3 things to consider if you want to keep the house
Your main goal during your divorce is to keep your house. You’ve decided that you need that sense of stability; maybe your children do too. You want to keep the home, which is a marital asset that you own with your spouse. It is possible to do this. You may be able to buy out […]
What are the tax implications of property division?
Understanding the tax implications of property division can significantly impact the final outcome of your divorce. Property division is often complex, with asset values needing to be considered alongside potential tax consequences. Capital gains taxes on property sales If you sell real estate or investments during the divorce process, you could face capital gains taxes. […]
Can you modify property division after divorce?
Dividing property in a Florida divorce marks a final step, but sometimes, circumstances change. You may wonder if modifying the division of assets after the divorce remains possible. In most cases, property division stays permanent, but some exceptions exist. When can property division be modified? Florida law treats property division as final once a divorce […]
What happens to a co-owned rental property in a divorce?
Any divorce comes with challenges. For couples who own rental properties, it adds an extra layer of complexity. Understanding what happens to such assets is important for individuals navigating this difficult terrain. Selling the rental property One common option is to sell the rental property, which is relatively straightforward. The sale proceeds get divided between […]
Should you sell the home before or after divorce?
Your home is likely the biggest marital asset you and your spouse own together. As such, it will likely pose the biggest challenge when it comes time to sell it, especially if an impending divorce is the event that triggers your decision. Of the many logistics of the sale you will have to figure out, […]
Your retirement accounts and what to expect in property division
In addition to your home, retirement accounts may be among the most significant assets to be split during the property division phase of your divorce. Retirement accounts fall into two categories and splitting will depend on the kind of account that is up for division. Types of retirement accounts You may have a defined contribution […]
How do people hide assets?
Asset hiding has occurred alongside divorces for as long as property division itself has existed. To that end, anyone can hide assets for any reason, and it is important for everyone going into a divorce to know how to protect themselves. One of the best ways to do this is by understanding how asset hiding […]
401(k) considerations during divorce proceedings
Divorce proceedings in Florida present separating couples with a number of complexities. Many of these relate directly to property division, where many often have questions regarding the separation between marital and separate property. Retirement funds (specifically 401(k) accounts) typically represent particular sources of confusion. Most might assume a 401(k) account to be separate property given […]
Can one spouse buy out the other spouse to retain assets?
During a divorce, one of the most contentious processes is dividing property. You and your spouse will need to go through every asset you own that has value and is not personal property. You will have to decide who gets what. The Florida Statutes explain you must do this in an equitable manner. The court […]
Assets a nonworking Florida spouse may obtain in a divorce
Property purchased while married divides by fairness under Florida’s equitable distribution statutes. When only one spouse worked, a nonworking spouse may request a fair portion of a couple’s marital assets. Fairness, however, may not always reflect an even division. FLSenate.gov notes that each spouse’s contribution to a marriage determines fairness. A judge may consider the […]