Articles Posted in Property Distribution

Property distribution; pair of woman's hands and man's hands tugging on a house keyIn a divorce, the answer to the question of who gets the house may not be a simple one. Essentially there are two ways to approach this question: let the court decide or negotiate an amicable agreement with your ex.

If you and your ex cannot come to a mutually acceptable agreement, the court will rule on the division of property and other marital assets under the Equitable Division Law. This ruling considers several factors and is meant to result in a fair, although not necessarily equal, distribution of property. Couples who would prefer to avoid the court process and negotiate an agreement between themselves have several options to consider. To learn more, read “How Divorce Impacts Property Ownership.”

Divorce-First-Steps-300x200There is a lot more involved to a divorce than two people simply going their own ways. Couples have an overwhelming number of decisions to make—how to divide their assets, where to live and, for parents, how to continue caring for their children, to name a few.

As difficult as it may be, cutting through the emotions and focusing on the logistics involved in the process one step at a time can help you better prepare for your post-divorce life. For a look at a step-by-step plan for your divorce, read “What To Do Before Filing For a Divorce.”

Common-Financial-Mistakes-FL-blog-2-300x200When going through a divorce, couples can let emotions drive their decision-making process, especially when it comes to such issues as divvying up their assets. The more contentious the divorce, the more likely the scenario of a spouse fighting for assets simply to keep them out of the hands of their soon-to-be-ex.

Cutting through the emotions associated with divorce and looking ahead at the realities of their financial situation can help couples avoid long-term mistakes. To learn about some of the more common financial mistakes divorcing couples make read, “5 Money Mistakes to Avoid When Going Through a Divorce.”

Property-Division-2-FL-blog-300x200When building a life together as husband and wife you will, no doubt, accumulate a lot of stuff. Normally, this isn’t a problem unless your marriage ends in divorce. At that point, you will be faced with the difficult, and sometimes contentious, task of dividing up your assets.

Some couples are lucky enough to reach settlement agreements on their own terms; others require the court to intercede. That is when property distribution becomes more complicated than simply deciding who wants a particular asset more. Understanding the legal definition of separate and community or martial property, as well as knowing which property ownership system your state observes, can help you better understand what to expect should you need to go to court. To learn more read, “How to Split Marital Assets During Divorce.”

Rushing-Divorce-FL-Blog-300x200For most couples, divorce isn’t a decision arrived at overnight. Usually, the decision to divorce comes after long periods of living with irreconcilable differences and numerous attempts to resolve conflicts. It is understandable then why, once the decision to divorce is finally reached, couples just want it to be over with so they can get on with their lives. Rushing through the divorce process, however, can be a bad idea.

No matter the reasons behind a couple’s decision, divorce can be a very emotional process. Those emotions can hamper a couple’s ability to make good, sound decisions. Agreeing to something for the sake of getting the divorce over with can negatively impact life post-divorce. To learn more about why rushing through a divorce is never a good idea, read “How Long Will My Divorce Take?

Settlement_Agreement_AdobeStock_236389547-300x200When negotiating your divorce settlement, it is important to carefully review every detail. Once a settlement agreement is reviewed and signed by both parties, the divorce is considered finalized. What happens then if it is discovered that something has been left out of the agreement? What recourse, if any, do you have?

The answer depends, in part, on whether the oversight is discovered by both spouses who then agree on the distribution of the assets involved, or if only one spouse realizes that an oversight has been made and seeks to amend it. To learn more, read “Steps to Take When an Issue in a Divorce Settlement Is Overlooked.”

Retirement-plans-FL-blog-300x200The distribution of assets can be one of the most complicated and contentious aspects of any divorce. That applies to the division of retirement accounts, too. Failure to correctly identify the type of retirement plan involved can lead to tax complications down the line.

Distributions from IRAs and Qualified Retirement Accounts are subject to different tax treatments. Understanding the rules that apply to the division of assets from each type of account can help assure that any applicable tax burden is attributed to the correct party. To better understand these differences and their potential tax liabilities, read “How to Split IRAs and Other Retirement Plans During a Divorce.”

separation_and_stimulus_checks_AdobeStock_334809261-300x192The stimulus payments many people received to help ease some of the financial hardships incurred as a result of restrictions stemming from the COVID-19 virus were based on information the government obtained from recently filed income tax returns, specifically information relating to adjusted gross income and filing status. As a result, married couples filing jointly received joint stimulus checks, if eligible.

What happens for married couples who divorce or separate between the time they filed their latest joint tax return and the time they received their stimulus payment? Does marital status change who is entitled to the money? For answers read, “We’re getting divorced. Can I keep my husband’s stimulus check?”

Shared-Finances-AdobeStock_297795500-300x169Even when a couple grows apart, it doesn’t always mean they stop caring for each other, particularly if they had been in a long-term marriage. They may lead separate lives, both physically and emotionally, yet remained legally married because their finances are so intertwined that moving from shared to separate accounts is more complex than simply divvying up their assets. Fear and uncertainty prevent them from finalizing their divorce.

Understanding what to expect your financial future to look like after divorce, especially in terms of major issues like taxes, healthcare and even income, is the first step toward freeing yourself to move on with your new single life. To learn more, read “How To Free Yourself Financially From Your Ex-Spouse.”

Divorce-and-virus-400-04972504d-300x189

If you filed for divorce immediately prior to or during this time of COVID-19, chances are good that your case is experiencing delays. The restrictions imposed to help stop the spread of this virus have caused the closure of a number of businesses, government agencies and many courts to all but emergency cases. Not only may these restrictions be causing a delay in the final judgement on your divorce, but they are impacting a number of related issues including financial settlements, spousal and child support requests and child custody matters.

The impact COVID-19 is having on divorces and related issues is discussed in more detail in the Forbes article, “6 Ways The Coronavirus Can Infect Your Divorce – And Simple Steps To Protect Yourself.”

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