Are you interested in creating a prenuptial agreement? If so, you know that this is easier said than done.
When it comes to matters of property division in your divorce, you hope that everything moves forward in a fast and efficient manner. Of course, you also hope that things work out in your favor in the long run.
As you go through the divorce process, you understand that you are leaving your relationship in the past. But what you may not realize is that the division of assets and debts is much more complicated than it appears.
When couples marry, they rarely anticipate that they will one day be divorcing. However, as most Florida residents know, divorce can strike anyone. Florida is an equitable distribution state in which courts are guided by the principle of equity during property division matters. This means that marital property is divided fairly, but not necessarily equally. Fortunately, inheritances are usually considered as belonging to the person who received the inheritance, with the emphasis on usually.
If you and your spouse live in an apartment in Florida, who gets to keep the apartment becomes a crucial point in the divorce process. This is especially true in areas where it's hard to find new apartments and where the property values have been constantly going up. To determine what rights you may have to it, ask yourself these four questions:
While it may seem counter-intuitive — and even a little bit disconcerting to think about — it's important to discuss how you plan to divide your assets with your future spouse should the marriage end. Luckily, prenuptial agreements have made their way into mainstream America and are no longer reserved for the upper classes.
When you and your spouse split up what you own, you don't have to pay taxes on it. It's been this way since 1984, when the laws that said divided property could be taxed were overruled by the Supreme Court.
Property division is one of the most important aspects of family law, but it is also one of the most complicated. The guidelines for dividing marital property, retaining separate property and dealing with comingled funds are lengthy and nuanced, and each case is open for a fairly large degree of interpretation.
When you get married, the first thing you may do is to open up a joint bank account, close your own bank account—or close your spouse's account—and mix all of your money together. This is known as commingling in legal terms.
During property division negotiations, a divorcing couple often has to decide what to do with a home they own together. If the home is owned outright and there is no lender involved, the process can be simplified. Perhaps one person buys out the other person's interest in the home or someone gives up their interest in the home in exchange for other assets or an agreement about lower support payments.