Floridians Advised to be Knowledgeable and Unemotional in Divorce
On behalf of The Law Offices of Cindy D. Sackrin posted in Divorce on Thursday, March 13, 2014.
The end of a marriage can be a complicated time, and not without disputes, which is why remaining focused and knowledgeable about important divorce legal issues can be important.
For every two people getting married, one person is getting divorced and many of these divorces occur in long-term marriages. Many people make poor financial decisions during the divorce process, as cooler heads are unable to prevail. These poor decisions made amidst an emotional time can follow people long after the divorce. Additionally, the financial aspects of divorce are more complicated than ever. An important first step to managing the financial aspects of divorce can be creating a financial lifestyle analysis to better understand personal finances and spending.
In addition, experts recommend that divorcing parties remove emotions from the equation as much as possible and have a clear understanding of the short-term and long-term financial impacts of the divorce. Experts also recommend that divorcing parties collect and organize documents related to mortgages, credit cards, tax returns and other financial documents. Some experts also recommend separate savings and checking accounts when contemplating divorce.
Florida is an equitable distribution state which means that both parties are considered equal owners of assets acquired during marriage. This also means that upon divorce, the court will equitably divide the couple's property unless the couple is able to agree to a settlement agreement that divides the property between the two spouses. There are many factors that can impact equitable distribution decisions such as the length of the marriage, as well as other property division considerations.
When entering the divorce process, it is important to understand the laws involved and the considerations the parties will have to make. A trained family law attorney can help a party remain focused and serve as a guide throughout the process.
Source: Miami Herald, "Financial advice for divorce: It's a business deal, so keep emotions out of it," Landry Laviolette, Feb. 28, 2014