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.
Property division is on the mind of nearly every person getting or contemplating a divorce. Even over the course of a relatively short marriage, there are often quite a few possessions that have been accumulated, and it can be very difficult to think about your things being divided by the court. While many people focus on the high-value assets, such as cars or the house, or items with particular sentimental meaning, it's also important to understand that debt is also part of the property division process.
If you are currently contemplating divorce, you need to know that Florida is considered an "equitable distribution" state. This means that family court judges will attempt to oversee the division of property between divorcing spouses in a manner that is as fair as possible to both parties. This is important to know because some divorcing spouses confuse the meaning of "equitable" as meaning "equal". Although these words may seem similar, they often do not produce similar outcomes when it comes to dividing up a marital estate.
In a perfect world, property division during divorces would run straight down the middle. In other words, anything either spouse brought into the marriage would remain their individual property. Additionally, anything that both parties acquired together while married would be sold and the money divided between the spouses evenly.
It may sound cold and calculating to consider the assets husbands and wives will bring to a marriage as something to be distributed properly in the event of a divorce. Love, trust and sharing are attributes that define a relationship, so there shouldn't be a need to think about divorce before rings are exchanged and vows are made. But husbands and wives these days are often older, with established professions and accumulated wealth or real estate. Many times, they have been married before, and they have children that will form a blended family upon the marriage.