North Tampa Legal Group, PA

Equitable property division may require research during divorce

On behalf of North Tampa Legal Group posted in property division on Wednesday, January 24, 2018.

When one is served with divorce papers, the first reaction may be, what now? The next steps may not be immediately clear, and a feeling of being overwhelmed may set in. Financial concerns can suddenly become a reality as the spouses separate and figure out how to cover the costs of living alone, or alone with children, in Florida. During this time, it can be helpful to gather financial information so that the parties can determine how the assets and debts will be divided between them.

In some instances, both parties have equal incomes, cash saved and are amicable. In other cases, one spouse may make significantly less income, not have a deep knowledge of the family finances or may not be able to openly discuss the finances with their soon-to-be ex partner. Whether the parties can agree or not, it will likely be beneficial to review financial documents — including bank statements, income reports, monthly expenses, business accounts, retirement accounts and any other relevant information — before making final decisions about the splitting of assets.

State and federal laws govern how any property or funds will be split. If there are any concerns about the hiding or misuse of family money, a thorough investigation may be needed. For a person who is not familiar with family finances, this could be an educational experience.

The property division process will require communication and information gathering. In Florida, an individual seeking divorce may need some help. Many people choose to hire an experienced family law attorney for more guidance about dividing assets during a divorce.

Source: flagstaffbusinessnews.com, “Financial Considerations in Divorce“, Jenny Staskey, Jan. 18, 2018