How Much Money Will I Lose In A Florida Divorce?
Although there might be a million thoughts rushing through your mind as you approach divorce, many of these thoughts might involve financial matters. This is no surprise, as a divorce can have a tremendous impact on your finances. But how much money do you stand to lose? This depends on a number of factors, and it’s important to consider all of these factors as you approach this situation.
The best way to determine your potential losses is to get in touch with a qualified, experienced divorce attorney in Orlando. While internet research is certainly a good start, you can’t beat legitimate legal advice from a qualified professional. A divorce attorney can examine your unique situation and help you figure out the exact financial impact your divorce might have. Even better, they can help you mitigate any potential losses with a number of proven effective strategies.
Florida follows a system of equitable distribution. This means that instead of splitting all of the marital assets in a 50/50 manner, the courts will divide these assets in an “equitable” manner. Note that “equitable” does not necessarily mean “fair.” A variety of factors may be taken into account when dividing assets. For example, if both spouses want the Porsche, the court might consider who actually uses the car more often, and who needs the car.
The most important thing to remember about this process is that your separate assets are always protected. Separate assets include:
- All the assets you accumulated before the marriage contract was signed
Marital assets, on the other hand, are always subject to equitable distribution. These are assets that you accumulated after the marriage contract was signed. Issues may arise if marital and separate assets have become commingled during the marriage. For example, you might have used your inheritance to put a down payment on a property during the marriage. Although this can make matters complex, you can work with financial experts to “unravel” and separate these commingled assets.
Alimony is another important factor you should consider when estimating the financial impact of your divorce. The amount of alimony depends on the standard of living to which your former spouse has become accustomed. If you were living in a luxurious mansion and going out to five-star restaurants every night, chances are your alimony will be quite high. The duration of the alimony depends on the length of your marriage. If you were married for just a few years, alimony payments will not last very long. However, if the marriage lasted for decades, the alimony payments will likely continue for some time.
Enlist the Help of a Qualified Attorney Today
For help from a skilled Orlando divorce lawyer, contact Steve W. Marsee, P.A. We appreciate the financial concerns that go along with divorces, especially for spouses with high net worths. With our help, you can walk away from your marriage with your financial well-being intact. Although this can be a daunting and anxiety-inducing process, you’ll feel much more confident about your prospect once we discuss your legal options. Book your consultation today.