North Tampa Legal Group, PA

Preparing for property division negotiations

On behalf of North Tampa Legal Group posted in divorce on Tuesday, August 2, 2016.

When two people go through a divorce in Florida, all of their shared assets must be divided equitably between them. If spouses can work out an agreement about property division outside of court, the agreements can be written down as settlement provisions and then finalized in an official divorce agreement. A judge may have to decide how to divide marital assets if spouses are unable to negotiate a settlement personally.

Before property division negotiations begin, people should make sure that they have a complete picture of the marital assets. The value of checking and savings accounts, investment accounts, pension plans and real estate should all be written down. If spouses own valuable objects like art or precious metals, these objects may need to be appraised before negotiations can begin.

After people understand the value of the assets that are at stake in property division negotiations, they should consider how they will pay for their living expenses after the divorce. A person with very little earned income may require a greater percentage of the liquid assets while one with steady income might prefer to keep tax-deferred investments. During property division negotiations, it may be appropriate for a lower-earning spouse to ask for a settlement that includes alimony payments.

People may have to do a lot of financial planning so that they can be better prepared for their new life after the end of a marriage. An attorney may be able to help a divorcing spouse to prepare for property division negotiations by determining what marital assets are important to keep.