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.
Logistics of dividing retirement accounts through divorce
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.
Hidden assets can affect the outcome of property division
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.
Divorce's property division includes dividing marital debts
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.
Equitable property division in Florida
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.
