Assets, Income, Liabilities and Expenses in Divorces
Divorces, regardless of how amicable your separation has been, can still be a tough route. Divorces often have long-lasting and devastating effects on not only your emotions, but also your finances.
There are many nightmare divorce tales out there that scare people accepting unfair divorce settlements. That is why it is important to have knowledge of how your finances are seen and divided during a divorce. An experienced Orlando divorce attorney can assist you in resolving any financial problems and obtain the best settlement possible for you.
The Dividing of Assets in a Divorce
When ex-spouses come to terms and agree on the conditions of a divorce, the divorce can be finalized much quicker. Additionally, this makes it easier to establish an arrangement that serves the interests of both parties. This is commonly referred to as an uncontested divorce.
Under Florida law, in the case of a contested divorce, assets are divided based on an equitable distribution of property. This means that a judge will divide both debts and assets fairly, instead of the typical half/half split. Also, Florida is considered a common law property state, which means that when one spouse obtains property it is owned exclusively by that spouse.
Deciding Liabilities in a Divorce
Florida courts resolve issues related to liabilities in a similar way to dividing the assets. Normally, the debt will be allocated to the spouse’s name it is in after the divorce.
Often judges will examine the earnings and spending habits of each spouse in the course of the marriage. If the judge believes that you or your ex-spouse recklessly spent money, the debt may be assigned solely to the corresponding person.
How is Alimony Determined?
Although each of the spouse’s earnings has a big influence on the judge’s determination of both child support and alimony payments, it is not the only factor.
When one spouse is spending money for childcare or even paying for education to advance their occupation, these expenses will be factored into how much non-custodial or lower-earning spouse payments are.
Determining Costs During a Divorce
During a divorce, the costs of each spouse are deemed as separate. This also consists of court fees and any expenditures made, as a result of malevolence, after the divorce is declared.
When an ex-spouse recklessly spends money in retaliation for the other filing for divorce, the judge will assign the debt to that person. Or else the judge may order them to surrender their property over to the other party.
It’s important to keep in mind that the way property is distributed can also greatly affect your overall expenses. For example, retaining the family house means incurring related upkeep expenses. Keeping the family car may incur maintenance expenses or car payments too.
Generally, Florida divorce laws aim at treating both parties equally. It is still important to collect as much financial data as possible to show the judge. This will create the most precise picture of your circumstances and provide the best possible outcome.
Don’t Hesitate to Contact a Divorce Attorney
The Law Offices of Steve W. Marsee can represent you through each stage of the divorce, from filing the initial paperwork to handling complicated matters, including property distribution, child custody, and spousal support. We will advise you of your rights and fight for you.
Since divorces can be complicated and intimidating, we suggest contacting an attorney as soon as possible. It is crucial that you choose a qualified attorney to better assist you.
Proper preparation is often the key to a successful divorce. The experienced attorneys at the Law Offices of Steve W. Marsee are here to assist you. You can count on our qualified team to aggressively represent your interests. Call today at 407-521-7171 or contact us online to discuss your options more in-depth.