Florida spouses who are going through a divorce should think about the financial impact of separating. While ending a marriage may be necessary, it's important to go over one's current financial situation before starting the process. This is because it may be necessary to divide debt as well as positive assets such as a house or retirement account. Therefore, being proactive could make it easier to structure a settlement that's in a person's best interest.
Many Florida residents have social media accounts and frequently interact with online friends. However, an internet acquaintance is not necessarily the same thing as a personal friend. Divorce is difficult enough without getting social media involved. That's why couples headed toward divorce should take precautions when posting on social media, especially if they have young children.
Whether they grow up in Florida or any other state, children can experience both short and long-term trauma after their parents get divorced. However, parents can take steps to help their kids adjust to their new circumstances in a positive and healthy manner. For instance, parents can make time to listen to what their children have to say and validate their feelings. This is important whether those feelings are positive or negative.
Millennials are more likely to keep their finances separate and to have prenuptial agreements than previous generations, but experts say the latter is more likely than the former to protect their property in a divorce. In an equitable distribution state like Florida, what people have earned separately may still be considered their own property. However, a court still has some discretion in what it determines is shared property and how that property will be divided. There are advantages in a divorce to having individual accounts. It can allow each person to have ready access to money for use during the process.
Many people in Florida are dealing with extensive student loan debt. In some cases, people decide to delay marriage, children or major purchases because they are struggling to pay off loans that can amount to hundreds of thousands of dollars. With the costs of college rising, many people have few options but to take out student loans to pursue education for their future careers. At the same time, divorce is a major financial event. The effects of the end of a marriage on a person's finances can last for years beyond the relationship. Couples dealing with student loan debt burdens may be concerned with how their loans are handled during the property division process.
Florida business owners may have particular concerns to prioritize when they think about divorce. People who own small, closely held businesses may discover that their companies constitute the bulk of marital assets. They may be uncertain of how they can keep the business intact after the end of their marriage. After all, the financial effects of a divorce can linger long after the emotional and practical issues have been handled.
When people in Florida decide to divorce, there can be significant financial consequences. This is especially true when there are major financial disparities between the parties or when the marriage has persisted for a long period of time before the decision to separate. In some of these cases, spousal support may be an appropriate mechanism to allow the lower-earning spouse to adjust their lives after the divorce and avoid sudden poverty. However, spousal support is only one part of the total process; in many cases, it cannot be calculated until overall property division is dealt with.
When Florida parents get a divorce, arranging for child support may be necessary. It's important to remember that these payments are not taxable or tax-deductible. However, the parent who the child lives with more than half the time is usually permitted to claim a dependent on their taxes. This could result in some significant savings. Parents who share custody might agree to take turns with this claim.
When Florida couples decide to get a divorce, they may want to take some steps to protect themselves online. Many couples share passwords, so the first step should be changing each account. There are services that can help choose secure passwords and keep them safe.
Florida is home to many successful entrepreneurs, business owners, retirees and working professionals. However, it is also home to lots of couples who are considering divorce. When unpleasant factors come together in a high-asset separation, questions are bound to pop up regarding money and how it will be split. Unfortunately, divorce can bring out dishonesty in some spouses, leading to hidden bank accounts and secret spending.