North Tampa Legal Group, PA

Attentive property division can aid late-in-life divorcees

On behalf of North Tampa Legal Group posted in property division on Thursday, February 15, 2018.

Many individuals are looking for ways to manage finances both during and after a late-in-life divorce. When emotions are high, it can be a challenge to make decisions and think clearly, but if one expends the effort to do so, the result can be worth it. Individuals in Florida may wish to refer to these possible suggestions in order to be better prepared for the property division portion of the divorce and maximize the benefits for their financial situation.

Preparation can be key for the equitable distribution of marital property. While it can be tempting to rely solely on another person to have important information, gathering information and understanding the assets at stake will help when one must ask for a fair share of marital property. One way to do so is to create an inventory of all assets, both those held jointly and those assets that are held individually.

Especially if one has been married for a long time, it can be useful to dig deep into the past. Past employment history and investment accounts may have been forgotten, even though the value of the accounts is significant. Look to the future. If an alimony settlement is part of the divorce, ensure that an action plan is made so that payments will be made, even in the event of the ex-spouse’s untimely incapacitation or death.

Some individuals fear for their financial stability during a late-in-life divorce. Careful attention during the property division can help by ensuring that an individual receive all the marital property to which they are entitled. In Florida, many people choose to use the services of an experienced attorney during this trying time.

Source: marketwatch.com, “7 ways to manage financial pitfalls during a late-in-life divorce“, Melody Juge, Feb. 9, 2018