Many couples who are pursuing a divorce in Florida may need to consider how taxes might affect the process. Divorce renders one legal entity, the married couple, into two separate individuals. This has direct effects on annual tax returns, and the taxes levied against certain assets after the divorce is finalized might influence how couple distributes their assets during the property division process.
Florida residents who are heading into marriage with significant assets from their single life may want to consider a complement to the protection a prenuptial agreement can provide. While a prenup can open up a conversation with one's partner about financial matters, a Domestic Asset Protection Trust, or DAPT, may shield assets from creditors as well as spouses.
Florida residents may be interested in an article detailing some of the ways that a spouse can hide assets in a divorce. The article also touches on how information on these hidden assets can be found.
Florida spouses may have a variety of assets that they must distribute during the course of their divorce. One issue that is becoming a more common and contentious matter in the property division process is the disposition of the family pet.
When a Florida couple files for divorce, the end of their marriage results in the need to divide their marital assets in an equitable fashion as allowed under the law. In some marriages, property division is fairly straightforward and simple, such as if only a home is owned by the couple. However, the division of assets becomes more complicated when the couple owns stocks.
Florida couples who have recently divorced may want to watch out for the IRS. Due to the additional scrutiny on a couple's finances during a divorce, there's an increased chance that a couple will be audited for discrepancies in previously-filed tax returns.
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.
It should come as no surprise to learn that those going through a divorce can end up in a better financial position if they work together to try and get a fair settlement for both spouses. While the divorce process can be extremely adversarial, there are many benefits that can be gained by Florida couples working with each other on a fair settlement.
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.
Florida residents who are thinking about filing for divorce might be wondering when it is permissible to withdraw funds from their joint accounts. The bottom line is that is varies from situation to situation. Of course, it is a valid concern for individuals to be worried about how they are going to fund their divorces and keep up with their living expenses, especially if they have no income of their own.