divorce Archives

What spouses don't anticipate about divorce

Florida women who are considering divorce could be in for some financial surprises. In a recent survey, 46 percent of divorced women said that their splits resulted in unexpected money-related issues. The survey polled 1,785 adult women who were in three different stages -- seriously considering divorce, in the process of divorce and already completed divorce. Of those surveyed, 22 percent were over the age of 55.

Money problems and divorce

The divorce rate for couples in Florida and the rest of the country has been near 50 percent for many years. There are several reasons why people choose to seek a divorce. According to some studies, however, issues with money are the main cause.

Divorce and dividing retirement assets

When it comes to dividing financial assets in a divorce, it's important to apply due diligence. Florida residents who are getting a divorce should be aware that the manner in which a retirement account is divided will depend on the type of retirement account in question. If the wrong method is used to divide retirement assets like 401(k)s, individuals could be subject to costly penalties and taxes.

Tax law changes coming to divorce after 2018

For couples who have decided to divorce in Florida, there may be good financial reasons to ensure that their agreements are finalized before the end of 2018. There are several changes to federal tax laws that will go into effect with the dawn of the new year in 2019. These changes could significantly impact the way that divorce will affect both parties' pocketbooks, and by acting quickly, people may be able to finalize their divorces under more favorable current tax regulations.

How the divorce process may come with some restrictions

Some people in Florida may not be aware of some restrictions on finances and parenting that might exist during the divorce process. These vary across jurisdictions. However, when a divorce is in progress, it is best to avoid using marital funds for any expenses above and beyond the usual ones. A person cannot clean out a shared account or remove a spouse from it, run up debts on credit cards or sell assets.

Divorce and children's college educations

Many parents are concerned about how they will pay for their children's college education. Those concerns may be exacerbated if the parents are going through a divorce. However, more than 60 percent of couples do not have any sort of plan in place for what happens financially if they divorce or one dies despite the fact that around 40 percent of marriages end in divorce. There are steps parents in Florida may be able to take to help ensure they can set aside some money for their children's education.

How to reduce the odds of a divorce

Couples in Florida and throughout the country may still adhere to traditional gender roles that see the man making the money to support the family. However, if a woman starts a marriage making less than her husband does, she could be more likely to get a divorce if she advances in her career. This is partially true because a wife who's suddenly experiencing a soaring career may be more focused on work and less on household tasks.

Persistent financial gender roles create surprises in divorce

Women in Florida who leave financial affairs and investing to their husbands sometimes find themselves at a disadvantage if they pursue a divorce or their husbands pass away. Their lack of knowledge about spending, debts and retirement accounts could leave them unprepared to navigate their financial lives as single people.

Mediation for divorce

Under state law, Florida couples who are going through a divorce must first submit their case to mediation before proceeding with litigation. This method of alternative dispute resolution is no longer an option, but it continues to provide the same advantages as before.

Safeguarding finances in case of divorce

Divorce is probably far from the minds of Florida couples who are currently planning to wed. However, creating a prenuptial agreement can be a smart way for future spouses to keep finances separate and establish how property will be divided in case a divorce does happen. While some people might worry that this seems like a cynical way to approach marriage, it could ultimately save a lot of headaches in the future.

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Rachel Rall, Attorney at Law, P.A.
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