertainers can earn millions of dollars per year in wages, endorsements and sponsorships. Floridians who keep up with entertainment news may marvel at how multiple homes, jewelry, cars and other assets are precisely divided so that entertainers and their spouses each emerge with a fair portion of their shared wealth.
During a marriage, much of what is acquired is considered the joint property of the spouses. Throughout Florida, married couples acquire artwork, residences, cars, jewelry, business assets and a host of other tangible and intangible items that collectively make up their combined wealth. In some cases, couples may also acquire a different kind of financial obligation that they must manage: debt.
Even celebrities with the most apparently charmed existences can hit rough patches in their personal lives.
It is the hope of many Floridians that they will be able to leave an inheritance for their children and other loved ones. An inheritance can be a bequest of property from a deceased party's estate to another. Often in the case the case of married couples, inheritances are granted to one of the parties to the relationship. Even so, how an inheritance is structured and how it is used once it has been distributed can have significant bearing on whether it will be considered separate or marital property during a divorce.
The decision to divorce is often an emotional one and grows out of a sense of dissatisfaction that the partners have with regard to their relationship. Once they decide to end their marriage, though, the process becomes a legal one, as it is up to a court of law to undo the legal bond that the partners to the couple created when they married. But even though a divorce is a legal process, many of the important matters that must be settled between the individuals surround one particular topic: money.
When a Florida resident opens a retirement account or places money in a savings account, it is relatively easy for them to check on its value. They may call up the institution where the account is held and inquire, or they may check a recent statement that they received regarding the account's status. The openness of access to a person's financial devices makes it easy for them to stay on top of their money and to understand their accounts' value in the event they have to divide them due to a divorce.