The division of assets can be a concern at the top of the list of many divorcing spouses. Divorcing couples may wonder how their property will be divided if they divorce. In Florida, equitable property division rules are followed which means that the court will seek to arrive at a property division settlement agreement that is fair and equitable for the divorcing couple.
Throughout the United States, including Tampa Bay, Florida, and the surrounding area, "gray divorces" are becoming more common. A gray divorce is defined as a divorce of a couple over 50 years of age. In fact, according to the Pew Research Center, gray divorces have doubled over the last 25 years.
The American legal system functions as a set of checks and balances. This is to help rectify if an error was ever made in a legal decision. According to a Florida appellate court, an error was made in determining the ownership of assets and marital property under the trial court's decision to waive a wife's ability to earn alimony and have her legal fees paid. She has now been granted $2500 in alimony, the court reversed a decision to pay for rental property and it's possible that the temporary alimony could become permanent.
You and your spouse likely worked incredibly hard to accumulate assets over many years into a retirement account. The original thought was that one day a married couple would have enough money set aside in that they could quit their jobs and live out their remaining years together. However, for many Tampa residents, that idea gets snuffed out when a marriage doesn't quite make it to retirement ago. What happens to the retirement account now?
One Florida couple in the midst of the asset division portion of their divorce took their disagreement all the way to the Florida Supreme Court. The couple had been married for nearly 30 years before making the decision to get a divorce. The process of their asset division was complicated by their signing of prenuptial agreements prior to their marriage in 1987. One spouse alleges that separate property in that agreement was marital property due to the spouse's using the assets for residence.
Sometimes a divorce can feel like each party just wants to look out for their own interests. In some cases, it can feel like the best interests of the other party are then sacrificed. But it doesn't always have to be this way. There is a way to prioritize both interests of divorcing spouses during property division.
When a Tampa couple decides that it is time to end its marriage, it can be very tempting to work through the process as quickly as possible so that the individual parties can move forward with their lives. However, rushing through a divorce can create more problems than it solves, particularly when it comes to resolving disputes over matters of property. A person can be well-served during their divorce if they assess all of their property interests during the process of dividing up their property from their spouse's property.
In a previous post, we discussed the unfortunate reality of how many soon-to-be divorced spouses experience unnecessary anxiety about the division of property thanks to misinformation provided by everything from television to well-meaning friends and family.
Once the reality of an impending divorce finally sets in for both spouses, meaning once the initial shock and sadness subsides, they will undoubtedly have a host of questions. Of particular concern will be how their assets and debts could potentially be divided in the absence of a prenuptial agreement.