Many Florida workers have 401(k) accounts. It may intrigue them to know that, during a divorce, this kind of retirement account may be considered a marital asset, thereby subjecting its accrued contents to distribution between the divorcing parties.
In a Florida divorce, judges follow the principles of equitable distribution in dividing the marital assets and debts between the spouses. Each person keeps all non-marital assets, including property he or she owned prior to the marriage, any inheritance left to him or her, personal injury lawsuit proceeds, gifts made to one spouse by a third party and any property that has been deemed non-marital through a written or prenuptial agreement.
Individuals in Florida who are thinking about divorce may wish to start by organizing financial paperwork. Having a complete picture of debts and assets is an important first step in understanding how those assets will need to be divided. Furthermore, an individual who is able to gather as much financial information as possible at the outset will be better equipped to determine whether a spouse may be trying to conceal assets during a divorce.
Baby boomers in Florida may not get the retirement they want if they get divorced later in life. The property division process can be complex for older married couples due to the need to split the value of high-asset accounts, including retirement accounts.
Some residents in Florida who may be contemplating divorce in the near future or presently undergoing one may find a recent article on the subject somewhat enlightening. Its author acknowledges the inherent difficulties in divorce cases owing to issues such as asset valuation and division, but nevertheless believes that at least some of their hardship may be alleviated by proper planning and care before the divorce even begins. She proposes five possible courses of action someone may take to protect their assets in the event of a legal separation.
When experiencing a separation, emotional trials can distract divorcees from focusing on their financial situations. This is a common mistake for many soon-to-be ex-spouses faced with the seemingly overwhelming task of asset division. While it may not be possible for divorcees to think of every shared asset off the top of their heads, there are a few assets that they should definitely consider.