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Miami Divorce Law Blog

Which financial assets will you divide in divorce?

There are many things to think about as you slowly move through the divorce process. Like many, your attention may immediately turn to property division. Here's why: You want to make sure you retain as many assets as possible.

While there are many categories of property that will come into play, financial assets may move to the forefront of your mind. These can include but are not limited to the following:

  • Retirement accounts, such as 401(k) plans and IRAs
  • Pensions
  • Profit sharing
  • Bank accounts (savings and checking)
  • Cash on hand
  • Educational accounts
  • Bonds
  • Stocks
  • Annuities
  • Certificates of deposit (CD)
  • Life insurance policy cash value
  • Mutual funds

How will you ask for a prenuptial agreement?

If you're thinking about tying the knot in the near future or are considering popping the question, there may come a point when you want to discuss prenuptial agreements with your partner.

There are many reasons why some couples routinely sign these agreements, as they can be beneficial to both parties. Others, however, are taken aback when they're asked to consider that proposal.

What are the top challenges of co-parenting?

If you're going through a divorce, you'll soon realize that your life will change in many ways.

For example, if you have a child with your ex-spouse, it's imperative to have a clear idea of your roles moving forward. Remember this: You always need to do whatever is in the best interest of your child.

Divorced parents and babysitters: 6 key tips

Hiring a babysitter can be tricky when you're divorced. What if your ex doesn't approve of the person you selected? What rights do you both have? Does your ex have a right to stop you from hiring someone? Should you figure all of this out in your parenting plan as you get divorced?

These are all important questions to ask. If you want the hiring process to go smoothly, use these six tips:

  1. Make sure you both agree. This is critical. If your ex doesn't like someone, find someone else. Both parents should sign off on the caregiver.
  2. Talk about schedules. Maybe the kids are going to be with the babysitter when your ex comes to pick them up. When should he or she arrive? Make sure everyone is on the same page.
  3. Decide what the babysitter is allowed to do. For instance, are you both comfortable with having him or her pick the kids up from school?
  4. Figure out who has to pay. Is it the responsibility of the person with custody of the kids at the time, or are you going to split the cost?
  5. Consider caregivers who have worked with divorced families before. This can be a complex situation, and experience goes a long way.
  6. Always focus on the children. Nothing should be as important as their safety and happiness. Always make that your goal and work together toward that end, no matter how you feel about each other.

Creating a postmarital agreement: The benefits

You didn't want to bring up a prenuptial agreement before you got married, because you were afraid your spouse may think you didn't trust him. Now, you realize that the agreement could have protected you both from debts and from losing assets should you ever divorce or separate.

One good thing is that you can still create an agreement. It's called a postmarital agreement. The only real difference between the prenuptial and postmarital agreement is that your postmarital agreement happens after your wedding day. You have more time to focus on it, and you don't have the stress of handling legal paperwork before your pending nuptials.

Things to include in a prenuptial agreement

One of the most difficult discussions you will have with your future spouse is whether or not you should create a prenuptial agreement. This is a hot topic for some people who might be offended by the thought of this idea. For others, this is something they wouldn't sneeze at prior to getting married. Either way, it's always best to look into whether or not this is an option for you in Miami.

One of the most common reasons couples create prenuptial agreements is to keep their finances separate. This typically deals with what money or assets will be kept separate upon divorce. You will be able to list certain financial items in the agreement so you can keep them from being divided equally by the court.

Hidden assets in divorce: It’s a problem

Regardless of why you are moving forward with divorce, the process from start to finish should be as fair as possible. While a 50-50 split may not be the end result, the court will only approve a settlement that it considers fair.

One of the biggest problems with property division is hidden assets. In other words, your ex-spouse is not honest about all their assets, all with the idea of hiding something from the court so it's not taken into consideration.

What are the biggest financial divorce mistakes?

There is a lot to think about when going through a divorce. Like many, you'll want to keep a close eye on your finances.

While you may not get everything you want out of your divorce settlement, there are mistakes you can avoid to tilt the scales in your favor. Here are several to keep in mind:

  • House poor. There's nothing wrong with wanting to stay in your home, but you don't want to do so if it will lead to financial difficulties in the future.
  • A focus on the short term. You need to think about the long-term impact of your divorce, as to ensure that you set yourself up for financial success in the future.
  • Overlooking how your financial situation will change. For example, you are now part of a single income family. This may make it more difficult for you to handle all your monthly expenses.
  • Forgetting about tax issues. There is a lot to think about in regards to taxes, so you need to keep these details in mind as you negotiate your divorce settlement. If you don't think about the tax implications upfront, it could cost you in the end.

It's time to address these child support modification questions

Paying child support can lead to a variety of feelings. On the plus side, you know that the money you pay is helping your child live a better life. On the downside, you may have some frustration regarding the impact on your personal finances.

Generally speaking, you are required to pay the amount of child support ordered by the court. However, if there comes a time when your financial situation changes, you may be able to request a modification.

Tips for explaining shared custody to your children

After your divorce is finalized, you may find yourself faced with a shared custody situation in regards to your children.

Despite the fact that this arrangement is common, it won't make things any easier on you. At the same time, it's your job, along with the other parent, to ensure that your children are in the best possible position to succeed in the future.

Contact Our Miami Divorce Lawyers — Let Us Evaluate Your Legal Matter

To make an appointment for a consultation with one of our experienced family law attorneys, call 305-742-0063 or fill out our simple intake form today.

From our law offices in Miami, Florida, we represent clients in North Miami, Miami-Dade County and throughout the South Beach area.

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