Last week's post on the blog discussed the financial ramifications of a gray divorce. The truth of the matter, though, is that divorce can rock your finances regardless of your age, gender, length of marriage, or economic standing. The way that you handle the property division process can make all the difference, determining whether or not you have a firm financial foundation for life post-divorce.
The marriage dissolution process is about much more than the untangling of two individuals' emotional lives that have become entwined over time. Although many Floridians do struggle to cope with the emotions that oftentimes accompany divorce, these individuals should not lose focus on the financial realities at stake. After all, the outcome of important legal issues like property division and spousal support can dictate one's financial standing for years, even decades, to come.
According to recent reports, Millennials are spurring a decline in divorce rates. Some of this is attributable to their willingness to hold off on marriage until they are financially secure. To do this, delay tying the knot until they have secured a decent job or found their footing in a career of their choosing. These individuals tend to be more cautious in their money management, too, particularly as it pertains bank accounts.
Many Florida divorces see relatively straightforward property division. Oftentimes the number of marital assets in play is limited and therefore easy to divide, and sometimes the parties involved are able to amicably settle the legal issues that divorce presents to them. There are still a significant number of divorces, though, that require quite complex property division. This is often especially true when a business is involved.
Anyone can be affected by divorce, regardless of their financial status, length of relationship, or number of children. As such, many Floridians find themselves facing challenging legal situations related to their marriage dissolutions. Sometimes these matters pertain to child custody and co-parenting, but even couples without children have to deal with property division. The outcome of this issue can have serious consequences, too, oftentimes setting the financial bounds within which an individual must remain after his or her divorce is finalized.
Over the last couple of weeks we have looked at some of the challenges related to divorce's property division process. There can be a lot on the line when dealing with retirement accounts, primarily because these are oftentimes the largest assets held by a couple. Marital debt can also be significant, though. If these matters are improperly handled, then a Floridian can find him or herself strapped with burdensome debt with little financially stability. This is a divorcee's worst nightmare.
The true cost of divorce can be enormous. Sure, there are oftentimes emotional attachments that must be severed, if they are not already, and losing precious time with children can feel like a gut punch. The marriage dissolution process itself can be time-consuming and emotionally trying. Yet, while the emotional effect may be more than enough to leave Floridians feeling overwhelmed, the financial ramifications of divorce have to be dealt with competently unless these individuals want to find themselves losing out on property to which they are entitled.
The purpose of property division in Florida divorces is to give each party a fair share of marital assets. Though this division is equitable in nature, it is not always equal. As a result, there is usually a lot at stake when the parties cannot agree to the terms of property division. This means that those of us who find themselves in this position need to ensure they do everything they can to protect themselves and their financial interests.
Most people who consider what their financial position will be post-divorce often find themselves thinking about property division. After all, the division of retirement accounts, properties, vehicles and other assets can determine the standard of living one can enjoy after marriage dissolution. Yet, just as marital assets must be equitably divided during divorce, so, too, must marital debts. If mishandled, an individual can find him or herself facing a crippling share of these debts.
Marriage dissolution brings about significant change. Many residents find the emotional struggle associated with divorce challenging to overcome, but even those who are happy to be ending their marriage can become concerned about the property division process. This is for good reason, too. After all, the outcome of property division can set the stage for an individual's post-divorce financial standing.