As we have discussed multiple times on this blog, divorce can have much more than just an emotional toll. In fact, it may be the biggest financial transaction of an individual's life. While the focus of property division is usually on determining marital assets and divvying them up in a way that is fair, Floridians considering marriage dissolution shouldn't overlook the fact that they will also need to deal with marital debts.
The state of Florida is not a community property state. Instead, it follows an equitable distribution model, meaning that a court will ultimately decide what is a fair distribution of assets.
If you are getting divorced in Florida, you may be especially concerned about how you will divide your assets. Will you walk away with nothing? Will your ex get all your investments and retirement accounts as the person who contributed to these the most? Will you be able to keep your house?
Florida residents who are going through divorce may be concerned about the proceedings ahead. In order to reduce some of the anxiety surrounding property division, individuals may wish to prepare for the upcoming proceedings. Because this division can have considerable financial impacts, gathering financial records could be a wise first step to take. This information could help parties keep their finances on track and be better able to spot inconsistencies.
Prenuptial agreements are intended to give soon-to-be-spouses control over what should happen to their assets if their marriage ends in divorce. However, far too often they are used as a way to deprive one spouse from marital assets in an unfair manner.
When it comes to divorce, there are many proceedings that could become tedious and time consuming. Property division is one of the most common areas in which Florida residents can face disagreements and continued negotiations in hopes of getting what they want. However, there are steps individuals could take even before tying the knot in order to potentially avoid this strenuous situation.
There's a long-standing joke about men that goes, "He who dies with the most toys, wins." Of course, most Florida readers will appreciate how much that flies in the face of the even older statement about wealth and material goods -- you can't take them with you.